IRS Finalizes Hardship Distribution Regulations

IRS Finalizes Hardship Distribution Regulations

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Many employer-sponsored retirement accounts offered its plan participants under financial turmoil access to their 401(k) or 403(b) retirement funds through a process known as a hardship withdrawal. Historically, the need has been determined based on all relevant facts and circumstances. However, on September 23rd, just 10 months after releasing proposed regulations, the IRS released its final hardship distribution regulations making retirement plan assets more accessible to those experiencing financial hardship. We explore these changes and what they mean for plan sponsors and their participants.

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Is Your Retirement Plan Advisor Providing the Best Services?

Is Your Retirement Plan Advisor Providing the Best Services?

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Outsourcing retirement plan management duties to a retirement advisor can just be good business—not only are these advisors up-to-speed on the most current regulations governing retirement plan offerings and industry best practices, but they can also free up a plan sponsor’s time to focus on critical aspects of company operation. However, it’s important to evaluate these advisors at the outset (and regularly during their administration of the plan) to ensure that you’re receiving the best possible services. How can you tell if your advisor is doing a good job? Below are a few key attributes that describe a good retirement plan advisor.

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Maximizing Plan Design to Drive Better Outcomes

Maximizing Plan Design to Drive Better Outcomes

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A successful retirement plan program encourages and enables its participants to build sufficient retirement savings, choose the appropriate investments, manage investment risk, and generate a lifetime of income. Although there exist nearly as many retirement plan structures as individuals who participate in them, not all plans are created equal—and plan design can significantly influence savings and retirement decisions. However, due to the number of options available, plan design can be a complex undertaking. Learn more about the plan design features that will boost your plan participants’ readiness for retirement.

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Senior Consultant Frank Szymanek Quoted in FIN News

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PlanPILOT and its client Dominican University were recently interviewed for an article on Outsourced Chief Investment Officer (OCIO) search services published by FIN News (part of NonProfit News).  The article focused on how foundations and endowments are increasingly engaging an outside specialist to assist in navigating the complexity of the OCIO market.

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Preventative Measures Against Common Cyberattacks

Preventative Measures Against Common Cyberattacks

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Cyber risks have become a more significant issue in the retirement space in recent years. With many plans using multiple service providers that share large amounts of data, vulnerabilities are evident, and risks are prevalent. Both plan assets and personally identifiable information (PII) are at risk. While completely eliminating these risks is impossible, managing these risks is achievable and is essential to not only following ERISA prudence standards, but simply in serving the best interests of plan participants as well. It is important to remember that managing your cybersecurity is an ongoing process and it should not be rushed. Below, we review key preventative measures against common cyberattacks.

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