Navigating Financial Wellness

Key TakeawaysSecure Act Changes for Long-Term Part-Time EmployeesImportance of Participant Communication Impact on Form 5500 and Audit Requirements Increased Mandatory Distribution ThresholdResourcesBDO ERISA Center of Excellence

Key Takeaways: Introduction [.44]What is Financial Wellness [4.33]What does a Financial Wellness program include for participants [6:02]How can companies promote these programs [9:06]What do investment plan advisors really look like [11:42]How to educate on utilizing all your plan offerings [14:26] How can plan sponsors promote finance wellness programs [15:40]Conclusion [18:50]Resources: BDO.com BDO.com/ERISA Beth Lee Garner on LinkedIn

Key Takeaways: Introducing TY Parrish [1:47] Introduction of the 401(k) Best Practices A Guidebook for Plan Sponsors book [6:09]Common questions from plan sponsors [7:14]Defining a good advisor [7:58]Plans that do not have advisor and committee [9:08]Finding an advisor [12:57]How reduce risk and retirement readiness make a good advisor [13:50]Biggest takeaway from the book [18:57]Conclusion [20:50]Resources: BDO.com BDO.com/ERISA Beth Lee Garner on LinkedIn TY Parrish on LinkedIn

Introduction [0.44]Unenrolled participant disclosure - does this include 403(b) plans & if 403(b) plans are no longer required to communicate annual university availability notice? [1:05]Are there any there any small employer or other exceptions for the auto enrollment requirement? [3:09]The catchup contribution increase in 2025 for individuals between the age of 60 and 63, and whether this is mandatory or optional. [4:07]What is the three-year limit repayment of qualified birth or adoption related to that distribution? [5:20]Which provision will have an impact on plan auditors and what recommendation do you have for auditors? [7:40]Will auto enrollment and auto escalation apply to long-term part-time employees? [9:36]Conclusion [11:30]

Key TakeawaysWelcome  [2:00] Introduction to 2023 Form 5500 Changes[3:57] Changing methodology for counting participants in defined contribution plan[6:43] What current plan sponsors need to consider for this filing change?[9:42] Timing of employer contribution [12:40] Automatic Employment for new plan[14:23] 80 – 120 Participant Rule and Short Plan Year Rules[18:20] Internal Revenue Code Compliance Questions[23:18] Conclusion 

In this episode, we are joined by Maria Thiel & Blake Head to discuss the world of Employee Stock Ownership Plans (ESOPs) & SECURE 2.0. The discussion focuses on the three provisions in SECURE 2.0 that relate to ESOPs:Deferral of tax for certain sales of employer stock to employee stock ownership plan sponsored by S Corporation starting in 2028.Certain securities treated as publicly traded in case of employee stock ownership plans.Worker Ownership, Readiness, and Knowledge (WORK Act).Key Takeaways: Welcome [2:51] Updates in the ESOP world [6:17] Three provisions in SECURE 2.0 that relate to ESOPs [7:00] Section 114[11:24] Section 123[14:25] Worker Ownership, Readiness, and Knowledge[20:22] Conclusion Resources:BDO.comBDO.com/ERISA Blake Head on LinkedInESOP Advisory: BDO Capital Advisors, LLCDisclaimer: Investment banking products and services within the United States are offered exclusively through BDO Capital Advisors, LLC, a separate legal entity and affiliated company of BDO USA, LLP, a Delaware limited liability partnership and national professional services firm. For more information, visit www.bdocap.com. Certain services may not be available to attest clients under the rules and regulations of public accounting. BDO Capital Advisors, LLC Member FINRA/SIPC.

In this episode, we are joined by Norma Sharara, BDO Managing Director, National Tax Office, Compensation & Benefits to discuss potential challenges with automatic enrollment and long-term part-time employees, including historical context and expansion to 403(b) plans.Key Takeaways: SECURE Act 2.0 Introductions and ProvisionsIntroducing Norma Sharara [1:28]Potential challenges with Automatic Enrollment [4:33]Long-Term Part-Time Employees – Historical Context [11:41]Long-Term Part-Time Employees – Expansion to 403(b) plans – inclusions and exceptions [13:40]SECURE 2.0 – distinction of transition period: 3 year vs 2 year [14:40]Tracking on a year-to-year basis for long-term part-time employees for >500 hours [15:31]Potential Pitfalls [18:12]Non-Discrimination Testing Relief and Implications [18:36]Conclusion [19:41]Resources: SECURE 2.0 Act of 2022 Introduces Key Changes for Workplace Retirement PlansERISA: Exploring and Understanding SECURE 2.0 webcastBDO.com BDO.com/ERISA Beth Lee Garner on LinkedIn Norma Sharara on LinkedIn

In this episode, our BDO co-hosts are joined by Antony Hacking, partner with C-Global Consulting to discuss courageous leadership, the importance of psychological safety and managing difficult conversations. The discussion focuses on actionable tactics and techniques to strengthen your professional relationships.Key Takeaways: Welcome [3:33] Introducing Antony Hacking, C-Global Consulting [6:44] Building Trust [14:43] Psychological Safety [22:58] Approaching Difficult Conversations [29:03] Conclusion Resources: BDO.com BDO.com/ERISA Beth Lee Garner on LinkedIn Antony G. Hacking, M.A., Ph.D. on LinkedIn

Continuing our two-part series, our co-hosts are joined by Steve Combs, Managing Director, Cloud Security & Infrastructure (CS&I), BDO Digital to continue their discussion of DOL’s cybersecurity guidance and how it helps combats the growing threat of cybercrime to ERISA-covered retirement plans. Get answers to the key questions plan sponsors might have regarding the scope of the guidance, along with the following three forms that come with it: Tips for Hiring a Service Provider, Cybersecurity Program Best Practices and Online Security Tips.Key Takeaways:[01:10] Recapping the three forms that come with DOL’s cybersecurity guidance [02:10] Beth introduces Steve Comes with the BDO Digital team [04:45] Evaluating Service Providers and their Service Agreements[07:37] Identifying and addressing common system weaknesses [13:04] Managing a data breach incident [20:12] Combatting cyberthreats Listen to our prior episode DOL’s Cybersecurity Guidance for Retirement Plans for part 1 of this two-part series on cybersecurity, where we discuss the scope and implications of DOL’s cybersecurity guidance with Greg Schu, Partner, Cybersecurity – National PCI Compliance Lead, BDO Digital.Resources:BDO.comBeth on LinkedInSteve Combs on LinkedInRelated Insight:DOL Issues Cybersecurity Guidance For Retirement Plans

On April 14, 2022, the Department of Labor (DOL) outlined a range of practices for combatting the growing threat of cybercrime to ERISA-covered retirement plans. Today we are siting down with Greg Schu, Partner, Cybersecurity – National PCI Compliance Lead, BDO Digital, to discuss the implications of guidelines and what steps plan sponsors can take to help safeguard plan assets and participants’ vital information.Key Takeaways:[01:32] Background on DOL’s recently released cybersecurity guidelines [04:44] Beth introduces Greg Schu with the BDO Digital team [07:23] Understanding the scope of the DOL guidance [08:33] Taking stock of controls through SOC 2 Reporting [13:11] Ensuring that the correct policies and procedures are in place[18:09] Conducting prudent risk assessments [22:42] Making sure you read and understand reporting from your Service ProviderListen to our next episode for part 2 of this two-part series on cybersecurity, where we will continue our discussion with Steve Combs, Managing Director, Cloud Security & Infrastructure (CS&I), BDO Digital.Resources:BDO.comBeth on LinkedInGreg Schu on LinkedIn Related Insight:DOL Issues Cybersecurity Guidance For Retirement Plans