Improve Retirement Outcomes, Teach Employees Social Security Basics 

Research reveals Americans have a significant knowledge gap regarding social security benefits.  Only 7 percent, however, understand all the factors that determine the maximum benefit someone can receive.

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Cybersecurity Threats Rising

Nearly one-third of retirement plan recordkeepers expect to increase their cybersecurity staff, according to a recent survey. The threat of retirement account fraud has increased in recent years, particularly during the remote work environment, according to findings from the 2021 Cerulli Edge U.S. Retirement Edition.

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Plan Sponsors Ask...

Q: We are considering adding a financial wellness program as part of our retirement plan benefit program. Unfortunately, there isn’t a lot in the budget to work with. How might we approach it? 

A: As you probably know, workers are becoming increasingly interested in financial wellness education that can help reduce financial stress and prepare them for economic uncertainty...

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Quarterly Plan Sponsor Calendar

Audit third-quarter payroll and plan deposit dates to ensure compliance with the DOL’s rules regarding timely deposit of participant contributions and loan repayments.

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Inflation Legislation Could Indirectly Affect Retirement Plans

In a somewhat surprising compromise, Congress passed the Inflation Reduction Act in August 2022. A pared-down version of President Biden’s Build Back Better plan, much of the law is devoted to fighting climate change and supporting clean energy, in part, through tax credits.

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Update on SECURE Act 2.0

As reported in our third-quarter Regulatory Update, Congress is considering three retirement plan reform bills: the House-approved SECURE Act 2.0 and two bills passed by two Senate committees, the EARN Act and the RISE & SHINE Act.

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IRS Delays One 2022 Amendment Deadline Not Other

Until recently, retirement plan sponsors were required to amend their plan documents for the SECURE Act of 2019 and CARES Act of 2020 by December 31, 2022. Then, the IRS announced an extension of the amendment deadline until December 31, 2025, except for a portion of the CARES Act provisions, which must still be adopted by December 31, 2022.

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Not Too Late to Become a Safe Harbor 401(k) Plan

401(k) plans that fail nondiscrimination testing at year-end must take corrective measures to stay in compliance, such as returning salary deferrals to highly compensated employees or making additional contributions for other employees.  If your plan failed mock midyear testing this year or has previously failed year-end testing, you may want to consider a safe harbor plan design. 

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New and Improved Social Security Statements

The Social Security Administration (SSA) provides valuable information and retirement income planning tools to help workers determine how much they will receive in social security retirement benefits. 

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Barbara Appleby, JD, MA, AIF®


(207) 819-0311


Kristin Guibord, MBA, AIF®


(207) 819-0312


Securities and advisory services offered through Commonwealth Financial Network®, member FINRA/SIPC, a Registered Investment Adviser. Financial Planning services offered through Daybreak Financial Partners, a Maine-Licensed Investment Adviser, are separate and unrelated to Commonwealth. Fixed insurance products and services are separate from and not offered through Commonwealth Financial Network.

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