Fraudulent distribution request from participant 401(k) accounts is a fast growing trend in identity theft. Individuals claiming to be a plan participant will contact a customer service center pretending to be a plan participant in order to request a retirement plan distribution. These criminals have done their research and have excessive amounts of personal […]
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Utilizing an Independent TPA Over a Bundled Service: Why It’s the Right Choice for Your Company
When choosing how to manage a 401(k) plan, the employer has two primary choices: bundled plan management services, or they can choose to utilize services from an independent Third-Party Administrator (TPA). For some employers, especially those who are initiating a smaller plan, bundling services may seem like a better option because of its “one-stop shop” […]
Explore Your Retirement Plan Options Under the New Tax Law
Under the Tax Cut and Jobs Act (TCJA), tax rates are the lowest they have ever been. Some say that tax rates may never be this low again, providing employers with a unique opportunity to use plan design to take advantage of these lower rates.
Dunbar, Bender, and Zapf Brings 3(16) Fiduciary Services to Business Owners
PITTSBURGH – Dunbar, Bender, and Zapf now offers 3(16) Fiduciary Services to their clients Dunbar, Bender & Zapf, Inc. (DBZ), the largest regional retirement plan consulting and actuarial firm in the Pittsburgh area, announced that they are now offering 3(16) Fiduciary Services to assist clients with the day to day responsibilities of their retirement plan […]
Do You Want to Work in Tall Buildings? The Art of Good Business Communication By Rebecca L. Hummer
We communicate every day with texts, emails, and phone calls to clients, advisors, and other professionals. Our days are filled with communications. Far too often, though, little or no attention is given to the way we communicate. The reality is that a little effort can have a big impact. This article will discuss some […]
Don’t Forget About Traditional Defined Benefit Plans as a Sales Opportunity!
Current discussions around defined benefit plans tend to center around cash balance plans. While the establishment of a cash balance plan is an easy sell for certain small employers, traditional defined benefit plans also present a great sales opportunity. During the 70’s and 80’s, the traditional defined benefit plan was the plan design choice, especially […]
What if clients fail their 401(k) testing?
The IRS requires that contributions or benefits provided under a plan must not discriminate in favor of Highly Compensated Employees (HCEs). For the 2016 and 2017 plan years an HCE is any individual who has more than 5% ownership in the current or prior plan year, including certain family members of owners, and employees with […]
Phishing & Spoofing & Malware, Oh My!
The IRS is warning human resource and payroll departments about an ongoing email scam. This type of email phishing known as “spoofing,” uses a corporate officer’s name to request W-2 information. If you receive an email requesting W-2 information, even if from an executive level associate, it may be worth your while to confirm the […]
Am I a “Fiduciary”?
Due to the recent enactment of the DOL Fiduciary Rule and a lot of back and forth on possible implementation delays, the term “fiduciary” has been very prominent in the news. The Rule began its phase-in on June 9, 2017. Whether or not there will be significant changes from its current state is unclear. The […]