How Long Should Retirement Plan Records Be Retained?
Maintaining an employer-sponsored retirement plan can be an onerous task. With Basic Plan Documents, interim amendments, required restatements, Summary Plan Descriptions, enrollment and beneficiary forms, and federal forms it’s easy to see just how much paper a Human Resources department can accumulate in short order. Before you go off and shred some of those old documents in an effort to clean up your fiduciary file, you should know that the Employee Retirement Income Security Act (ERISA) has specific requirements for the retention of records relating to employee benefit plans.
Saving For Retirement and Eating Vegetables Have More In Common than Previously Thought
When we were children, none of us wanted to eat our vegetables. We were told the benefits of eating them, but the constant begging from our parents produced little results. As we fast forward to adulthood, we’ve found that not only do we eat our vegetables, we actually like them. We know the health benefits – reduction in blood pressure, less risk of cancer, stroke and diabetes – and now we also enjoy eating a salad. Imagine something we hated as a child that we now love eating every day for lunch (as long as there’s plenty of dressing).
The Importance of Positioning Health & Retirement Benefits Together
It is no secret that health care is a top concern for employers and employees, as legislative reform and rising costs are challenging company resources and limiting employers ability to offer the type of benefit packages that have become the standard. With limited...
Surprise! Savings Is the Most Important Driver of Retirement Readiness
The Aegon Retirement Readiness Survey for 2015, titled Inspiring a World of Habitual Savers, just came out and showed that habitual savers are more prepared than those that save periodically. While this may not come as a surprise to many, the survey highlights just...
Supreme Court Decides in Tibble vs. Edison Case
In a unanimous decision, the Supreme Court has ruled in favor of plan participants in the Edison International 401(k) plan who claimed company fiduciaries violated their duty to monitor three retail-class mutual funds. Background and the Decision The original suit...
New Issue of Perspectives
A few times a year, Axia sits down with an expert in the retirement field to discuss trends, research, and other findings important to retirement plans. Our goal is to showcase thought leadership that we believe will change the industry. Our second issue features...
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