News and Updates
Category: 401k
Retirement Update: Plenty of Changes on Deck for 2024
At the end of October, US Department of Labor (DOL) announced a rule expanding what’s considered “fiduciary investment advice” under the Employee Retirement Income Security ACT, better known as ERISA. This will include guidance from those involved in employer-sponsored retirement plans. The most notable difference will be a change to the five-part test, which will now state that investment advice will be considered fiduciary if the person providing it “does so on a regular basis as part of their business.” The advice must also be “provided under circumstances indicating that the recommendation is based on the particular needs” of the retirement investor, and could potentially be used as a guide in their investment decisions. DOL’s press release states that the update would come into play when financial services providers are charging what they consider “junk fees” for advice, which can cut into the funds saved. An attempt was made by DOL in 2015 to update the definition of “fiduciary,” but fell apart after a circuit court vacated the rule before it could be enforced. The IRS also recently announced plenty of changes in store for 2024, all part of the SECURE 2.0 Act. The headliner of these changes that will impact the majority of people saving for retirement - the maximum employee contribution for 401(k) retirement plans will increase next year. With a $500 increase from 2023, e
A Closer Look Inside Spooner's 401(k) MEP
We've shared a few details about our multi-employer retirement program in the past, but now we're taking a deeper dive into the details of Spooner's 401(k) offering that can be tailored to suit any size business, in virtually any industry. We'll outline details on both the employer and partcipant experience, as well as a true look at the fee structures involved. Some businesses have entered our MEP as a first-time offering to employees, and some have transfered assets from an existing plan into ours, saving them thousands on fees. Take a closer look by clicking here, and reach out to our team with any
Learn More About Our MEP 401(k) Program
Want to learn more about The Spooner Risk Control Services, Inc. MEP 401(k)? If your company has thought of offering a retirement plan, but the idea has been sidelined by the (typically) tremendous costs and complications of putting it in place, we'd like to invite you to learn more about our multi-employer plan (MEP). Spooner clients of any size can take advantage of our MEP Retirement Plan Solution for themselves and their employees. Fiduciary support and guidance is provided for you as an employer, and for your employees. Take advantage of Spooner’s economy of scale and save on plan costs and administrative time, plus take advantage of potential tax credits for starting a retirement plan. What is a Multiple Employer 401(k) Plan or MEP? A MEP is an IRS approved 401(k) that allows unaffiliated employers to adopt into a retirement plan sponsored by a third party that bears responsibility for administering the plan (Spooner, in this case). Our MEP is a great way to provide your employees with a retirement plan without the costly price tag for setup, maintenance costs, and fiduciary liabilities. What are the advantages of Spooner’s MEP? It's easy. By joining our MEP, most of your administration work is done by another party. It's inexpensive. The MEP provides large-plan pricing regardless of your company’s size. It provides for your employees. Independent, no-commissions advice to balance your employees’ needs
