As I indicated in my last blog post, in retirement plan governance, good processes matter. But if that process isn’t documented, it may be much more difficult to prove a prudent process even exists. This is why documentation is such an important part of fiduciary oversight. Plan sponsors and committees Read more
One of the most common misunderstandings among retirement plan sponsors is the idea that fiduciary prudence can be measured solely by investment returns. Under ERISA, prudence is not about whether every one of your plan’s investment options outperforms each of the benchmarks every quarter. If it were, fiduciary oversight would Read more
Financial literacy isn’t just about managing money; it’s about developing the mindset and skills needed to make informed financial decisions throughout life. It’s understanding how money works, how to budget, how to save, how to invest, and how to use credit wisely. It’s knowing the difference between needs and wants, Read more
Small business owners are often practical, decisive, and consistently wear multiple hats. If they are also a retirement plan sponsor, one of the hats they may be surprised to find they are wearing is “fiduciary”. One of the most common misconceptions among small business owners is that fiduciary liability is Read more
In my previous article, I provided an overview of what a fiduciary is. It is critical to have a basic understanding of this in order to expand the discussion to service-provider fiduciaries – namely 3(16), 3(21) and 3(38) fiduciaries. Retirement plan fiduciary roles are often discussed as if everyone automatically Read more
I recently participated in an industry webcast which outlined the Department of Labor’s enforcement priorities for 2026. Unsurprisingly, one focus continues to be on fiduciaries and whether they are adequately performing their responsibilities to their qualified retirement plans. What stuck out to me most was the increased scrutiny on the Read more
Let’s Break It Down Many business owners hear “retirement plan” and immediately think, “We’ll look at that next year”.Then next year becomes the year after that and, suddenly, it’s January again and the opportunity feels like it has slipped away again. If you’re still thinking about a qualified retirement plan Read more
A “legacy” retirement plan is a plan that hasn’t materially changed for a substantial number of years. Such a lack of plan evolution can interfere with the very goals the plan was originally designed to achieve. For years, many employers have relied on the adage, “If it’s not broken, don’t fix Read more
Are you a small business owner thinking about starting a qualified retirement plan for your employees? Now’s the perfect time! There are some fantastic tax credits available that can make it more affordable to set up and maintain a retirement plan. Startup Costs Tax Credit: Get up to $5,000 per Read more
The State of Illinois mandates that most small businesses offer a retirement plan to their employees. Are you among the over 220,000 small businesses affected by this requirement? While the My Illinois Savings program (formerly Illinois Secure Choice) provides a straightforward option for small employers, it offers minimal control and Read more