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Employee Benefits

DOL Audit Fights Cyberterrorism

DOL Audit Fights Cyberterrorism

Of the many responsibilities Employee Retirement and Income Security Act (ERISA) plan sponsors, fiduciaries, and recordkeepers must uphold, one of the most challenging relates to cybersecurity to protect plan assets and plan participants’ information. The US Department of Labor (DOL) upped the ante associated with cybersecurity last year when it

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The Benefits of Offering a 457 Plan to Government Employees

The Benefits of Offering a 457 Plan to Government Employees

Still feeling the affects of the Great Resignation? With employers still feeling the effects of the Great Resignation, it’s a job seeker’s market and folks who are looking for work can afford to be picky about which employment offer to accept. Even employees who weren’t previously looking for another job

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Limited-Scope Audits Expand Auditor and Plan Sponsor Responsibilities

Limited-Scope Audits Expand Auditor and Plan Sponsor Responsibilities

Effective December 15, 2021, new standards apply to audits of financial statements for employee benefit plans subject to the Employee Retirement Income Security Act (ERISA). While this primarily expands what’s required of an auditor, plan sponsors have some new responsibilities as well. Employee retirement and health plans are legally required

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Understanding Your Role as a Trustee

Understanding Your Role as a Trustee

The trustee is responsible for the safekeeping of a plan’s investments and needless to say – it’s a critically important role. While operating in good faith is a baseline duty expected of all trustees, not all trustees understand what they can be liable for or the true extent of their

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Rolling a 401K into a Roth IRA

Rolling a 401K into a Roth IRA

While the goal is to retain loyal employees (rather than constantly hiring and training), the reality is most Americans don’t stay in one job their whole lives. According to the Bureau of Labor Statistics, it turns out that the average person has 12 jobs over a 32-year span! Fortunately, 401(k)

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Need to Know: DOL Cybersecurity Guidance

Need to Know: DOL Cybersecurity Guidance

Cyber-attacks are on the rise. As you’re aware, plan sponsors, administrators, and service providers maintain electronic information that can be extremely vulnerable to cyber-attacks, including personally identifiable information (PII), participant enrollment data, and of course, electronically protected health information (EPHI). Responsible plan fiduciaries must safeguard against cybersecurity risks, but not

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How Selecting the Right Audit Professionals Can Save You Millions

How Selecting the Right Audit Professionals Can Save You Millions

With the current administration aiming to significantly boost the Department of Labor’s (DOL’s) funding for 2022 and over the next 10 years, more DOL audits could be on the horizon for employers. The Employee Benefits Security Administration (EBSA), a DOL agency, is responsible for ensuring the security and integrity of

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To What Degree Can You Boost College Completion Rates?

To What Degree Can You Boost College Completion Rates?

Colleges are doing better than ever attracting new students, but the same can’t be said for getting students to finish degrees. In fact, about four out of every 10 students who start college never finish, leaving many with student loan debt but no college degree to show for it. Growing
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Directions, Please! The Road to Recovery for School Bus Driver Shortages

Directions, Please! The Road to Recovery for School Bus Driver Shortages

Numerous forces are coming together with creative solutions to make sure yellow buses taking children to school do not become a lasting victim of the COVID pandemic. Even before COVID, school districts across the nation were striving to curb a growing crisis resulting from a shortage of bus drivers working
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Calling All School Districts! Apply Now for Funds to Improve Student Mental Health Care

Calling All School Districts! Apply Now for Funds to Improve Student Mental Health Care

Declining mental health in children, teens, and adolescents. If your district is looking for funding to improve mental health care for students, now’s your chance – apply for grants of up to $500,000 annually from New York State (NYS). The state is allocating up to $10 million each year over
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Check, Please! College Student Covid Relief Update

Check, Please! College Student Covid Relief Update

In January, the U.S. Department of Education (ED) announced it was distributing $198 million in American Rescue Plan Act (ARPA) funds to support colleges, universities and students in 2022. Much of the funding (50% to 100%) must be used for Higher Education Emergency Relief (HEERF) grants for students. Community and
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The Pros and Cons of College Mergers & Acquisitions

The Pros and Cons of College Mergers & Acquisitions

With growing frequency, colleges and universities across the U.S. are turning to mergers and acquisitions to address fiscal challenges, low enrollment, a shrinking population, tough competition, stagnant state funding, a shift to online learning, and more. A 2020 survey of college and university presidents showed more than 16% explored a
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The Border Crisis in Our Backyard

The Border Crisis in Our Backyard

When we think about the crisis at the border, images from Texas come to mind. Actually, the crisis is a lot closer than that. Last year, media coverage about middle-of-the-night flights to New York airports drew attention to the fact that the crisis touches communities throughout the U.S., including the
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There’s One More Thing You Can Do to Help Students Before Graduation...

There’s One More Thing You Can Do to Help Students Before Graduation…

No doubt, your seniors have started the countdown to the end of their high school career and start of what’s next. If what’s next includes higher education, there is one more thing you can do to help your students – let them know about local scholarship opportunities now. Businesses big
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Is Tenure the Driver or Red Herring of Higher Education Costs?

Is Tenure the Driver or Red Herring of Higher Education Costs?

Turnover for college leadership is increasing. Enrollment is down and the U.S. population is barely growing. University and college costs are high, as is student debt. Still, when COVID hit, institutions of higher learning turned on a dime and figured out how to continue adding value and justify costs when
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