LoVasco Consulting Group

“Can I do this?”  It’s common throughout the year — but especially around the turn of a calendar year — for employees to approach the HR team or plan administrator with some sort of question along the lines of “Can I make this change, or do I qualify for this exception?”  Whether employees forget to enroll, make mistakes making elections, or seek exceptions to plan rules, HR professionals need to approach these situations methodically and consistently.  

Life insurance is a powerful tool with unique tax advantages that can help ensure your and your family’s financial security.1 Your policy is a sophisticated and complex financial instrument and, therefore, not a “stick it in a drawer and forget about it” type of investment. As your life and the world around you evolves, your life insurance policy may need to change with it. What met your and your family’s goals and objectives in the past may not meet those needs today.

Still recovering from a post-pandemic new reality: a shift in focus and strategy when it comes to employee communications.    While the crisis is behind us, what remains is a yet-unfamiliar dynamic for many employers and HR leaders, largely driven by remote and hybrid work models that have increasingly become the norm in recent years.     As a result, we continue to see movement and evolution when it comes to best practices related to employee communications.     The reality is that many of the traditional approaches were designed around a “traditional” work environment.     So, while the latest trends in this realm are not entirely new, we continue to see fairly significant evolutions of existing strategies — a shift in focus, strategy, modality, or all of the above.    CONTINUE READING to review our guidance on some of the key changes and trends shaping employee communications today. 

For clients with significant assets who want to protect their families and businesses, minimize estate taxes, and preserve the legacy they pass on to future generations, the most transfer tax-efficient way to own the substantial life insurance they need is by establishing an Irrevocable Life Insurance Trust (ILIT) as the policy owner.

Key person, cash value life insurance can be invaluable in indemnifying the financial loss a business faces if a key person dies or leaves the business. Its death benefit can restore a shortfall by providing funds to the business, partners,and/or remaining family members, as well as buy out the interest of the deceased employee’s estate. But that’s only part of the story.

Join our Retirement Plan Consulting team tomorrow morning!

It’s open enrollment season for employers and their employees. And you know what that means…    “Mistakes happen,” as they say.     Here are the most common pitfalls we see during open enrollment…and how to avoid or address them.  

Are you sponsoring or administering a retirement plan at your company? Fact: You are the fiduciary, and with that role comes great responsibility.    Anyone who has decision-making authority in any aspect of the company’s retirement plan is personally liable as plan fiduciary.     As a company owner or leader, CFO, or HR professional, managing a 401(k) plan comes with significant responsibilities, particularly as a fiduciary. Understanding and fulfilling these responsibilities is crucial to ensure compliance, safeguard employees’ retirement savings, and avoid potential legal and financial repercussions.     While this realization may keep some up at night, there are some fairly straightforward actions that both the individual and the company can take (and document!) to avoid legal ramifications, unnecessary costs, and even a costly worst-case scenario that has, unfortunately, become an all-too-frequent reality in recent years.    CONTINUE READING at the link below to learn how implementing a structured oversight process, adhering to plan documents, and seeking expert advice and guidance can mitigate your risks and ensure that you are acting in the best interests of your employees’ retirement savings. 

🚨📢 Announcement + Invitation: Join us live this Thursday for our first-ever public presentation of our popular “Q3 Market & Economic Overview and Legislative Update” presentation.    Presented by Jim Chapman, CPFA, AIF and Christopher Schuppe, CRPS® this informative session will cover:    Q3 - Q4 update on investor markets and other economic indicators  What you need to know (as a plan sponsor) regarding recent updates to ERISA legislation     ⏰ Thursday, October 31st at 09:30 AM via Zoom.    This is the first time LoVasco is opening one of our consistently most popular presentations, delivered privately to clients, and making it available to anyone who wishes to attend — client or not!    👉Be sure to register — even if you can’t join us live — so we can send you the recording to watch at your convenience!    Learn more and register at the link! https://lnkd.in/gup2piYY

Life insurance can be a strategic asset for your business, providing more than just financial protection. Whether it's supporting succession planning or enhancing employee benefits, life insurance offers versatile solutions to help businesses grow and succeed. From funding buy-sell agreements to boosting executive compensation through Section 162 plans, these strategies can help ensure stability while attracting and retaining top talent.