Plan Operations & Admin

2023 IRS Plan Contribution Limits
Team SummitBudgeting & Debt, Employee Financial Resource Center, Employer Resource Center, Financial Planning, Plan Operations & AdminComments are off for this post
Highlights of Changes for 2023 The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan has increased to $22,500. The catch-up contribution limit for employees aged 50 and over (and turning age 50 in 2023) who participate in these plans has also increased, from $6,500  Read More →
Revenue Sharing Decisions
Team SummitEmployer Resource Center, Fiduciary Governance, Plan Investments, Plan Operations & AdminComments are off for this post
As a result of the significant rise in revenue sharing litigation it behooves plan fiduciaries to confirm and document the prudence and appropriateness of any revenue sharing arrangement. Revenue sharing is the sharing of fees from one service provider (e.g., an investment fund manager) to another service provider (e.g., your record keeper). Revenue sharing may  Read More →
Helping Employees Pay Down Student Debt
Team SummitEmployee Outcomes, Employer Resource Center, Plan Operations & AdminComments are off for this post
The ever-growing burden of student loan debt looms menacingly over many Americans, crippling their ability to save for retirement and other financial goals. According to Bankrate, around 60% of Americans who have student debt have delayed saving for major milestones because of it. While young people bear the most debt, they’re not the only ones  Read More →

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