Employer Resource Center

Hardship Withdrawals: New Year, New Rules
Team SummitEmployer Resource Center, Plan Operations & AdminComments are off for this post
This past November, the IRS issued proposed regulations to effectuate changes made for hardship withdrawals in the Bipartisan Budget Act of 2018. Comments were due by Jan. 14, 2019. Although the statutory changes are effective beginning in 2019, the proposed regulations do not require any changes in how hardships are administered until 2020. Plan documents  Read More →
Effective Employee Education: Setting the Framework
Team SummitEmployee Outcomes, Employer Resource CenterComments are off for this post
Fiduciary duty requires you to provide your employees and participants with educational opportunities so they can make informed investment decisions. It’s not always easy to know what your participants need, want, or will take advantage of.  However, using a simple framework for your educational program may increase its effectiveness among employees. Provide a consistent, ongoing  Read More →
Repay Student Loans or Save for Retirement? It Doesn’t Have to Be a Tug of War
Team SummitEmployee Outcomes, Employer Resource CenterComments are off for this post
Many employees feel squeezed to both pay off their debt and save for their future. A recent Private Letter Ruling (PLR) opens the door for employers to help them. The average student graduating in 2016 has $37,172 in student loan debt.¹ According to the New York Federal Reserve, more than two million student loan borrowers  Read More →

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