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Hey Joel! – Answers from a recovering former practicing ERISA attorney

Welcome to Hey Joel! This forum answers plan sponsor questions from all over the country by our in-house former practicing ERISA attorney. Hey Joel, Is it okay to use the same company for my plan’s record-keeping, 3(38) advisory services, and administration? ~ Consolidating in California Dear Consolidating, It may seem logical to bundle all of your retirement plan’s services with one provider – record-keeping, 3(38) advisory services, and administration. How easy would it be to have a one-stop shop…

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Anthem Settlement Awards Participants More than $23M

Recently the Bell vs. ATH Holding Company, LLC (a subsidiary of Anthem, Inc.) lawsuit settled. This is frequently referred to as the “Anthem Settlement” (the “Settlement”). The Settlement received quite a bit of attention from both the industry and mainstream press for a number of reasons, not the least of which include the size of the 401(k) plan ($5.1 billion), the size of the monetary settlement ($23,650,000), as well as inclusion of somewhat unusual non-monetary terms. The Anthem 401(k)…

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Four Reasons to Integrate Health Savings into your Retirement Plan

Kameron Jones, Senior Advisor As Americans look into the future and towards retirement, many understand that maintaining their health will be an important part of their overall quality of life after they stop working. However, uncertainty around healthcare costs – both now and in retirement – is a major financial worry among Americans preparing for retirement. So how can you help your workers reduce financial anxiety about retirement preparedness and increase the likelihood that they will be able to…

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How can you avoid falling for the Social Security imposter scam?

The scam generally starts like this. You answer a call or retrieve a voicemail message that tells you to “press 1” to speak to a government “support representative” for help in reactivating your Social Security number. The number on your caller ID looks real, so you respond. The “agent” you reach tells you that your Social Security number has been suspended due to suspicious activity or because it has been involved in a crime. You’re worried. You know how…

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What are the warning signs of financial scams targeting older individuals?

If you or someone you know has been targeted by a scam artist who is trying to steal money or personal information, you’re not alone. According to the enate Special Committee on Aging, older Americans lose an estimated $2.9 billion annually to fraud and exploitation, a number that is probably substantially underreported.1 Most scams start with a call, an email, a text, or an official-looking letter that appears to be from a government agency or a legitimate company. Sometimes…

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What’s New in the College World?

If you’re the parent or grandparent of a current or prospective college student, you might be interested to learn what’s new in the world of higher education. Higher college costs For the 2018-2019 school year, average costs for tuition, fees, room, and board were: $21,370 at public colleges (in-state) $37,430 at public colleges (out-of-state) $48,510 at private colleges The following table shows the average annual percent increase for tuition, fees, room, and board since 2015.1 Despite steady cuts to…

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Key Estate Planning Documents

Estate planning is the process of managing and preserving your assets while you are alive, and conserving and controlling their distribution after your death. There are four key estate planning documents almost everyone should have regardless of age, health, or wealth. They are: a durable power of attorney, advance medical directives, a will, and a letter of instruction. Durable power of attorney Incapacity can happen to anyone at any time, but your risk generally increases as you grow older….

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Market Strategies: Three Ways to Play Defense in Your Stock Portfolio

Defensive investment strategies share a common goal — to help a portfolio better weather an economic downturn and/or bouts of market volatility. But there are some key differences, including the specific criteria by which particular stocks are selected. If you are nearing retirement or just have a more conservative risk tolerance, one of these defensive strategies may help you manage risk while maintaining a robust equity portfolio. Tilt toward value Growth and value are opposite investment styles that tend…

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