Four Retirement Plan Trends in 2024

January 2024

As a leader in retirement plan consulting, Lebel & Harriman Retirement Advisors is committed to guiding our clients through the dynamic world of retirement benefits. Here are four pivotal trends for 2024 and how we can assist you in navigating them:

1. Adapting to New Retirement Legislation: SECURE Act 2.0 and Maine’s Retirement Plan Mandate

The retirement landscape is continually reshaped by new laws. This year, SECURE Act 2.0 and the Maine Retirement Plan Mandate introduce significant changes. Our role involves more than just monitoring these developments; we provide comprehensive updates and strategic advice to ensure your plans comply with these new regulations while leveraging their benefits.  

Major 2024 SECURE Act provisions to be aware of are Long-Term Part-Time employees, student loan 401(k) matching, and SIMPLE IRA to Safe Harbor 401(k) Plan conversions.  In addition, all Maine employers will be receiving notification in January that they need to register with the Maine Retirement Investment Trust (MERIT) even if they are exempt.

2. Enhancing Efficiency: Streamlining Administration and Benefits Integration with Payroll

Efficiency in plan administration is not just a goal but a necessity. Our team aids in the seamless integration of retirement plan administration with payroll systems. This not only simplifies the process but also enhances accuracy and reduces administrative burdens. Our Relationship Managers offer strategic guidance and support, including conflict resolution, plan document review, and plan design consulting, to ensure smooth operation and compliance of your retirement plans​​.

3. Maintaining Competitiveness: Benchmarking Plan Design

In a competitive job market, an attractive retirement plan can be a key differentiator.  Our Retirement Advisors provide benchmarking services to review and compare your plan against industry standards and peers. This involves assessing aspects like plan design, fees, and investment options to ensure that your offerings remain attractive and effective. By staying competitive, you can not only retain talent but also attract new employees, bolstering the overall success of your organization.

4. Expanding Employee Financial Benefits

Recognizing the diverse financial needs of today’s workforce, we advocate for expanding benefits beyond traditional retirement savings. This includes incorporating student loan assistance programs, emergency savings accounts, and non-qualified deferred compensation plans. These benefits cater to a broader range of financial goals and life stages, enhancing employee satisfaction and financial well-being. Our expertise in various plans, including 401(k), 403(b), ESOPs, and non-qualified deferred compensation plans, enables us to offer tailored solutions that align with your employees’ needs​​.

In conclusion, as your dedicated retirement plan advisors, Lebel & Harriman is here to help you navigate these trends with our expert knowledge and tailored solutions. Our commitment to fiduciary excellence, administrative support, and employee education ensures that your retirement plans are not just compliant, but also competitive and beneficial to your employees.

Contact us for a detailed consultation on how these trends can be effectively incorporated into your organization’s retirement plan strategy.

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