The Plan Sponsor Council of America (PSCA) released its 60th Annual Survey of Profit Sharing and 401(k) Plans this week. The good news is that participation rates in retirement plans, including defined contribution profit sharing and 401(k) plans, rose steadily. This means that more employees are taking advantage of their employer sponsored retirement benefits. Plan sponsors also continue to employ plan features like automatic enrollment, auto-escalation, and Roth 401(k)s to assist employees to grow their retirement savings.
Whether you are setting up a 401(k) plan for your business or already have one in place, it is helpful to understand the various service providers needed to run a retirement plan. Here are the major service providers you will likely deal with on your plan.
As of June 9th, 2017, the Department of Labor's fiduciary rule, also known as the conflict-of-interest rule, has partially taken effect. The new rule has the greatest effect on financial advisors who are registered brokers. How does the fiduciary rule impact you? What do you need to know?
Runnymede has increasingly been serving as a fiduciary advisor to companies' 401(k) plans so I continue my series of articles on how to tune up your retirement plan. The intended audience is the company and its trustees that sponsor the plan but participants are also advocating for better plans. It is our hope to help employers optimize and better manage their retirement plan. In doing so, we seek to help employees achieve their goal of successfully preparing themselves for retirement.
This week, I want to help you to decipher mutual fund share classes. By far the largest component of 401(k) plan fees and expenses are those associated with managing plan investments. Moving to less expensive funds is an action item that can save money fast and have a huge impact over time.
Runnymede has increasingly been serving as a fiduciary advisor to companies' 401(k) plans so I will be writing a series of articles on how to tune up your retirement plan. The intended audience is the company and its trustees that sponsor the plan but participants are also advocating for better plans. It is our hope to help employers optimize and better manage their retirement plan. In doing so, we seek to help employees achieve their goal of successfully preparing themselves for retirement.
Last night before going to bed my wife asked me, "Can you turn on the humidifer?" "Sure," I said burying my head back into my laptop to finish some work.
This morning the first thing I heard was, "How come you didn't turn the humidifier on?" Oops. After completing what I had been working on, I put the laptop down and quickly fell asleep.
And so, today, I write about ACTION always beats INTENTION.
According to the U.S. Bureau of Labor Statistics, the average American has held 11.7 jobs from age 18 to 48. When switching jobs, 401(k) money doesn't automatically switch with you. In fact, by some estimates, more than 900,000 workers lose track of their 401(k) plans each year! This leaves many people at some point working hard to track down an old 401(k) account or accounts. The good news is that the money should stay in your account. Here are some tips to help you track down your old retirement account.
One of the most important decisions you have to make in your 401(k) plan is asset allocation -- that is, how much you put in stocks, bonds, and cash. Asset allocation is the strategy of dividing your investments across various asset classes in order to reduce risk through diversification. Here are two simple approaches to get you started.
Your 401(k) could make you a millionaire. By making small, regular investments starting in your 20s or early 30s, your savings will grow tax-free for 30 to 40 years. Unfortunately, people tend to procrastinate because they are focused on bills that are due today and the things they want right now. We human beings are notoriously bad at wrapping our minds around far off events.When it comes to investing, time is a big advantage. Here are three reasons why.
When it comes to trying to reduce risk in your 401(k), the phrase "don't put your eggs in one basket" applies. Therefore when selecting investments, it's important to diversify.
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