News from Kampstra Wealth Management
5 Tactics to Increase Retirement Plan Participation
The key to unlocking all the retirement plan benefits for both you and your employees is not simply having a plan, but making sure that enough workers actually use it. Here are 5 things you can do to grow your participant ranks.
Challenges of Women in Retirement
Saving enough money for retirement is a challenge for all, but it can be particularly difficult for women. Here are a few of the more common reasons.
MEP Bailout
Under the American Rescue Plan Act of 2021 (ARPA), tax payers will pick up the tab for underfunded multiemployer pension plans for the next 30 years. APRA is the $1.9 trillion stimulus package signed into law by President Biden on March 11th.
Recordkeepers May Use Participant Data to Cross-sell Retail Products
A Federal District Court has ruled that recordkeepers may use participant data to cross-sell retail products.
The class action suit (Harman et al vs. Shell oil Company et al) was filed in January 2020 on behalf of participants in the Shell Provident Fund 401(k) Plan. Fidelity is the recordkeeper for the plan and was named a defendant on the grounds that it allegedly engaged in prohibited transactions under ERISA by using participant data to cross-sell retail products.
Proposed Tax Changes
President Biden unveiled his $2.3 trillion infrastructure plan; now the focus turns to how the Administration proposes to pay for all (or some of) the measures.
DOL Says It Won’t Enforce Final Rules on ESG and Proxy Voting
The Department of Labor (DOL) has recently backtracked on two final rules they published in late 2020 regarding the use of ESG (Environmental, Social, & Corporate Governance) investments in qualified plans and the voting of proxies by plan fiduciaries.
4 Steps to Protecting a Child with Disabilities
f you’re the parent of a special
needs child, it’s vital to ensure your child will continue to be provided for after you’re gone.
Are You Eligible for Tax Credit?
If you are a small employer that started a 401(k) plan during 2020 or added an auto-enrollment feature you may be eligible for a tax credit.
Financial Literacy
If you are a parent or grandparent, consider how you can provide the children in your life with the foundation for a successful financial future
The Case for Investment Refresh
Investment refresh is becoming a best practice is the 401(k) plan industry. It is also called a ‘re-enrollment’, though the term is misleading as the participant does not actually repeat those steps needed for his or her initial enrollment. Instead, it refers to a process whereby participants are notified that as of a certain date their current investment allocation will be transferred to the plan’s qualified default investment alternative (QDIA) investment
News Archive
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