As pressure to reduce the Nation’s debt continues to grow, proposals to limit U.S. tax breaks for retirement savings are currently under consideration. Among these is a 28% cap on retirement savings-related deductions. Unfortunately, this tax change would likely discourage many employers from sponsoring a company retirement plan. As a response to this, ASPPA (American [...]
Read More...PLANSPONSOR magazine recently announced finalists for the 2013 Retirement Plan Adviser of the Year award. Mark D. Ray was nominated from among 400 peers including retirement plan advisers, plan sponsors, attorneys and administrators. The finalists were recognized at a dinner on March 27, 2013 in New York City, and the winner will be announced at [...]
Read More...By Jeanine Calandri, AIFA®, CRPS®
Do you rely on your service provider when it comes to making sure your census data agrees with the plan document? Actually, it is the “plan sponsor’s” responsibility to adhere to the plan document and work closely with their service provider or retirement plan consultant to ensure their census data is reported correctly. It is [...]
Read More...By Jeanine Calandri, AIFA®, CRPS®
During the holiday season we always seem to be reviewing lists: gift lists, grocery lists, and even New Year’s resolutions. These lists help to make overwhelming tasks easier to complete, and they help us keep track of our progress. While you have certainly been writing out your own lists at home, we would like to [...]
Read More...The IRS has announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for the 2013 tax year. Please click the following link for a summary: 2013 Pension Plan Limits
Read More...By Mark Ray, AIF®, CRPS®, PRP, CBC, RF™, GFS™
The second half of 2012 started off with a bang, and another important deadline has come and gone. Most plan sponsors are aware the Department of Labor mandated July 1st as the date that covered retirement plan service providers were required to disclose all direct and indirect compensation earned. Plan Sponsors were required to verify [...]
Read More...By Jeanine Calandri, AIFA®, CRPS®
You know the drill. It’s time for the quarterly investment committee meeting. One of the main topics on the agenda is an update on the investment choices offered to participants. Your consultant used a “data-based” program to complete their investment review process and handed you a quarterly report with colors and scores that indicate the funds are doing well. Should you accept these scores and call it a day, or should you ask for additional information?
One of the most important plan sponsor duties is to oversee the fund choices offered to participants, and to ensure they are meeting the highest possible standard. When you hire a consultant, a critical aspect to consider is whether you understand and agree with their investment review process.
Read More...By Mark Ray, AIF®, CRPS®, PRP, CBC, RF™, GFS™
We are pleased to announce that Mark Ray and Praxis Consulting have been nationally recognized as one of PLANADVISER’s Top 100 Advisers!
PLANADVISER recently released their Top 100 advisers and adviser teams for 2012. Each adviser and adviser team received this award based on a series of quantitative measures such as assets under management, plan participation, deferral rates, quality of service and investment management success.
Read More...By Jeanine Calandri, AIFA®, CRPS®
I admire and respect the dedication HR professionals have to their employer and employees. They strive for excellence when it comes to managing a myriad of employee benefits, not to mention the complexities of a 401(k) plan. They’re also deeply committed to helping their employer avoid IRS/DOL penalties and employee lawsuits by keeping the retirement plan in compliance.
Now is a good time to review the retirement plan records to ensure everything is in order. Listed below are tips and best practices to keep your workplace savings plan in compliance. This is not an exhaustive list; however, it covers the major areas of 401(k) plan compliance.
Read More...By Jeanine Calandri, AIFA®, CRPS®
As 2011 comes to an end, we wish our new readers a Happy and Prosperous New Year.
We will hit the ground running in 2012 as retirement plan fee disclosure regulations are enforced. These new regulations will cause plan sponsors to experience a major change in their fiduciary role, as the Department of Labor will hold “them” (not investment vendors or third party administrators) accountable for evaluating the costs and quality of their retirement plan services.
Read More...By Jeanine Calandri, AIFA®, CRPS®
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Praxis Consulting
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Securities and Investment Advisory Services offered through NFP Securities, Inc. (NFPSI), member FINRA/SIPC. Praxis Consulting® is a member of Benefits Partners, an affiliate of NFPSI. Praxis Consulting® and NFPSI are not affiliated. Praxis Consulting® and RPAG are affiliated.
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