Today’s workforce spans a variety of abilities, skills, experiences and cultural backgrounds that bring exceptional value. It is beneficial to understand and recognize these differences to achieve exceptional results. This remains true when offering, communicating and promoting your company’s retirement plan.
DOL Audits happen, are you prepared?
The value-driven workplace and its implications for retirement plans
If the term ”audit” makes you uncomfortable, anxious or even scared, you are not alone. Last year, the Department of Labor (DOL) closed 1,122 civil investigations with 754 (67%), resulting in fees, repayments or corrective actions. The agency collected over $3.12 billion in direct payments to plans, participants and beneficiaries. This represents a whopping 300% increase in just five years.
The workforce is changing as we know it, and efforts like DEI, sustainable ESG investing and proactive preparation for DOL audits can help employers like you keep up with this transformative period.
If you think you’re alone in managing your 401(k) plan, think again! A Retirement Plan Committee is a dedicated group that manages investment options, oversees retirement plan administration and provides fiduciary oversight and accountability.
Americans are living longer than ever before. Life expectancy is now at 79 years old, and many employees will need to save enough to live 17+ years in retirement.1 How financially prepared are your employees to enter into this next stage of life?
Retirement plan committees are super important; they set the direction and priorities of the company’s retirement plan. These actions (or inactions) can have a huge impact on how successful employees are at preparing for retirement.
The new Retirement Plan Contribution Limits are official!
.jpg?width=2917&name=Bjork%20Group_Sean%20Bjork_Annual%20401k%20Benchmark%20(1).jpg)
With Cycle 3 deadlines fast approaching, now is a great time to review your retirement plan. Measuring your retirement plan’s data provides key information to help increase its competitiveness, which can be extremely helpful in today’s labor market.
