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Plan Sponsor Quarterly Calendar
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Stay organized by following these helpful reminders that may apply to your plan this quarter.
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May
Perform a detailed annual review of the plan’s Summary Plan Description and other enrollment and plan materials to confirm that all information is current, and identify situations in which revisions are necessary.
Monitor the status of the completion of Form 5500, and, if required, a plan audit (for calendar-year plans).
Issue a reminder memo or email to participants to encourage them to review and update, if necessary, their beneficiary designations for all benefit plans.
June
Confirm that Form 5500, and plan audit, if required, will be completed prior to the filing deadline or that an extension of time to file will be necessary (for calendar-year plans).
Begin planning an internal audit of participant loans granted during the first six months of the year. Check for delinquent payments, and verify that repayment terms and amounts borrowed do not violate legal limits.
Review plan operations to determine if any qualification failures or operational violations occurred during the first half of the year. If a failure or violation is found, consider using an Internal Revenue Service or U.S. Department of Labor self-correction program to resolve it.
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DOL Proposes Seven-Day Safe Harbor for Contribution Remittance |
Under current rules, retirement plans must remit participant deferrals as soon as they can reasonably be segregated from the general assets of the employer, but no later than the 15th business day of the month following the date on which the deferrals were withheld from employees’ paychecks.
This rule sometimes results in confusion and uncertainty regarding the timeliness of contribution remittances. When deferrals are not deposited into the plan in a timely manner, ERISA deems it a prohibited transaction. The U.S. Department of Labor recently proposed a regulation that would establish a seven-day contribution remittance safe harbor.
Learn more about the DOL's proposed rule.
>>Read more
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The Standard Makes it Convenient for Maverik Employees to Save for Retirement
When many of your employees are lower-paid, convincing them to save for their future by contributing to their company-sponsored retirement plan can be a challenge. But Maverik Inc., a chain of 185 convenience stores in seven Western states, has managed to do just that since teaming up with The Standard as its retirement plan provider.
The North Salt Lake, Utah-based company, which was founded in 1928, began looking for a new retirement plan provider a little more than two years ago, said Spencer Hewlett, Maverik’s chief financial officer. “We wanted a provider that wasn’t focused on trying to sell us their own funds,” he said.
Find out how The Standard helped encourage Maverik employees to increase their average deferral rates.
>>Read more
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Market Commentary: Weak Economy Brings Market Down in Q1
Equity markets across the globe reflected a rough start to 2008. Value-oriented categories weren’t down as much as the growth categories were, but there was no refuge to be found among equities. The only area showing a positive return was the bond market, as declining yields in both short- and long-dated bonds with good credit quality produced strong returns.
The weakening economy, coupled with the credit crisis that’s roiling financial markets, has prompted the Federal Reserve to more than halve the Fed Funds rate since September 2007. In addition, the Fed has initiated some creative policy changes to help ease liquidity for financial institutions.
Find out more about how the markets fared in the first quarter.
>>Read more
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StanCorp Equities, Inc.
1100 SW Sixth Avenue Portland OR 877.805.1127
The above message is only for plan sponsors working with Standard Retirement Services, Inc., a subsidiary of StanCorp Financial Group, Inc. It is not intended for presentation to plan participants.
StanCorp Equities, Inc., member FINRA/SIPC, distributes group variable annuity and group annuity contracts issued by Standard Insurance Company and may provide other brokerage services. Third-party administrative services are provided by Standard Retirement Services, Inc. Investment advisory services are provided by StanCorp Investment Advisers, Inc., a registered investment advisor. StanCorp Equities, Inc., Standard Insurance Company, Standard Retirement Services, Inc., and StanCorp Investment Advisers, Inc. are subsidiaries of StanCorp Financial Group, Inc. and all are Oregon corporations.
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