Benefit Insights Newsletter - Summer 2024
August 28, 2024
We are excited to deliver the Summer 2024 Newsletter.
In this edition, we discuss:
- Effective Communication with Participants
- Participant Notices: A Quick Overview
- Mastering the Art of Distributing Participant Notices
- Plan Ahead for 2025 Long-Term, Part-Time (LTPT) Employees
- Upcoming Compliance Deadlines for Calendar-Year Plans
Welcome to our new series, How to “Break” a Retirement Plan, where we discuss what leads to a retirement plan being categorized as “broken,” ways to fix broken plans, and compliance tips for how to avoid a broken plan in the first place.
Retirement plan catch-up contributions allow “older” workers—typically those age 50 and over— to set aside additional funds in their retirement accounts beyond standard annual limits. These extra contributions are an important planning tool for those nearing retirement who want to make up for earlier gaps in saving.
Retirement plans can be confusing. Between complex rules, industry jargon, and competing providers, it’s easy for employers to fall into patterns based on assumptions or half-truths. That’s why we created this series: to cut through the noise and help employers make confident, informed decisions. In this third installment, we’re addressing two persistent myths that often lead employers down the wrong path: the idea that payroll providers are the best place to get your plan, and the belief that robo-firms offer a hassle-free alternative. Spoiler: neither is as simple (nor as beneficial) as they seem.