Top of Mind


Showing entries with the topic “Communication & Education”.

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25

Apr 2019

Why do Employees Cash Out their 401(k)/403(b) When They Leave?

I was talking to a retirement plan participant the other day who had terminated employment with his employer and had a small amount in his 403(b) plan - not so small that it would be automatically cashed out (if the plan had a cash-put provision), but not a giant amount, either. The employee’s first…

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28

Mar 2019

Recordkeeper Financial Wellness Portals: My Personal Experience

As you might imagine, I access the website of my own retirement plan from time-to-time - not so much to check on my personal account, but to see the latest and greatest participant offerings from the recordkeeper. Upon my latest visit, I noticed that there was a “financial wellness” tab. As Top of M…

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14

Mar 2019

The Retirement Plan Raiders are Back!

The anecdotal signs were there: increasing calls from “advisors” requesting instructions on how to roll over plan assets from a qualified retirement plan to an IRA (generally with the participant to whom the IRA was just sold in the room). Often, the participant to whom the advisor is providing “gui…

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28

Feb 2019

Why Borrowing from a Retirement Plan to Pay off Debt is a Bad Idea

It sounds like a no brainer: you’ve racked up high-interest credit card debt, so to pay it off, you plan to borrow from your 401(k)/403(b) plan at a low interest rate that you (in most cases) pay back to yourself. Thus replacing high-interest debt with loan interest debt - and saving tons of money i…

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14

Feb 2019

Simplifying Retirement Plans

According to the latest data, participants are utterly and hopelessly confused about their retirement plans. From lifecycle funds, to the different types of withdrawals/rollovers (a recent white paper cited that participants are more likely to interpret a rollover as a “trick one teaches a dog”), to…

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31

Jan 2019

Decumulation Confusion

Just as the accumulation of sufficient assets is vital to retirement, proper decumulation - or the spending of those assets during retirement - is equally critical. We talk a lot about the former, but not so much about the latter; however as more Baby Boomers age into retirement, this will likely be…

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20

Dec 2018

Employee Financial Concerns: How Retirement Plan Sponsors Can Help

Employees have a variety of reasons for why they cannot afford to save (or save more) into their employer’s retirement plan. From student loan and credit card debt, to healthcare costs, there are many obstacles for today’s employees. However, many of these employees can, in fact, afford to save! So…

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18

Oct 2018

Budgeting and Retirement Plan Engagement

In this week's Top of Mind, Mike Webb shares how some retirement plan recordkeepers are using budgeting portals to help plan participants save more for retirement.

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