ridgeline advisors blog
How to End the Year on Bright Note
Lend Your Hand, Don’t Wag Your Finger For example, many firms cite alarming statistics about retiree health-care expenses in well-intentioned efforts to urge participants to enroll in and contribute to their 401(k)s. A recent study, though, by the Defined Contribution Institutional Investment Association found that retirement savers are much more likely to respond to positive messaging than to...
‘Tis the Season for Investing
During the holidays, we think about spending time and reconnecting with family and friends, cozying up by the fireplace, enjoying each other’s company. We also tend to spend quite a bit of money this time of year, on everything from gifts to new year’s resolutions (think gym memberships). In a typical holiday season, we don’t worry too much about these expenses; however, this year’s holiday...
Four Things to Know About Plan Limit Hikes
In October, the Internal Revenue Service significantly raised the contribution limits for 401(k)s and other plans effective in 2023. As plan sponsors begin to think about how to communicate these changes to employees, it’s perfect opportunity to educate, demystify, and encourage participation in these plans. What to Know 401(k), 403(b) and most 457 plans got a 10% increase on the contribution...
Are You Thankful for Your Health?
Savannah and Adrian are both 45 years old and both sought medical treatment for high blood pressure. Savannah doesn’t follow the lifestyle changes her doctor suggested, whereas Adrian diligently follows her doctor’s recommendations. With Adrian’s small changes she saves more than $1,000 in out-of-pocket healthcare costs. Additionally, Adrian’s combined pre-retirement and in-retirement savings...
Provider Consolidation in the Retirement Plan Market: Impacts for Sponsors
Following in the footsteps of many banks and big accounting firms, there’s been a growing trend toward consolidation among retirement plan service providers. But for the most part, less competition hasn’t translated into higher fees for plan sponsors — at least not yet. If anything, the costs for recordkeeping and administrative functions have tended to trend downward. Moreover, there’s the...
Documenting Fiduciary Plan Management Responsibilities
ERISA states that every plan document must identify a “Named Fiduciary” to be the individual or entity serving as the primary fiduciary responsible for all plan management activities (e.g., President, Plan Administrator, The Company (BOD), or another individual or entity). The Named Fiduciary can delegate nearly all plan management responsibilities to “co-fiduciaries”; however, they must retain...
Does Your Retirement Plan Stand out From the Crowd?
With more than two-thirds of American workers having access to a retirement plan, employees and job seekers have come to expect one as part of their benefits package. That means it’s more important than ever to make sure your offering differentiates your organization from the competition. Whether you’re looking to deepen your bench by attracting top talent or retain the valued employees you...
DOL Updates Guidance on Auditor Independence for Retirement Plan Engagements
In September, the U.S. Department of Labor (DOL) released an Interpretive Bulletin that updates guidance on audits of benefit plans under the Employee Retirement Income Security Act. The updated guidelines are intended to help determine when a qualified public accountant is independent for the purpose of auditing and rendering an opinion on the Form 5500. With the new guidance, DOL removes what...
Market Tricks and Treats
With the recent market volatility, it’s understandable that you may be concerned about your investments. Don’t let the market volatility spook you! Consider the following tips: Review your safe route. It is ok if your investment portfolio isn’t performing as you expected, but as you age closer towards your retirement, check out different investment options (aggressive, moderate, and...
DOL Brokerage Window Guidance and Cryptocurrency Accounts
Recently, the U.S. Labor Department issued new 2022 guidance regarding 401(k) retirement plans that offer, or are considering offering, investments in cryptocurrency and/or self-directed brokerage accounts in their plan menu. Most plan sponsors have not worried about it, primarily due to lack of guidance to date regarding the issue of brokerage windows, which have previously not been subject of...
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