Archives for August 2010 | Compass Corporate Retirement Solutions BLOG

11 Aug

Survey Finds Gen Y in Trouble Financially

Many of the more than 87 million Americans age 18-34, popularly known as “Gen Y” are in financial trouble, according to survey results just released by Western Union.

The latest Western Union Money Mindset Index, a national survey of 3,000 consumers, finds nearly 30% of Gen Yers report having difficulty in managing their spending, more than 20% wait longer to pay their bills, and 35% have borrowed money from friends or family members.
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11 Aug

401(k) Day 2010 is about ‘Taking You There’

The Profit Sharing/401k Council of America (PSCA) has unveiled its 2010 401(k) Day campaign with the theme of “401(k) Day… Taking You There.”

A news release said 401(k) Day is an annual comprehensive communication and education strategy campaign designed to help sponsors educate their plan participants about the many advantages of participating in an employer-sponsored defined contribution plan. Officially, PSCA said this year’s 401(k) day falls on September 10, but plan sponsors “are encouraged to celebrate any day of the year that works best for their employees.”
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11 Aug

‘Wrong’ Headed? 10 things you’re probably STILL doing wrong as a plan fiduciary

In this as, perhaps, many professional endeavors, it seems that the more you know, the more you know you don’t know. Moreover, the standards imposed on plan fiduciaries by the Employee Retirement Income Security Act (ERISA) are not only demanding, they may be the highest found in law—and with personal liability imposed, to boot.

About a year ago, I compiled a list of “10 things you’re (probably) doing wrong as a plan fiduciary.” By all accounts, it was well-read, much forwarded, and useful in terms of helping plan sponsors and retirement plan advisers highlight areas of possible improvement with your plan sponsor clients.
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