D. Hilton’s Retention and Retirement Practice recently completed the findings of D. Hilton’s 2024 SERP & Split Dollar Survey, and we are pleased to inform you that the recorded webcast is now available for on-demand viewing. The webinar provides valuable insights into addressing the talent shortage and the role of SERP & Split Dollar plans in attracting and retaining top executives within Credit Unions. Here are the details to access the recorded session: D. Hilton’s 2024 SERP & Split Dollar Survey Results https://lnkd.in/d4hcBBn Simply click on the provided link, and you will be directed to the recording. Feel free to share this link with any colleagues or team members who may also benefit from the information presented. The webinar covered essential topics such as: • What is a SERP/Split Dollar Plan? • Prevalence of SERP/Split Dollar Plans in the CU industry across CEOs and other C-Suite positions. • Prominent best practice designs in the industry. • Benchmarking the competitiveness of a SERP/Split Dollar Plan in 2024. We believe the content provides valuable insights for your organization's talent management strategies. Should you have any questions or require further clarification on the discussed topics, please do not hesitate to reach out. Also, if you would like to set up a video conference with your credit union to discuss SERP plans in further detail, we would welcome the opportunity. Our plan is to produce a series of additional webinars that will dive deeper into specific areas of SERP programs. Some of the topics we will be covering in the coming months include SERP design features unique to non-CEO, C-suite executives, building SERP plans for executive succession, the impacts of projected assumptions on SERP design, and various components of a compliant and competitive SERP agreement. Thank you for your interest, and we hope you find the recorded webcast informative.
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Senior Vice President at D. Hilton Associates, Inc. Email is the best way to contact me: [email protected]
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D. Hilton’s Retention and Retirement Practice recently completed the findings of D. Hilton’s 2024 SERP & Split Dollar Survey, and we are pleased to inform you that the recorded webcast is now available for on-demand viewing. The webinar provides valuable insights into addressing the talent shortage and the role of SERP & Split Dollar plans in attracting and retaining top executives within Credit Unions. Here are the details to access the recorded session: D. Hilton’s 2024 SERP & Split Dollar Survey Results https://lnkd.in/d4hcBBn Simply click on the provided link, and you will be directed to the recording. Feel free to share this link with any colleagues or team members who may also benefit from the information presented. The webinar covered essential topics such as: • What is a SERP/Split Dollar Plan? • Prevalence of SERP/Split Dollar Plans in the CU industry across CEOs and other C-Suite positions. • Prominent best practice designs in the industry. • Benchmarking the competitiveness of a SERP/Split Dollar Plan in 2024. We believe the content provides valuable insights for your organization's talent management strategies. Should you have any questions or require further clarification on the discussed topics, please do not hesitate to reach out. Also, if you would like to set up a video conference with your credit union to discuss SERP plans in further detail, we would welcome the opportunity. Our plan is to produce a series of additional webinars that will dive deeper into specific areas of SERP programs. Some of the topics we will be covering in the coming months include SERP design features unique to non-CEO, C-suite executives, building SERP plans for executive succession, the impacts of projected assumptions on SERP design, and various components of a compliant and competitive SERP agreement. Thank you for your interest, and we hope you find the recorded webcast informative.
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In our rapidly changing economy, marked by stock market volatility and elevated inflation, the allure of a stable retirement plan is stronger than ever. A recent New York Times article sheds light on this evolving trend, highlighting a renewed interest in pension plans. 📈 The Shift in Retirement Preferences: The United Automobile Workers union recently spotlighted pensions in their negotiations, a move not commonly seen in the past decade. This highlights a broader shift in the labor force's priorities towards more secure retirement benefits. 🔍 Expert Analysis: Craig Copeland from the Employee Benefit Research Institute notes the rarity of such demands, suggesting a significant shift in retirement benefits expectations. 📊 Retirement Plan Landscape: Currently, only 10% of private sector workers in the U.S. are enrolled in defined-benefit pension plans, while about half contribute to 401(k)-type plans. Experts like Josh Cohen of PGIM DC Solutions point out the challenges 401(k) plans face in today’s economy, such as market volatility and inflation. 👥 Job Market and Employee Preferences: The competitive job market has led to an increased focus on employers offering comprehensive benefits. Indeed reports a 12% increase in pension-related job searches over the past three years. Similarly, a 2020 report from the National Institute on Retirement Security found that pensions are a key factor for millennials choosing to stay in their jobs. 💼 The Advantage for Employers: Employers offering pensions are seeing benefits too. Glassdoor found that companies with pension plans have higher employee satisfaction ratings, leading to better recruitment and retention. 📝 A Personal Touch: Jessica Steinbach's choice to take a job with a pension plan straight out of college exemplifies the growing appeal of such benefits among younger workers. 🔄 Emerging Trends: IBM's recent pivot to a defined-benefit instrument from traditional 401(k) matching contributions could signal a broader trend in retirement planning. 🚀 The Future of HR: These developments suggest a potential shift towards hybrid retirement packages, combining the stability of defined-benefit plans with the flexibility of defined-contribution plans. As HR professionals, it’s crucial to stay ahead of these trends. How might these changes in retirement preferences impact your HR strategies and employee benefits planning? Let’s discuss below. Your insights are invaluable! #HRtrends #EmployeeBenefits #RetirementPlanning #Pensions #WorkforceDevelopment https://lnkd.in/gRiRwUNM
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🔐 Securing Retirement: Employers, it's time to take note! 🔐 I came across this insightful article on PlanAdviser highlighting the importance of employers seeking advice on the optional provisions of Secure 2.0. The proposed enhancements aim to fortify retirement plans, ensuring a more secure future for employees. Key Takeaways: 1️⃣ Empowering Employees: Secure 2.0 provisions offer opportunities to empower your workforce, fostering financial wellness and retirement readiness. 2️⃣ Navigating Complexity: As the retirement landscape evolves, employers need tailored advice to navigate the complexities of Secure 2.0 and implement the provisions effectively. 3️⃣ Strategic Planning: Proactive employers can turn these changes into strategic advantages by staying informed and making informed decisions for the benefit of both the company and its employees. It's evident that the retirement planning landscape is shifting, and staying ahead is key. Let's open the conversation: How are you addressing these changes in your organization? Share your insights below! #RetirementPlanning #Secure2.0 #FinancialWellness #EmployeeBenefits #StrategicHR #401k #erisa #hrbenefits #cpa https://lnkd.in/eWjM8Fe9
Employers Need Advice on Most Optional SECURE 2.0 Provisions | PLANADVISER
planadviser.com
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Retirement Plan Consultant - Giving small businesses & non-profits back their time through expert retirement plan advice & strategic partnership | Chairman of the ECU Young Alumni Council | 2023 ECU 40 Under Forty ☠️💜💛
🚨90% of polled jobseekers say that a retirement plan is a MUST HAVE benefit, 75% said they would actually turn down an offer if there was no 401k, and, 71% of employed Americans said they are more likely to stay with an employer that is offering a sponsored retirement plan🚨 That said, how do you differentiate when all your competitors also offer a 401k? How can you tune up your plan to be a true value add, above and beyond that of your competitors? To take it a step further, let's say you supercharge your retirement plan, but still feel you need to do more... when is it the right time 🕰 to start considering additional benefits beyond the retirement plan, such as a Deferred Comp Plan, HSA, or Student Debt Program? According to experts at Charles Schwab & Voya, the labor market is going to continue to tighten 📉 through 2026... so how can you turn this to your advantage, rather than become a victim of inevitable economic swings? It starts by having a plan! 💡Let's explore how a poor market will expose your business and start shoring up your defenses by securing your talent and making your organization one that people fight to be a part of 💪 Let me know in the comments ⬇ if you're seeing worrying trends in the economy and what steps you're taking to prepare! #leadership #community #entrepreneurship #smallbusiness #benefits #401k #money
Nearly 90% of Jobseekers Consider 401(k) a ‘Must-Have’ Benefit
plansponsor.com
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As if the ongoing workplace battle for talent acquisition and retention weren't reason enough, the upcoming SECURE Act 2.0's limitations on pre-tax catch-up contributions make your employer's non-qualified retirement plan mission critical. Per WTW, "[e]mployer interest in nonqualified retirement plans is at an all-time high." 📈 Here at Cerity Partners we have consulted with clients implementing new nonqualified plans, and redesigning existing plans, more in the last year than any time in recent memory. If this is a new idea to you, or if its been years since your NQ plan has been evaluated, it may be time for a fresh look.🧐 #hr #retirementsavings #executivebenefits Leslie Ballantine, QKA®, AIF®, NQPA™ Angie Duncan, CPA Katie Pfeifer, CFP®
Employers Look to Nonqualified Plans to Compete for Talent
plansponsor.com
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Survey finds 74% of workers say it’s important for employers to offer retirement savings options Roughly three-quarters (75 per cent) of Canadian employees say it’s important for their employer to offer a retirement savings option, according to the latest mental-health index by Telus Health. The survey, which polled 3,000 respondents, found 70 per cent reported not knowing or being unsure of how much savings they’ll need to maintain their desired standard of living in retirement. Forty-four per cent said they’re concerned about being able to purchase or rent a home and 30 per cent said they want benefits packages with financial planning solutions. For the second consecutive month, the mental-health score of workers in Canada declined in September 2023 to 64.4. Read: Survey finds a third of Canadian workers finding cost a barrier to accessing mental-health support The lowest mental-health (54.9) and financial well-being (50.3) scores were among employees who didn’t know how much retirement savings they’ll need to maintain their desired standard of living. Workers who knew how much they need to save for retirement had the most positive mental-health and financial well-being scores (72.4 and 74.7 respectively). Nearly a fifth (18 per cent) of respondents said unlimited mental-health coverage is most important in a benefits plan. Employees under age 40 were 2.5-times more likely than workers over age 50 to cite benefits that provide coverage for parents as the most important of the plan. “The current economic landscape has workers concerned about their financial futures and looking for advice on how to navigate a path forward,” said Juggy Sihota, chief growth officer at Telus Health. “Employers that grasp the undeniable connection between mental and financial well-being have a unique opportunity to offer all-encompassing and impactful support. By providing access to comprehensive benefits plans, tools and resources, employers empower their employees to forge a financially secure tomorrow for themselves and their loved ones.
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Employers that offer a retirement plan ranked retention (64 per cent) and recruitment (59 per cent) as the top reasons for doing so. And employers were increasingly more likely to enhance their retirement plans (34 per cent, up from 29 per cent in 2022) than increase pay (66 per cent, down from 71 per cent) to attract talent in a competitive labor market. Among employers that added or improved retirement benefits in the last year, more than half (58 per cent) said employee productivity has increased, compared to just 34 per cent of employers that don’t offer a retirement plan. Roughly a quarter (23 per cent) of employers said they plan to introduce or enhance retirement offerings within the next two years, up from 17 per cent last year. Among employers that don’t offer a retirement plan, more than half (56 per cent) cited cost as the No. 1 reason, followed by limited resources (39 per cent) and a preference for offering higher salaries or other bonuses (30 per cent). The survey also found employers that don’t offer retirement benefits may not be fully aware of their employees’ views on pensions. While 77 per cent of employers believe employees would choose a higher salary over a pension, a previous survey by the HOOPP found 61 per cent of workers would prefer a pension over a pay hike.
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According to a December 2023 survey from Schroders, nearly half of non-retired Gen Xers have not done any #retirementplanning. As an employer, you have a critical role in bridging the #retirementsavings gap for these workers. Here are a few measures you can incorporate into your #benefits structure and company culture. #retirement #plansponsor #GenX #benefitsstrategy #benefitsplanning #HR #HRconsulting #HRinsights #HRbenefits #HRexecutives #CFO #SG401k Craig Stanley, CPA CPFA Lieren Timeus, CFP®, CPFA Colin Ragsdale, CPA CPFA Sarah DeLacey
The Gen X Savings Crisis: How Employers Can Help
https://summitgroup401k.com
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Most businesses today need to offer a solid benefits package. Failing to do so could mean falling behind in the competition to hire and retain talent in today’s tight job market. When it comes to retirement benefits, however, smaller companies may struggle with the financial and administrative burdens of sponsoring their own plans. The good news is, thanks to the Setting Every Community Up for Retirement Enhancement Act of 2019, a relatively new solution is available: pooled employer plans (PEPs). Continue reading: https://lnkd.in/gaNm-Cz9 #FMD #RetirementBenefits #Benefits
Smaller companies: Explore pooled employer plans for retirement benefits — Fenner Melstrom & Dooling, PLC
fmdcpas.com
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