401(k)

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

401(k) 101: Money and millennials

As thousands of college students graduate and transition into the workforce, they will likely have many questions about their finances. A concern that I have seen specifically within the millennial demographic is the debate between paying off student loans and/or contributing the maximum to an employer 401(k) plan. The reason that many may suggest paying off a student[...] Continue reading