Your Guide to Avoiding the Most Common Plan Mistakes

Plan sponsors, is your retirement plan fully compliant and up to standard? This year is the time to double down and re-evaluate. Here's why, based on what I'm hearing from plan sponsors and Conrad Siegel advisors; managing retirement plans has gotten harder. The retirement landscape is always changing, but 2020 yielded landmark legislation impacting retirement plans on a scale that we haven't seen since 2006.

On January 1, 2020, the SECURE Act went into effect, followed several months later by the CARES Act, expedited to provide relief to struggling individuals and families.

The following provisions could significantly impact you plan's compliance with IRS testing standards:

Suspended safe harbor matches

Furloughed employees who haven't re-enrolled

Reduced contributions from your current workforce

Is your plan at risk of ignoring the potential effects of any of the above? I'd encourage you to check out this quick, easy to read resource "Your Guide to Avoiding the Most Common Plan Mistakes" for a temperature check on how your plan measures up: https://conradsiegel.com/guide-avoiding-401k-mistakes/

If you have any questions, I'd love to serve as a resource and set up a conversation.

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