401k

Plan Documents… Save or Purge?
Team SummitEmployer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
Many ERISA plan sponsors are unclear regarding a primary fiduciary responsibility concerning plan document retention (which and when documents may be purged). Most plan sponsors adopt an assumed “reasonable” amount of time to retain documents prior to purging them. Unfortunately, IRS rules may not always be complicit with what may be assumed to be “reasonable”.  Read More →
To Roth or Not to Roth
Team SummitEmployee Financial Resource Center, Financial Planning, Retirement PlanningComments are off for this post
Many 401(k) and 403(b) retirement plan participants are uncertain as to the benefits of saving their contributions on a Traditional (pre-tax) or Roth (after-tax) basis. As a reminder, although you get a current year tax deduction for pre-tax contributions, the principal and growth will be taxable in retirement.  In contrast, Roth contributions are made with  Read More →
Consideration: Offering a Phased Retirement Program
Team SummitEmployee Outcomes, Employer Resource CenterComments are off for this post
Phased retirement includes a range of flexible retirement approaches that would allow employees approaching normal retirement age the option to reduce the hours worked while phasing into complete retirement. For employees, a phased retirement may be seen as a benefit by many older workers. It allows them to gradually ease into retirement while maintaining a  Read More →

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