How to Pick a Beneficiary for Your 401(k)

Choosing a beneficiary for your 401(k) is an important decision. Learn more about how to select a beneficiary and what to do once you decide. What Is a Beneficiary? In the most simple form, a beneficiary receives money, estate, and other benefits from someone else, called the benefactor. In other words, you, the benefactor, would designate a beneficiary — or[...] Continue reading

Critical questions for plan sponsors: Do you have written record of the plan minutes and documents?

Written records of retirement plan minutes and documents are essential because if something is not in the file, then technically it didn’t happen. So, if the IRS or the Department of Labor comes knocking at a business and asks about the plan, or why the retirement plan committee has made certain decisions, plan minutes are one of the items they want to see. These[...] Continue reading

Critical questions for plan sponsors: Do you understand all the fees that you are paying?

As a plan sponsor, it’s your fiduciary duty to understand the fees associated with your plan and if they are reasonable. This is one of the largest areas where breach of fiduciary duty lawsuits originate. There’s several levels of fees. An understanding of how service providers, record keepers and/or custodians are compensated in the form of fees is crucial. As a[...] Continue reading

Critical questions for plan sponsors: Does your company offer a 401(k) plan?

If the answer to the question, “Does your company offer a 401(k) plan?” is yes, you’re off to a good start. If your company doesn’t offer a 401(k) plan, what are some of the reasons behind this? In this post we look at why some business owners don’t offer retirement plans, why they should, and how to get employees to participate. Many business owners fail to[...] Continue reading

Critical Questions for Plan Sponsors

The plan sponsor space is ever-changing and here at Fort Pitt we know how important it is to stay up-to-date with current trends in the space. In conjunction with upcoming seminars we’re holding surrounding plan sponsors and 401(k) plans, we will be doing a short blog series on critical questions that plan sponsors need to consider, with their clients in mind, to ensure[...] Continue reading