Talking About: Retirement Readiness
Our team at The Standard has been thinking about a hot topic – retirement readiness. Current economic and demographic trends make it essential to help employees take control of their retirement planning. We're taking an active role by enhancing online tools and access.Discover New Options
By Julie Grandstaff, VP & Managing Director, StanCorp Investment Advisers, Inc.
After a relatively complacent first quarter of 2012, market volatility returned in the second. Global growth appears to be slowing again, not only in Europe as expected but also in the U.S. and China.Q2's Bumpy Ride
Fee Disclosure: Time To Act On New Regulations
Are you up to speed on the new required fee disclosure deadlines?
The Standard has the details and support you may need. In prior newsletters and mailings, we've given you information and schedules. Now it is time to act.
Helping Participants Go Paperless
Participants can now select an electronic paperless option for receiving their retirement plan statements from The Standard. Going paperless is not only green, it also offers participants increased security, convenience, easy access to their account, and other advantages.Pluses Of Paperless
Compliance Testing Survey Shows Successful Communications
At The Standard, we are committed to making sure employers never have to face compliance testing alone – or cope with a test failure without support. A recent post-testing survey validated this consultative approach, with positive ratings overall.See How We Scored
Mainspring Connection, formerly Mainspring In Motion, provides news, market commentary, regulatory and legislative updates, product announcements and articles on retirement readiness, savings, participant behavior and improving plan effectiveness. Subscribe now.
Consult your plan's counsel or tax advisor regarding these and other items that may apply to your plan.
- Conduct a review of second-quarter payroll and plan deposit dates to ensure compliance with the Department of Labor's rules for timely deposit of participant contributions and loan repayments.
- Verify that employees who became eligible for the plan between April 1 and June 30 received and returned an enrollment form. Follow up on forms that were not returned.
- Ensure that the plan's Form 5500 is submitted by July 31, unless an extension of time to file applies (calendar year plans).
- On July 30, The Standard will provide you with instructions for accessing and distributing the participant fee disclosure required by the Department of Labor. Deliver the fee disclosure document to eligible participants and beneficiaries by Aug. 30, 2012 for calendar year plans.
- Begin preparing for the distribution of the plan's summary annual report to participants and beneficiaries by Sept. 30, unless a Form 5500 extension of time to file applies (calendar year plans).
- Submit employee census and payroll data to the plan's recordkeeper for mid-year compliance testing (calendar year plans).
- Confirm that participants who terminated employment between Jan. 1 and June 30 elected a distribution option for their plan account balance and returned their election form. Contact participants whose forms were not received.
- Send a reminder to employees encouraging them to review and update, if necessary, their beneficiary designations for all benefit plans.
- Distribute the plan's summary annual report by Sept. 30 to participants and beneficiaries, unless an extension of time to file Form 5500 applies (calendar year plans).