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