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
Many companies, especially in the professional services sector—law firms, staffing agencies, engineering and consulting companies, healthcare groups, etc.—are often made up of various employee tiers. For example, in a given company, you might find partners or executives in one segment, professional staff in another, and support staff or hourly workers in yet another. While this tiered structure works well operationally, it can pose challenges relating to retirement plan compliance. In one recent example, the Primark Benefits team helped a client with over 3,500 employees overcome a complicated compliance issue by strategically changing the plan design, first expanding eligibility and then implementing automatic enrollment. Let’s take a look.
It’s Not Too Late! Employers Can Still Set Up Retirement Plans and Get Large Tax Deductions for 2024
Recent changes in tax law have expanded the flexibility employers have when it comes to establishing and funding retirement plans. If you haven’t yet set up a retirement plan for 2024, we have good news: it might not be too late!
When most people think about retirement plans and pensions, what comes to mind are the big-name players: government systems, large corporations, and the financial institutions that support them such as banks, brokers, and investment firms. These organizations tend to be the visible “faces” of retirement savings, managing assets, issuing account statements, and promoting their expertise through marketing and media. But behind the scenes, there’s another essential player who often goes unnoticed: the Third-Party Administrator, or TPA. In a previous post, we explored how TPAs have emerged to meet vital client needs that large investment firms often overlook, such as tailored plan design, compliance, and personalized service. If you missed that article, click here to read it before diving into today’s topics: The risks of relying solely on asset-driven providers, and why personalized plan administration still matters.