Sentinel Pension | June 2019
The SECURE ACT: Setting Every Community Up for Retirement Enhancement
The SECURE Act may bring significant changes to regulations over retirement savings plans. By making it easier for companies, especially small businesses, to offer retirement plans, participants will be able to ensure a steady income beyond their working years.
With an overwhelmingly strong approval from the House of Representatives last Thursday, many are hopeful that changes are on the horizon.
Protecting Against Participant Fraud
Sentinel is committed to proactively battling the many security challenges our industry is facing today. One current challenge of interest is participant fraud. Over the next few months, you may notice changes in our processes or forms, as we are taking additional measures internally to verify information on participant request forms. Please help us combat fraudulent activities by carefully checking every participant transaction form before approving and understand that our questions are intended to help protect participant accounts. Plan sponsors should also encourage participants to be vigilant in monitoring account activity and report any discrepancies immediately.
Keeping Your Disclosures On Track
As a plan sponsor, it’s your fiduciary responsibility to keep participants (existing and eligible), terminated employees with balances, and beneficiaries of deceased participants informed about your plan through disclosures outlined by the IRS and DOL. Make sure that your notices are on track by referring to this chart.
RPU returns for our summer session on Thursday, June 13 at The Annex at White Star Market to offer complimentary fiduciary training for plan sponsors, CFOs, CEOs, and HR professionals. Our two presentations will be followed by cocktails and hors d’oeuvres.
Congratulations to Kasey Melancon for his successful completion of all parts of the Qualified 401(k) Administrator (QKA) Exam. This pension exam distinguishes professionals in the field of retirement administration and demonstrates knowledge and experience in the pension area.
Taylar had a slightly adventurous trip studying abroad in Costa Rica!