What Do Plan Sponsors Need to Know in 2016?
1. Giving your plan ‘TOP OF THE PAGE’ visibility is more important than ever this year. Your staff is getting older, even the millennial generation thinks it is important. Your Board will ask you about it and your staff will thank you. Check to see if it is easy for your staff to go online, enroll, or check their account balances. If not, consider changing vendors.
2. Taxes are on everybody’s mind early in the year. Remind your staff that their contributions save on taxes now, as well money saving money for their future.
3. Review the flexibility built into your plan. If you are a church make sure those with ministerial status are aware of the FICA savings and the use of tax-free distribution when utilizing the housing allowance feature.
4. There are the lowest individual investment costs when you have ETF’s on the menu. Are you using them?
5. Education is a hot topic this year, and will be for years to come. IRS is focused on education, not just information for participants. Check to see how your plan stacks up.
6. All the “how to” of saving, investing, and money management won’t even hit your participants radar if the “why” to do it isn’t strongly supported. I Suggest you connect them with this portal: futurefundedministry.com so they can discover the“why” of retirement savings and preparation.
We will talk more about these in the coming months.
Trusted Advice along the way.
Bruce