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Our Thoughts On...

Why Retirement Plan Sponsors Should Care About Employee Student Loan Debt

Whether it’s through providing holistic financial wellness programming that addresses the issue of educational debt or offering a more formal, structured student debt repayment benefit, there are compelling reasons plan sponsors should care about the adverse effects of student loan debt on their employees and consider taking action. Read more.

No Beneficiary Designation. Who Gets the Money? 

According to a recent Wall Street Journal article, retirement plans and IRAs account for about 60 percent of the assets of U.S. households investing at least $100,000. Both state and federal laws govern the disposition of these assets, and the results can be complicated, especially when the account owner has been divorced and remarried. Therefore, it is important for plan fiduciaries of qualified retirement plans to understand their role regarding beneficiary designations and the regulations that dictate them. Read more.

Safe Harbor Options

U.S. regulatory measures ensure that a company’s plan does not disproportionately benefit some employees over others, regardless of their income or ownership status. To evaluate whether the plan is administered in an even-handed manner, the IRS conducts annual nondiscrimination tests. Failure of any of these tests can result in significant — and costly — additional contributions or required corrective distributions to some employees.  Read more.

Behavioral Finance and Plan Design: Four Ways to Boost Participation

Though many employees are aware that behaviors such as enrolling in and contributing sufficiently to their company 401(k) can help them prepare for a successful retirement, too often they fail to develop the necessary saving and investing habits. This could also be why participant engagement strategies that rely exclusively on financial education are sometimes met with limited success. Read more.

Schneider Downs Wealth Management Advisors, LP is a registered investment advisor with the U.S. Securities and Exchange Commission (SEC). SDWMA provides fee-based investment management services and financial planning services, along with fee-based retirement advisory and consulting services. Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice. Registration with the SEC does not imply any level of skill or training.
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