Avsnitt
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Key Takeaways:
Introduction [.44]
What is Financial Wellness [4.33]
What does a Financial Wellness program include for participants [6:02]
How can companies promote these programs [9:06]
What do investment plan advisors really look like [11:42]
How to educate on utilizing all your plan offerings [14:26]
How can plan sponsors promote finance wellness programs [15:40]
Conclusion [18:50]
Resources:
BDO.com
BDO.com/ERISA
Beth Lee Garner on LinkedIn
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Key Takeaways:
Introducing TY Parrish [1:47]
Introduction of the 401(k) Best Practices A Guidebook for Plan Sponsors book [6:09]
Common questions from plan sponsors [7:14]
Defining a good advisor [7:58]
Plans that do not have advisor and committee [9:08]
Finding an advisor [12:57]
How reduce risk and retirement readiness make a good advisor [13:50]
Biggest takeaway from the book [18:57]
Conclusion [20:50]
Resources:
BDO.com
BDO.com/ERISA
Beth Lee Garner on LinkedIn
TY Parrish on LinkedIn
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Saknas det avsnitt?
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Introduction [0.44]
Unenrolled participant disclosure - does this include 403(b) plans & if 403(b) plans are no longer required to communicate annual university availability notice? [1:05]
Are there any there any small employer or other exceptions for the auto enrollment requirement? [3:09]
The catchup contribution increase in 2025 for individuals between the age of 60 and 63, and whether this is mandatory or optional. [4:07]
What is the three-year limit repayment of qualified birth or adoption related to that distribution? [5:20]
Which provision will have an impact on plan auditors and what recommendation do you have for auditors? [7:40]
Will auto enrollment and auto escalation apply to long-term part-time employees? [9:36]
Conclusion [11:30]
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Key Takeaways
Welcome
[2:00] Introduction to 2023 Form 5500 Changes
[3:57] Changing methodology for counting participants in defined contribution plan
[6:43] What current plan sponsors need to consider for this filing change?
[9:42] Timing of employer contribution
[12:40] Automatic Employment for new plan
[14:23] 80 – 120 Participant Rule and Short Plan Year Rules
[18:20] Internal Revenue Code Compliance Questions
[23:18] Conclusion
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In this episode, we are joined by Maria Thiel & Blake Head to discuss the world of Employee Stock Ownership Plans (ESOPs) & SECURE 2.0. The discussion focuses on the three provisions in SECURE 2.0 that relate to ESOPs:
Deferral of tax for certain sales of employer stock to employee stock ownership plan sponsored by S Corporation starting in 2028.Certain securities treated as publicly traded in case of employee stock ownership plans.Worker Ownership, Readiness, and Knowledge (WORK Act).Key Takeaways:
Welcome
[2:51] Updates in the ESOP world
[6:17] Three provisions in SECURE 2.0 that relate to ESOPs
[7:00] Section 114
[11:24] Section 123
[14:25] Worker Ownership, Readiness, and Knowledge
[20:22] Conclusion
Resources:
BDO.com
BDO.com/ERISA
Blake Head on LinkedIn
ESOP Advisory: BDO Capital Advisors, LLC
Disclaimer:
Investment banking products and services within the United States are offered exclusively through BDO Capital Advisors, LLC, a separate legal entity and affiliated company of BDO USA, LLP, a Delaware limited liability partnership and national professional services firm. For more information, visit www.bdocap.com. Certain services may not be available to attest clients under the rules and regulations of public accounting. BDO Capital Advisors, LLC Member FINRA/SIPC.
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In this episode, we are joined by Norma Sharara, BDO Managing Director, National Tax Office, Compensation & Benefits to discuss potential challenges with automatic enrollment and long-term part-time employees, including historical context and expansion to 403(b) plans.
Key Takeaways:
SECURE Act 2.0 Introductions and Provisions
Introducing Norma Sharara [1:28]
Potential challenges with Automatic Enrollment [4:33]
Long-Term Part-Time Employees – Historical Context [11:41]
Long-Term Part-Time Employees – Expansion to 403(b) plans – inclusions and exceptions [13:40]
SECURE 2.0 – distinction of transition period: 3 year vs 2 year [14:40]
Tracking on a year-to-year basis for long-term part-time employees for >500 hours [15:31]
Potential Pitfalls [18:12]
Non-Discrimination Testing Relief and Implications [18:36]
Conclusion [19:41]
Resources:
SECURE 2.0 Act of 2022 Introduces Key Changes for Workplace Retirement Plans
ERISA: Exploring and Understanding SECURE 2.0 webcast
BDO.com
BDO.com/ERISA
Beth Lee Garner on LinkedIn
Norma Sharara on LinkedIn
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In this episode, our BDO co-hosts are joined by Antony Hacking, partner with C-Global Consulting to discuss courageous leadership, the importance of psychological safety and managing difficult conversations. The discussion focuses on actionable tactics and techniques to strengthen your professional relationships.
Key Takeaways:
Welcome
[3:33] Introducing Antony Hacking, C-Global Consulting
[6:44] Building Trust
[14:43] Psychological Safety
[22:58] Approaching Difficult Conversations
[29:03] Conclusion
Resources:
BDO.com
BDO.com/ERISA
Beth Lee Garner on LinkedIn
Antony G. Hacking, M.A., Ph.D. on LinkedIn
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Continuing our two-part series, our co-hosts are joined by Steve Combs, Managing Director, Cloud Security & Infrastructure (CS&I), BDO Digital to continue their discussion of DOL’s cybersecurity guidance and how it helps combats the growing threat of cybercrime to ERISA-covered retirement plans. Get answers to the key questions plan sponsors might have regarding the scope of the guidance, along with the following three forms that come with it: Tips for Hiring a Service Provider, Cybersecurity Program Best Practices and Online Security Tips.
Key Takeaways:
[01:10] Recapping the three forms that come with DOL’s cybersecurity guidance
[02:10] Beth introduces Steve Comes with the BDO Digital team
[04:45] Evaluating Service Providers and their Service Agreements
[07:37] Identifying and addressing common system weaknesses
[13:04] Managing a data breach incident
[20:12] Combatting cyberthreats
Listen to our prior episode DOL’s Cybersecurity Guidance for Retirement Plans for part 1 of this two-part series on cybersecurity, where we discuss the scope and implications of DOL’s cybersecurity guidance with Greg Schu, Partner, Cybersecurity – National PCI Compliance Lead, BDO Digital.
Resources:
BDO.com
Beth on LinkedIn
Steve Combs on LinkedIn
Related Insight:
DOL Issues Cybersecurity Guidance For Retirement Plans
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On April 14, 2022, the Department of Labor (DOL) outlined a range of practices for combatting the growing threat of cybercrime to ERISA-covered retirement plans. Today we are siting down with Greg Schu, Partner, Cybersecurity – National PCI Compliance Lead, BDO Digital, to discuss the implications of guidelines and what steps plan sponsors can take to help safeguard plan assets and participants’ vital information.
Key Takeaways:
[01:32] Background on DOL’s recently released cybersecurity guidelines
[04:44] Beth introduces Greg Schu with the BDO Digital team
[07:23] Understanding the scope of the DOL guidance
[08:33] Taking stock of controls through SOC 2 Reporting
[13:11] Ensuring that the correct policies and procedures are in place
[18:09] Conducting prudent risk assessments
[22:42] Making sure you read and understand reporting from your Service Provider
Listen to our next episode for part 2 of this two-part series on cybersecurity, where we will continue our discussion with Steve Combs, Managing Director, Cloud Security & Infrastructure (CS&I), BDO Digital.
Resources:
BDO.com
Beth on LinkedIn
Greg Schu on LinkedIn
Related Insight:
DOL Issues Cybersecurity Guidance For Retirement Plans
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In many cases, the people costs are some of the highest costs an organization has — which presents both opportunity and risk. Exploring the opportunity and risk ahead of a merger or acquisition is known as the HR due diligence process. Our co-hosts sit down with Liz Mack, who is the Managing Director, Workforce in Transactions Leader for Global Employer Services at BDO, USA to discuss the process for and benefits of reviewing how a target supports its workforce before the deal is signed.
Key Takeaways:
[03:04] Introduction of Liz Mack
[05:51] How is HR due diligence defined?
[10:21] Review of other terms that fall under the umbrella of “transactions,” including merger of equals, bolt on, tuck in, divestiture, and spin off
[14:29] Real-world examples of successes and failures seen with transactions
[23:59] Benefit of HR communications before and after the close of the transaction
For more information on this topic, read Liz Mack’s article on the 8 Reasons to Do HR Due Diligence here or email us at [email protected].
Resources:
BDO.com
Beth on LinkedIn
Liz Mack on LinkedIn
Insight: Why HR Due Diligence is an Important Step in a Transaction
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Are you thinking about offering cryptocurrency in your retirement plan? Continuing our two-part series, our co-hosts are joined by Dave Gray, who is on the Workplace Investing Executive Management Team and serves as the Head of Workplace Retirement Platforms, Workplace Investing for Fidelity, along with Sterling Ingui, who is a Product Area Leader for Next Gen Retirement in Workplace Investing and NC Regional Leader at Fidelity Investments. Get answers to the key questions plan sponsors might have when considering cryptocurrency as 401(k) investment options.
Key Takeaways:
[06:55] What factors influenced Fidelity’s decision to include cryptocurrency in
retirement plans?
[08:42] What should plan fiduciaries consider when deciding whether to add cryptocurrency in their retirement plans?
[11:05] How are cryptocurrency investment options structured?
[14:25] How can these investments be valued?
[16:08] Are there any limitations? If so, what are they?
[17:27] What cybersecurity protocols are available to prevent data breaches and safeguard investments?
[23:16] Are you seeing any trends since making the cryptocurrency option available?
Listen to our prior episode Cryptocurrency – Understanding the Basics for part 1 of these two-part series on cryptocurrency, where Sterling Ingui reviews the basics of cryptocurrencies.
Resources:
BDO.com
Beth on LinkedIn
www.fidelity.com/crypto/overview
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Are you thinking about offering cryptocurrency in your retirement plan? Learn the basics. Our co-hosts sit down with Sterling Ingui, who is a Product Area Leader for Next Gen Retirement in Workplace Investing and NC Regional Leader at Fidelity Investments. They discuss the fundamentals of cryptocurrencies, including the definition and different types available, as well as the interesting history behind this digital currency.
Key Takeaways
[05.06] What is cryptocurrency?
[06:50] What does it mean to invest in cryptocurrency?
[09:02] What are the different types of cryptocurrencies?
[11:31] What is the history of cryptocurrency?
Listen to our next episode for part 2 of these two-part series on cryptocurrency, where Sterling Ingui will return with Dave Gray, who is on the Workplace Investing Executive Management Team and serves as the Head of Workplace Retirement Platforms, Workplace Investing for Fidelity.
Resources:
BDO.com
Beth on LinkedIn
www.fidelity.com/crypto/overview
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Host Beth Garner talks to Norma Sharara, Managing Director, National Tax Office — Compensation & Benefits at BDO regarding the SECURE 2.0 Act of the House, the RISE & Shine Act of the Senate HELP Committee, and the as-yet-unnamed bill from the Senate Finance Committee, all aiming to supply greater access to workplace retirement. Beth and Norma discuss some of the provisions of each bill and how they differ, including a SECURE 2.0 provision for student loan debt.
Listen in to get information on bipartisan supported expected improvements to workplace retirement plans.
Key Takeaways:
[1:07] On March 29, the U.S. House of Representatives passed Secure 2.0 with a vote of 414-5.
[2:48] The Senate Committee on Health, Education, Labor, and Pensions (HELP) passed the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg Act (RISE & SHINE Act).
[4:34] The Senate Finance Committee is considering over 1,000 changes to the House Secure 2.0.
[7:44] The original SECURE Act became law in December 2019, before COVID-19. It was the biggest change to retirement plan law since the Pension Protection Act of 2006. SECURE 2.0 seeks to add enhancements to the 2019 act.
[8:36] One change is increasing access to workplace retirement plans. Norma explains the differences in the House and Senate bills on mandatory enrollment. Another hot topic is emergency savings. SECURE 2.0 does not have a provision for emergency savings but RISE & SHINE allows a sidecar 401(k) account to build up for emergency use.
[10:10] Norma discusses changing the Required Minimum Distributions from starting at age 72 to rising to start at age 75. There are other provisions like allowing additional catch-up contributions, for those close to retirement age and making all contributions after-tax Roth.
[10:52] Other possible provisions are allowing employees to have their matching contribution be Roth, to pay tax on the matching contribution up front, and not at the withdrawal, electronic plan administration through email, Savers’ Credit being refundable to encourage people to save, and some additional tax credits for small businesses to offset startup costs.
[12:44] SECURE 2.0 (but not RISE & SHINE) allows you to treat student loan payments as elective deferrals for purpose of matching contributions. Students are graduating with too much debt and too few job opportunities.
[14:39] Another SECURE 2.0 provision, not in RISE & SHINE, is a government-run “Lost & Found” for retirement plan assets of people leaving jobs behind.
Resources:
BDO.com
BDO’s ERISA Center of Excellence
BDO.com/talksERISA
Email: [email protected]
House Bill Secure 2.0, “Securing a Strong Retirement Act of 2022”
Senate RISE & SHINE Act
November 2022 Election
SECURE Act of 2019
Pension Protection Act of 2006
Quotes:
“[There are] all sorts of things [in these bills] to encourage people to save more and to really help people have an idea about their retirement.” — Norma Sharara
“It’s very nice to see that there is broad bipartisan support for these rules and it’s exciting to see what comes out of it.” — Beth Garner
“The best parts of RISE & SHINE and SECURE 2.0 and whatever the Senate Finance is going to call their bill, hopefully, that will move and we’ll see even greater access to workplace retirement savings.” — Norma Sharara
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Today our co-hosts discuss two hot topics from the 2022 AICPA Employee Benefits Plans Conference in Nashville, TN. These include Environmental, Social and Governance (ESG) investing, as well as cybersecurity.
Key Takeaways:
[0:55] Beth and Joanne attended this year’s conference and had the opportunity to hear directly from regulatory agencies.
[1:59] A broad range of topics were discussed at the conference, which were mainly geared towards CPAs who audit plans.
[2:19] Two key takeaways from the conference though, which are especially relevant for plan sponsors, included ESG investing and cybersecurity.
[3:14] The meaning of ESG investing, along with the implication of the Department of Labor’s (DOL’s) 2021 ruling on it, is examined.
[11:37] What can you do to ensure your ESG investment goals are met?
[14:07] The scope of the DOL issued guidance on cybersecurity is explored.
[15:31] Alarming stats on cybersecurity are reviewed, which underscores the importance of being diligent.
[17:18] What are the five things plans sponsors can do to increase plan security?
Resources:
BDO.com
BDO’s ERISA Center of Excellence
BDO.com/talksERISA
Related Links:
DOL Alert: Proposed Regulation on ESG Investing and Shareholder Rights (link TBA)Spotlight on Human Resources and CybersecurityBuilding Business SustainabilityEmail: [email protected]
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In this episode, our co-hosts talk with Michele Burkholder, CFP®, a financial adviser with the Burkholder Team, and Morgan Stewart, a finance professional working with Michele, in a conversation about women and their financial planning. Michele and Morgan have a mission to educate and guide individuals, families, and business owners regarding financial decisions. They want to give sound, personal financial advice for every life stage.
Key Takeaways:
[1:51] 2020 GAO report on retirement security stating that older women reported facing a financially uncertain future.
[3:10] Michele and Morgan share their background.
[4:30] First concern women have regarding their financial planning is making sure they are saving enough and not outliving their income.
[6:00] The ideal time to start working with a financial advisor is when they begin their career.
[7:12] Michele’s explains why she recommends the following: 1. Have credit in your name; 2. Have a separate retirement account; 3. If you’re being supported, make sure you have sufficient life insurance on them; and 4. Make sure you can fund your long-term care.
[9:14] Morgan explains why she recommends whole life insurance.
[12:05] Prioritizing retirement savings over college for children.
[14:18] Some women are more in tune with understanding their financial needs, while others might not have saved as much as their male counterparts.
[14:18] Reasons a lot of women may not have save enough for their retirement.
[16:25] COVID has also disproportionally impacted women.
[17:15] Beth and Michele wraps up by summarizing key takeaways from the episode.
Reference Code: 4618220RLB_Apr24
Resources:
BDO.com
BDO’s ERISA Center of Excellence
BDO.com/talksERISA
Email: [email protected]
Related Links:
STRENGTHENING WOMEN’S FINANCIAL WELLNESS IN THE WAKE OF THE PANDEMIC
FINANCIAL WELL-BEING FOR WOMEN: EMPOWERING EMPLOYEES BY HELPING THEM PREPARE FOR RETIREMENT
U.S. GAO, “Retirement Security: Older Women Report Facing a Financially Uncertain Future”
Quotes:
“Women being prepared for their retirement is a major passion for all of us on the podcast.” — Beth Garner
“[My Dad] had a fatal heart attack at 40. I saw what that did to our family. … I wanted to get into financial services because I wanted to make sure that I could take care of myself but also, the women around me could take care of themselves.” — Michele Burkholder
“As soon as … [people] start a career, they should be working with an advisor … not only to understand their benefits at their job but also to help if they have college debt, how to prioritize that and also how to start saving for their future.” — Michele Burkholder
“It’s a really difficult choice but 100% of the time I would say that retirement should take priority [over your children’s college education]. … Your children can get a college loan. … Once you get to retirement, you can’t take a loan out for retirement.” — Michele Burkholder
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Beth Garner talks with David Friedman, founder and CEO of High Performing Culture, LLC and author of Fundamentally Different and Culture by Design: How to Build a High-Performing Culture, Even in the New Remote Work Environment. In today’s episode, David shares why culture is the biggest opportunity for companies to have a competitive and sustainable edge against their competitors and explains how leaders can create and implement their culture plan.
Key Takeaways:
[:50] A little bit about David and his journey towards launching the CultureWise platform in 2020.
[3:45] David shares his experience writing two books.
[4:55] What makes culture a competitive edge?
[6:40] The biggest opportunity we have for differentiation is our people.
[9:15] Most CEOs nowadays agree that culture is very important but not all of them know what to do about it.
[10:50] David explains how culture can be made into a core business process.
[13:30] David shares why most CEOs don’t have a documented culture plan.
[14:40] What does a culture plan look like in the new hybrid/remote working environment?
[17:50] David defines rituals and their importance in sustaining your culture.
[20:05] David shares the steps for building and defining a culture.
[21:25] David discusses the difference between core values and fundamentals.
[27:40] How can companies introduce culture to new employees?
Resources:
Abandoned 401(K) Accounts and The Great Resignation
ERISA Center of Excellence
Email: [email protected]
Culturewise.com
David on LinkedIn
Beth on Linkedin
Quotes:
“Whatever you told me that makes you special and if I were to invite your competitors in the room and ask them the same questions, they’d probably give me the same answer.”
“Culture is the single biggest thing that affects how people show up and do what they do every day.”
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Ronii Rizzo is a Managing Director with BDO and the Global Payroll and Employment Tax Services National Leader. Ronii assists her clients with expatriate tax and payroll matters. In this week’s episode, she discusses how international, federal and state governments are aware of the current workforce trends and how they are prepared to audit and enforce tax law. Ronii offers insight into how to keep you, your employees, and your company compliant with the latest regulations.
Key Takeaways:
[2:35] A little bit about Ronii and her background in accounting.
[6:20] The way people are working has shifted, which means new obligations are being created for employers.
[7:10] If an employee moves to a new location, it’s on the employer to be aware and file the correct reporting requirements.
[7:30] States are increasingly more attentive to when companies are not in compliance.
[8:20] New York is seemingly the most stringent.
[9:55] You must look at each state/location to determine what the threshold is.
[11:50] You must have a system in place for tracking the working location of employees.
[12:10] Companies should evaluate their workforce policy. Pre-pandemic policy may no longer be relevant.
[13:34] Requirements are intensified at the global level.
[15:35] Companies must be aware of a ‘tax nexus’. Ronii explains what this means.
[19:10] The way we work is changing and it’s here to stay.
Resources:
What's Next for Employee Mobility?
Working from anywhere: Issues for the Employer - Employment Tax
BDO's ERISA Center of Excellence
Email: [email protected]
Ronii on LinkedIn
Quotes:
“58% of employees desire the option to be full-time remote employees while 39% are looking for a hybrid-work option.”
“It’s the employer’s obligation to know the employee has relocated and do the proper payroll reporting and withholding.”
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Episode 16 Key Takeaways
[:55] A recap about the intention of this podcast and the last episode about ESOPs.
[4:45] An update about the National Defense Authorization Act.
[6:40] Laura explains how ESOPs work in comparison to a 401(k).
[10:20] Timing of the contribution is important. What communications throughout the year should you expect from your employer to be aware of the proper timing?
[13:20] Valuations are most of the time the drivers of the timelines but sometimes, there are factors with the company that can also come into play.
[14:05] Laura lays out how the timing works with compliance testing, valuation, etc.
[15:30] Within ESOPs, are there any year-end testing they are excluded from?
[17:45] Sometimes, companies make the contribution after the year’s end, which can cause discrepancies. Laura shares how often that is seen in their audits.
[19:00] Are there any obstacles that Laura anticipates for this year with regard to the form 5500 from 2020 being pushed back?
[21:00] Joanne wraps up by summarizing the key takeaways from today’s episode and asks Laura to share her best practices.
Resources:
BDO.com
Beth on LinkedIn
Laura on LinkedIn
Related Insights:
ESOPs: What Does It All Mean?
100% ESOP-Owned Defense Department Government Contractors Eligible for Sole Source Awards on Follow-On Contracts
Quotes:
“The timing of things, especially on distributions, can be a big difference and hard for participants and ESOP companies when they first get started.”
“We usually have a timeline set up so everyone is on the same page with when to expect each piece to take place.”
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Episode 15 Key Takeaways
[2:00] A little bit about Howie.
[5:45] It’s predicted that healthcare costs will increase in 2022. How can employers still expand health benefits, service, and coverage?
[7:05] What is a dependent eligibility audit or dependent verification process? Howie expands on this.
[9:10] How is this different from confirming your dependents upon open enrollment?
[10:25] Howie shares a story about a time he was carded at IHOP as an example.
[12:20] Is there a separate process for working spouses? Howie shares what can be the provisions.
[17:00] What are the cost savings related to these audits?
[20:35] Howie talks a little about employee self-funding.
[24:35] Howie also shares his biggest audit finding that reaped the largest savings.
[27:55] What documentation would be needed through an audit?
Resources
BDO.com
Beth on LinkedIn
Howie on LinkedIn
Hrbestpractices.com
Related Insights:
ERISA Requirements Calendar
Quotes:
“If there’s teeth in the process, whether it be open enrollment or during a dependent audit, that will help confirm the eligibility of the dependents.”
“Everybody loves the idea of cost savings. But does a plan really need to be as invasive as collecting supporting documentation from each subscriber or is there a better way?”
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Episode 14 Key Takeaways
[2:00] What is the Great Resignation, exactly?
[4:00] What is the difference between working from home vs. working remotely?
[6:20] What do companies need to be aware of when having a mobile workforce?
[11:15] Companies don’t know what to do right now when it comes to fair compensation.
[16:15] Ask your employees what they want. It really does go a long way.
[18:05] Jason offers suggestions on how you can think about benefits beyond the “traditional” services already provided like dental and healthcare.
[21:40] Employees are really trying to find ways to minimize uncertainty. The more an employer can minimize that uncertainty through communication, reworking plans, and more, can help smooth the process.
Resources
BDO.com
Jason on LinkedIn
Related Insights
Retaining Talent During the Great Resignation;
Developing a Geographic Pay Philosophy;
What’s Next for Employee Mobility?
Quotes
“Of all the decisions employers can make, compensation is the one that employees generally feel the strongest about. Emotionally, physically, and it impacts how they think about things.”
“Sometimes people were afraid to ask, but you’re not going to know what the answer is unless you ask. Employees now are finding their voice.”
“Employers are realizing that the one-size-fits-all approach to their healthcare/benefits package may no longer be appropriate. Employee populations are diverse.”
- Visa fler
