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Retirement

DOL: Company president pumped assets out of fund

10/03/2011
The Employee Benefits Secu­r­ity Administration (EBSA) is suing Keith Davis, owner of Elmhurst-based A.B.D. Tank & Pump Co., claiming he drained his employees’ retirement fund of $1.9 million.

Boost retirement plan participation with automatic enrollment, contribution increases

09/30/2011
Employees who were automatically enrolled in a defined contribution retirement plan—401(k)s and 403(b)s, for example—and who participate in automatic contribution increase programs have a 25% higher contribution rate than other employees, according to the Mercer consulting firm.

401(k) 101: How to start a plan from scratch

09/15/2011
When cash for pay raises is tight, it’s hard to use that as a carrot to attract and retain em­­ployees. But the uncertain economy has many workers increasingly focused on long-term financial security. That makes retirement benefits all the more attractive. If you don’t currently offer a retirement plan, it might be time to consider establishing a 401(k) plan.

401(k) participation: Show me the money!

07/13/2011
Curt Lansbery, CEO of North American Tool, couldn’t understand why his employees weren’t maxing out their 401(k) contributions, even though the company kicked in. Here’s how he prompted employees to take action.

8 tips for handling summer military-leave payroll issues

06/14/2011
Summer is usually when employees who belong to the National Guard and military Reserves give their two weeks of duty to Uncle Sam. Now is the time to prepare for their absence, by following these eight tips.

Baltimore salon styles benefits rare in industry

04/21/2011
At most hair salons, stylists are on their own when it comes to time off and health benefits. But the owners of Studio 921 Salon & Day Spa in Balti­more are different, offering one paid week of annual leave to employees who have worked a year, a 401(k) plan with a 3% match and group health insurance.

4 tools to keep golden-years dreams alive

04/18/2011
American workers are less confident than ever that they’ll be able to save enough to retire comfortably, according to a new study by EBRI. Benefits professionals, take note: The finding means you have lots of work ahead of you to help employees meet their retirement goals. But a growing arsenal of online tools can make it easier for employees to take control of their retirement planning.

EBSA moves to rescue ‘orphan’ retirement benefits

04/14/2011
The DOL’s Employee Benefits Security Admin­is­tra­tion (EBSA) has sued Parkland Hotel Investors—once one of the Twin Cities’ biggest commercial financiers—in an attempt to distribute the company’s 401(k) assets to 96 former employees who participated in its retirement plan.

Did Elmhurst firm raid pensions? EBSA, SEC want to know

04/14/2011
Elmhurst-based Results One Finan­cial and its co-founder Steve Salutric face charges of diverting more than $1 million from pension funds it managed.

Acquiring another company? Buyer beware on employee benefits

03/29/2011
If your company ever acquires another company that has multiemployer pension or health benefit plan obligations through a union, beware. You could wind up being responsible for any delinquent contributions or underfunded benefit liabilities of the seller.