Fiduciary Governance

Protecting Benefit Plans from Cybersecurity Threats
Team SummitEmployer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
Many plan sponsors focus on external cybersecurity threats, such as hackers attempting to breach their systems, but disgruntled employees can also pose a risk. Recently, the Department of Labor (DOL) extended the scope of its cybersecurity guidelines to include all Employee Retirement Income Security Act (ERISA) plans, which include retirement, health, and welfare programs. This  Read More →
IRS Issues Guidance on Withdrawals for Domestic Abuse Victims
Team SummitEmployee Outcomes, Employer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
In late June, the IRS issued a notice providing critical guidance on early withdrawal penalty exemptions under the SECURE 2.0 Act. The law includes significant provisions for individuals experiencing domestic violence, an issue that has affected millions across the U.S. According to the Centers for Disease Control and Prevention (CDC), one in four women and  Read More →
The Road to 15%: Helping Employees Navigate Toward Retirement Readiness
Team SummitEmployee Outcomes, Employer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
Many advisors recommend saving 15% of pre-tax earnings, including any employer match, to prepare for a secure retirement — but to accomplish this, timing is crucial. According to Forbes, savers need to begin by age 35 to retire comfortably by age 65; to retire by age 62, they’d need to get started by 25. Looking  Read More →

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