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2022 Retirement Plan IRS Limits
Team SummitEmployee Financial Resource Center, Employee Outcomes, Employer Resource Center, Financial Planning, Plan Operations & Admin, Retirement PlanningComments are off for this post
With 2022 just around the corner, it’s important to keep in mind the newly-released IRS retirement contribution limits for the new year. 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 $20,500. The catch-up contribution limit for employees aged 50 and  Read More →
3 Tactics to Combat the “Great Resignation”
Team SummitEmployee Outcomes, Employer Resource CenterComments are off for this post
During the pandemic, workers quit their jobs in record numbers across the U.S. According to the Bureau of Labor Statistics (BLS), four million employees (2.7%) resigned their positions in April 2021, the largest number ever recorded since the BLS began tracking the metric in 2000. This mass exodus has been dubbed “the great resignation,” and  Read More →
Beneficiary of Unintended Consequence
Team SummitEmployee Outcomes, Employer Resource Center, Fiduciary GovernanceComments are off for this post
Upon becoming eligible to participate in your organization’s retirement plan, participants are asked to select a contribution rate, their investments, and to indicate a beneficiary designation. It may seem obvious that designating a beneficiary would be a mandatory step of the enrollment process and for many plan providers, it is. What is often less obvious,  Read More →

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