Author Archives: Strategic Benefits Advisors Inc.

Strategic Benefits Advisors achieves WOSB certification, ranks among Atlanta’s top benefits firms for seventh year

ATLANTA, Ga., Sept. 24, 2025 (SEND2PRESS NEWSWIRE) — Strategic Benefits Advisors, Inc. (SBA) has once again been honored by the Atlanta Business Chronicle as one of Atlanta’s top employee benefits and compensation companies. The 2025 recognition marks the firm’s seventh consecutive year on the list and coincides with its new certification under the U.S. Small Business Administration’s Women-Owned Small Business (WOSB) Federal Contract Program.

Image caption: Strategic Benefits Advisors, Inc. (SBA).

SBA has been self-certified as a woman-owned business for more than two decades. The new certification formalizes that status, enabling the firm’s current and prospective clients to count their work with SBA toward federal supplier diversity goals. The federal government’s current goals include awarding at least 23% of prime contract dollars to small businesses and 5% to woman-owned small businesses annually.

Since its founding in 2002, SBA has steadily expanded its client base, service offerings and team while remaining rooted in its Atlanta headquarters. Today, the firm employs 35 benefits specialists in Atlanta and serves employers ranging from mid-sized organizations to Fortune 500 companies with services that include benefits plan consulting, outsourcing optimization, vendor searches and implementation support.

“Atlanta continues to be the right place for SBA to thrive, and we’re proud to mark our seventh year on this list,” said Mindy Zatto, founding principal and CEO of SBA. “Earning WOSB certification alongside this recognition reflects the strength and dedication of our team while reinforcing SBA’s status as a trusted small business partner to plan sponsors nationwide.”

To view the Chronicle’s complete list of Atlanta’s top employee benefits and compensation companies, visit https://www.bizjournals.com/atlanta/subscriber-only/2025/09/19/atlantas-largest-employee-benefits–compensation-cos.html.

ABOUT STRATEGIC BENEFITS ADVISORS:

Strategic Benefits Advisors, Inc. (SBA) is an independent, full-service employee benefits consulting firm focused on creatively and effectively solving complex benefits issues for clients ranging from 500 to more than 300,000 employees. Founded in 2002 by veteran consultants Mindy Zatto and Andy Adams, SBA provides practical consulting recommendations and expert implementation of solutions for all types of employee benefits programs, including retirement, health and welfare, financial wellness and employee recognition. With an average of more than 20 years in the field, SBA’s team of actuaries, consultants and systems specialists is among the most experienced in the industry. For more information, visit https://www.sba-inc.com/.

NEWS SOURCE: Strategic Benefits Advisors Inc.

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Strategic Benefits Advisors outlines what plan sponsors need to know about the One Big Beautiful Bill

ATLANTA, Ga., July 16, 2025 (SEND2PRESS NEWSWIRE) — Strategic Benefits Advisors, Inc. (SBA) today released a practical summary of the employee benefits provisions contained in the newly enacted One Big Beautiful Bill Act (OBBB), signed into law by President Trump on July 4, 2025. While the legislation spans a wide range of tax and policy changes, SBA’s summary highlights the bill’s most significant impacts on employer-sponsored retirement plans, health and welfare benefits and payroll operations.

Image caption: Strategic Benefits Advisors, Inc. (SBA) logo.

“Ever since the Affordable Care Act, employer-sponsored benefits have remained in flux, with each new piece of legislation adding another layer of complexity,” said SBA Director and Senior Benefits Consultant Andy Clonts. “The One Big Beautiful Bill is no different. It introduces helpful flexibilities around HSA eligibility and indexes to inflation certain limits that have been stagnant for many years. At the same time, it creates new operational and compliance challenges that plan sponsors will need to navigate.”

“Some provisions are optional, others automatic and several require careful coordination between HR, payroll and third-party vendors,” Clonts added. “Our goal is to help plan sponsors cut through the noise and quickly understand which provisions affect them so they can prioritize what to address now versus what may require longer-term planning.”

RETIREMENT PLAN IMPACTS:

New Trump accounts for employees and dependents: OBBB creates a new tax-advantaged savings vehicle, referred to as a Trump account. Beginning in 2026, employers may contribute up to $2,500 per year (indexed for inflation) on a tax-free basis to accounts owned by employees or their dependents. These accounts function similarly to IRAs and are intended to support long-term savings goals.

HEALTH AND WELFARE PLAN IMPACTS:

Dependent Care FSA limit increased: Beginning in 2026, the dependent care FSA contribution limit increases from $5,000 to $7,500 per household ($3,750 if married filing separately). The new cap is not indexed for inflation.
Expanded HSA eligibility:
- First-dollar telehealth coverage: OBBB makes permanent a pandemic-era exception that allows HDHPs to offer pre-deductible telehealth benefits without jeopardizing HSA eligibility.
- Direct Primary Care (DPC): DPC arrangements are no longer considered disqualifying coverage, and associated fees (up to $150 per month for individuals or $300 per month for families) are now reimbursable from HSAs.
- Bronze and catastrophic plans: All bronze and catastrophic plans purchased on the individual Exchange now count as HDHPs for HSA eligibility purposes.
Student loan repayment programs made permanent: OBBB makes permanent the ability for employers to provide up to $5,250 annually in tax-free educational assistance, including student loan repayments. Starting in 2026, this limit will be indexed for inflation.
PFML tax credit expanded: The Paid Family and Medical Leave (PFML) tax credit is now permanent, is available in all states, features reduced service requirements (six months instead of one year) and applies even when employers fund leave through insurance premiums.
Enhanced employer-provided child care credit: The maximum employer-provided child care credit increases to $500,000 (or $600,000 for qualifying small businesses), with a higher reimbursement percentage, new allowances for pooling resources and using third-party intermediaries and indexing for inflation beginning in 2026.
Elimination of bicycle commuting reimbursement: OBBB makes permanent the repeal of a fringe benefit that allowed employers to reimburse up to $20 per month in qualified bicycle commuting expenses on a tax-free basis. Most employers did not offer it, but those that did will no longer be able to provide this reimbursement on a tax-advantaged basis starting in 2026.

PAYROLL ADMINISTRATION IMPACTS:

Tips and overtime earnings excluded from income tax: For tax years 2025–2028, employees may deduct qualified tips and overtime premium pay from their federal taxable income when filing their annual tax return. While payroll withholding practices remain unchanged, payroll teams should ensure proper earnings breakout reporting and anticipate employee questions. Employees must continue reporting tips to their employers, and employers must treat tips and overtime as taxable income for withholding purposes and include them on employees’ W-2s.

This summary is intended to provide general information and should not be construed as legal or tax advice. For help assessing the impact of these changes on your plan and workforce, reach out to your Strategic Benefits Advisors consultant.

ABOUT STRATEGIC BENEFITS ADVISORS:

Tags: #OBBB #employeebenefits #retirement #healthcare

NEWS SOURCE: Strategic Benefits Advisors Inc.

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Strategic Benefits Advisors welcomes Andy Clonts as director and senior benefits consultant

ATLANTA, Ga., June 17, 2025 (SEND2PRESS NEWSWIRE) — Strategic Benefits Advisors, Inc. (SBA) today announced the appointment of Andy Clonts as director and senior benefits consultant. In this role, Clonts will be responsible for driving business growth while leveraging his extensive experience in employee benefits strategy, healthcare navigation and client engagement to deliver tailored solutions to SBA’s expanding roster of clients.

Image caption: Andy Clonts of Strategic Benefits Advisors.

Clonts brings more than 25 years of leadership in the human capital and employee benefits space, including senior roles at Alight Solutions, Bright Horizons and Aon Hewitt. His background spans strategic sales, benefits administration and the development of high-impact go-to-market strategies for Fortune 500 employers. Most recently, Clonts led growth and solution development efforts for Bright Horizons’ Education Advisory Services, helping employers close workforce skill gaps through education benefits.

Before that, Clonts served as senior vice president of strategic solutions sales at Alight Solutions, overseeing cross-functional teams focused on health navigation, compliance services, retiree benefits and more. His results-oriented leadership helped reshape Alight’s client engagement model and consistently exceed revenue targets.

“Andy is a dynamic leader with deep industry knowledge and a client-first mindset,” said SBA Founding Principal Mindy Zatto. “His strategic thinking and proven ability to deliver results will help propel SBA’s continued growth as we support clients through today’s complex benefits landscape.”

Clonts earned a bachelor’s degree in management from Valdosta State University. In his free time, Andy loves being active outdoors, boating, fishing, traveling, and most of all spending time with his family

About Strategic Benefits Advisors:

Strategic Benefits Advisors, Inc. (SBA) is an independent, full-service employee benefits consulting firm focused on creatively and effectively solving complex benefits issues for clients ranging from 500 to over 300,000 employees. Founded in 2002 by veteran consultants Mindy Zatto and Andy Adams, SBA provides practical consulting recommendations and expert implementation of solutions for all types of employee benefits programs, including retirement, health and welfare, financial wellness and employee recognition. With an average of over 20 years in the field, SBA’s team of actuaries, consultants and systems specialists is among the most experienced in the industry. For more information, visit https://www.sba-inc.com/.

NEWS SOURCE: Strategic Benefits Advisors Inc.

To view the original story, visit: https://www.send2press.com/wire/strategic-benefits-advisors-welcomes-andy-clonts-as-director-and-senior-benefits-consultant/

Strategic Benefits Advisors recognized among Atlanta’s top employee benefits and compensation companies for sixth year

ATLANTA, Ga., Nov. 19, 2024 (SEND2PRESS NEWSWIRE) — Strategic Benefits Advisors, Inc. (SBA) has been honored by the Atlanta Business Chronicle as one of Atlanta’s top employee benefits and compensation companies of 2024. This is the sixth consecutive year SBA has made the Chronicle’s annual list, which highlights metro Atlanta’s largest employers of benefits consultants. The accolade underscores SBA’s steady growth and success in delivering expert consulting and benefits delivery services to public and private-sector employers across North America.

Image caption: Strategic Benefits Advisors, Inc.

SBA has operated out of its Atlanta headquarters since 2002, supporting companies with services ranging from plan design and administration to vendor searches and actuarial services. Now, after more than two decades of continuous expansion to its client base, service offerings and team, SBA has outgrown its current office space and will soon relocate nearby to a larger, more modern facility.

“Atlanta has been a fantastic home for SBA, and we’re proud to continue building our business here,” said Mindy Zatto, CEO of Strategic Benefits Advisors. “Being recognized among the city’s top employee benefits companies for six years in a row is a testament to our team’s commitment to excellence.”

About Strategic Benefits Advisors:

Strategic Benefits Advisors, Inc. (SBA) is an independent, full-service employee benefits consulting firm focused on creatively and effectively solving complex benefits issues for clients ranging from 1,000 to over 300,000 employees. Founded in 2002 by veteran consultants Mindy Zatto and Andy Adams, SBA provides practical consulting recommendations and expert implementation of solutions for all types of employee benefits programs, including retirement, health and welfare, financial wellness and employee recognition. With an average of over 25 years in the field, SBA’s team of actuaries, consultants and systems specialists is among the most experienced in the industry.

For more information, visit https://www.sba-inc.com/.

TAGS: @AtlBizChron #EmployeeBenefits #BenefitsConsulting #Top20Companies

NEWS SOURCE: Strategic Benefits Advisors Inc.

To view the original story, visit: https://www.send2press.com/wire/strategic-benefits-advisors-recognized-among-atlantas-top-employee-benefits-and-compensation-companies-for-sixth-year/

Strategic Benefits Advisors hires industry veteran Michael Yaschik as a senior benefits consultant

ATLANTA, Ga. /ScoopCloud/ -- Strategic Benefits Advisors (SBA) today announced the appointment of Michael Yaschik as a senior benefits consultant. In this role, Yaschik will counsel SBA's clients as they navigate both strategic benefits initiatives and everyday administration of their pension, 401(k) and health and welfare (H&W) plans.

Yaschik brings more than 25 years of pension consulting experience to SBA. He most recently served as a senior project manager at global professional services firm Aon (NYSE: AON), where he managed a team of customer service representatives, pension analysts and technical analysts as they helped new clients implement custom pension administration systems and provided ongoing pension administration services. Prior to his 24 years at Aon, Yaschik was a benefits analyst for Atlanta-based pulp and paper company Georgia-Pacific.

"At this time of sweeping transformation in the benefits landscape, employers need experienced advisors they can rely on for sound guidance and creative approaches for anticipating and solving problems," said SBA Founding Principal Mindy Zatto. "SBA is proud to welcome Michael Yaschik as a senior benefits consultant. His quarter-century of experience significantly augments a team we are already proud to call one of the most tenured in the business."

"The most rewarding part of my career has been building long-term trust with clients through the delivery of thoughtful guidance and attentive service," said Yaschik. "I'm excited to join a team that shares these values, and I am energized by the opportunity to forge new relationships and solve fresh challenges on behalf of SBA's clients."

Yaschik earned his bachelor's degree in risk management in 1997 from the University of Georgia's Terry College of Business, where he graduated cum laude. He earned his master's degree in business administration (MBA) in finance from Georgia State University's J. Mack Robinson College of Business in 2000.

About Strategic Benefits Advisors:

Strategic Benefits Advisors, Inc. (SBA) is an independent, full-service employee benefits consulting firm focused on creatively and effectively solving complex benefits issues for clients ranging from 1,000 to over 300,000 employees. Founded in 2002 by veteran consultants Mindy Zatto and Andy Adams, SBA provides practical consulting recommendations and expert implementation of solutions for all types of employee benefits programs, including retirement, health and welfare, financial wellness and employee recognition. With an average of over 25 years in the field, SBA's team of actuaries, consultants and systems specialists is among the most experienced in the industry.

For more information, visit https://www.sba-inc.com/.

Strategic Benefits Advisors (SBA) today announced the appointment of Michael Yaschik as a senior benefits consultant. In this role, Yaschik will counsel SBA's clients as they navigate both strategic benefits initiatives and everyday administration of their pension, 401(k) and health and welfare (H&W) plans.

Related link: https://www.sba-inc.com/

Strategic Benefits Advisors Principal Mindy Zatto honored with EBN’s 2023 Excellence in Benefits Award

ATLANTA, Ga. /ScoopCloud/ -- Strategic Benefits Advisors (SBA) today announced that Founding Principal Mindy Zatto is a recipient of the 2023 Excellence in Benefits Award. Presented by Employee Benefit News (EBN), the Excellence in Benefits Awards honor the human resources leaders, tech innovators, brokers and advisors driving change in the employee benefits space.

Zatto co-founded SBA in 2002 to fill an industry need for consulting expertise that could bridge the gap between strategic guidance and practical implementation. Under her leadership, SBA has evolved into an award-winning firm that for more than 20 years has helped organizations across North America navigate complex benefits challenges while reducing plan expenses and improving efficiency, compliance and the participant experience.

Although versed in all manner of employee benefit plans, Zatto is best known for her work in the retirement field. An industry pioneer who developed one of the first full-service pension administration practices in the country, Zatto has over 30 years of strategic plan design and administration experience with corporate defined benefit and defined contribution programs. An enrolled actuary, Zatto is a fellow of the Society of Actuaries, a fellow of the Conference of Consulting Actuaries, a member of the American Academy of Actuaries and a member of the Society of Pension Actuaries. She also currently serves on the Society of Actuaries' Employer Council and its Lifetime Income Initiative Team. Her insights into the issues and trends shaping employee benefit plans are regularly featured in Employee Benefit News and other prominent industry publications.

"I am deeply honored to receive the Excellence in Benefits Award," said Zatto. "Our mission has always been to empower plan sponsors and participants, and this award reaffirms our commitment to making a positive impact in the employee benefits industry."

"During a time of sweeping transformation in the HR and benefits landscape, these individuals are finding creative ways to build better employee experiences," said EBN Editor-in-Chief Stephanie Schomer of Zatto and her fellow honorees. "They're putting people first by creating better and more affordable benefits programs."

Zatto will be profiled in the September/October issue of EBN and recognized at an awards luncheon during the Benefits at Work conference, where she will speak on retirement plan trends as a panelist in the session "Retirement Benefits: How to Balance Savings and Retirement Plans."

To register for the conference, which takes place September 27-29 in San Diego, visit https://conference.benefitnews.com/.

About Strategic Benefits Advisors:

Strategic Benefits Advisors, Inc. (SBA) is an independent, full-service employee benefits consulting firm focused on creatively and effectively solving complex benefits issues for clients ranging from 1,000 to over 300,000 employees. Founded in 2002 by veteran consultants Mindy Zatto and Andy Adams, SBA provides practical consulting recommendations and expert implementation of solutions for all types of employee benefits programs, including retirement, health and welfare, financial wellness and employee recognition. With an average of over 25 years in the field, SBA's team of actuaries, consultants and systems specialists is among the most experienced in the industry. For more information, visit https://www.sba-inc.com/.

Strategic Benefits Advisors (SBA) today announced that Founding Principal Mindy Zatto is a recipient of the 2023 Excellence in Benefits Award. Presented by Employee Benefit News (EBN), the Excellence in Benefits Awards honor the human resources leaders, tech innovators, brokers and advisors driving change in the employee benefits space.

Related link: https://www.sba-inc.com/

Strategic Benefits Advisors offers guidance for plan sponsors as they seek to comply with landmark SECURE 2.0 retirement legislation

ATLANTA, Ga. /ScoopCloud/ -- Independent, full-service employee benefits consulting firm Strategic Benefits Advisors, Inc. (SBA) issued a statement today outlining provisions of the newly enacted SECURE 2.0 Act of 2022 (SECURE 2.0) that are likely to affect most medium to large retirement plan sponsors.

"Employers are still getting their arms around the scope of change represented by SECURE 2.0," said SBA Principal Andy Adams. "We've created an outline that trims the Senate Finance Committee summary down to those provisions most relevant to defined contribution plans without taking all the meat off the bones. Our goal is to give plan sponsors an approachable entry point for understanding where the rubber meets the road."

Hailed as landmark retirement reform, SECURE 2.0 builds on the SECURE Act of 2019 to enhance the long-term financial security of millions of Americans by providing wider access to retirement savings. President Biden signed SECURE 2.0 into law on December 29, 2022, as part of a $1.7 trillion omnibus spending bill that also includes funds for national defense, medical research, safety, veteran health care and disaster recovery.

While most provisions within the 358-page SECURE 2.0 package apply to plan years beginning January 1, 2024, or later, certain provisions apply for the 2023 plan year. According to Adams and fellow SBA Principal Lynn Bullard, SECURE 2.0 provisions that will affect a majority of large and mid-sized defined contribution (DC) plan sponsors can be summarized as follows.

Mandatory changes to required minimum distribution (RMD) rules:

* Effective December 29, 2022, expands the amount that can be excluded from RMD rules if used to purchase qualified longevity annuity contracts.

* Effective January 1, 2023, raises the RMD age (the age at which participants must begin withdrawing from their retirement accounts) from 72 to 73, with a subsequent increase to 75 effective January 1, 2033.

* Effective January 1, 2023, reduces the individual tax penalty for failure to take the RMD.

* Effective January 1, 2023, provides more flexibility in the allowable timing, amounts and features of life annuities to satisfy RMD requirements by removing an existing actuarial test.

* Effective January 1, 2024, allows the surviving spouse of a participant who dies before commencing RMDs to elect to be treated as the employee for RMD purposes.

* Effective January 1, 2024, eliminates RMD requirements on Roth accounts prior to a participant's death.

Other changes to retirement plan distributions:

* Effective for federally declared disasters occurring on or after January 26, 2021, provides permanent rules related to the permitted use of retirement funds by affected individuals including penalty-free withdrawals of up to $22,000, taxation over three years, repayment provisions and special loan considerations.

* Effective December 29, 2022, eliminates the 10% early withdrawal penalty on distributions to terminally ill participants.

* Effective December 29, 2022, limits the repayment period for distributions taken for qualified birth or adoption expenses to three years.

* Effective January 1, 2023, permits employers to rely on employee self-certification of an event that constitutes a hardship.

* Effective January 1, 2024, eliminates the 10% early withdrawal penalty on amounts up to $1,000 in a year for personal or family emergencies. No other such emergency distribution may be made within three years unless the initial distribution is repaid.

* Effective January 1, 2024, creates a new, penalty-free withdrawal for victims of domestic abuse. Income taxes will be refunded to the participant for distributions repaid within three years.

* Effective January 1, 2024, increases the mandatory distribution cap to $7,000 (formerly $5,000).

* Effective December 29, 2025, permits distributions of up to $2,500 to pay for long-term care insurance premiums with no early withdrawal penalty.

Additional operational changes:

* Effective December 29, 2022, allows employers to give DC plan participants the option to receive employer matching contributions on a Roth (after-tax) basis.

* Effective January 1, 2023, allows employers to offer de minimis, immediate financial incentives (such as gift cards) to encourage employees to join retirement plans.

* Effective January 1, 2023, limits the types of plan disclosures required to those who have not elected to participate.

* Effective January 1, 2024, requires that all catch-up contributions to qualified retirement plans by highly paid participants be made on a Roth (after-tax) basis.

* Effective January 1, 2024, allows employers to offer individuals the option to pay down a student loan instead of contributing to a 401(k) plan and still receive an employer match in their retirement plan. Plan sponsors may conduct separate non-discrimination testing for these individuals.

* Effective January 1, 2024, allows plan sponsors to offer non-highly compensated employees an emergency savings account. Employers may auto-enroll employees at no more than 3% of compensation. Contributions are capped at $2,500, after which time contributions must be stopped or directed to an employee's Roth IRA until the balance falls below the cap.

* Effective January 1, 2024, modifies top-heavy testing so that a plan sponsor may test non-excludable and excludable employees separately.

* Effective December 29, 2023, allows plan providers to offer the ability to automatically deposit a participant's default IRA from a previous employer into a new employer's qualified plan.

* Instructs the Department of Labor to issue new guidance by December 29, 2024, on benchmarking target date funds against appropriate indices.

* Instructs the Department of Labor to create a central data repository (the 'Retirement Savings Lost and Found') by December 29, 2024, for participants to search for their plan administrator's contact information.

* Effective January 1, 2025, requires new 401(k) and 403(b) plans to automatically enroll employees unless they specifically opt out.

* Effective January 1, 2025, creates new, higher catch-up contribution limits for those ages 60 through 63 who participate in employer-sponsored retirement plans.

* Effective January 1, 2025, requires plan sponsors to allow part-time employees who work at least 500 hours a year for two consecutive years (not three years, as under current law) to participate in company 401(k) plans.

* Effective January 1, 2026, requires plan sponsors to provide participants with at least one paper account statement per year, unless the participant elects otherwise.

Updates to plan correction methods:

* Effective December 29, 2022, expands the IRS' Employee Plans Compliance Resolution System (EPCRS) by allowing more errors to be corrected through self-correction, extending applicability to inadvertent IRA errors and exempting certain RMD failures from excise taxes.

* Effective December 29, 2022, limits the degree to which plans may seek to recoup excess retirement plan payments from participants and gives plan sponsors the ability to choose not to recoup overpayments.

* Effective January 1, 2024, allows for correction of reasonable errors in administration of automatic enrollment and automatic escalation within 91/2 months after the end of the plan year in which the mistakes occurred (alleviating concern over the existing safe harbor correction method under EPCRS that expires December 31, 2023).

This list is not exhaustive. The full text of SECURE 2.0, including provisions that affect pension and cash-balance plans, may be found on pages 2046-2404 of the omnibus Consolidated Appropriations Act of 2023.

The Senate Financial Committee's 19-page summary of SECURE 2.0 may be found here (PDF): https://www.finance.senate.gov/imo/media/doc/Secure%202.0_Section%20by%20Section%20Summary%2012-19-22%20FINAL.pdf

"For retirement plan sponsors, the question is not whether SECURE 2.0 impacts them, it's which of the more than 90 provisions apply to them and when do they take effect," said Bullard. "Determining the portions of the law relevant to each plan's unique situation is the first step in building a comprehensive plan of action that will keep employers in compliance with minimal disruption to participants and administrative teams."

For help bringing your plan into compliance with SECURE 2.0, talk to your SBA consultant or email info@sba-inc.com to connect with SBA's experienced team of actuaries, consultants and systems specialists.

About Strategic Benefits Advisors:

Strategic Benefits Advisors, Inc. (SBA) is an independent, full-service employee benefits consulting firm focused on creatively and effectively solving complex benefits issues for clients ranging from 1,000 to over 300,000 employees. Founded in 2002 by veteran consultants Mindy Zatto and Andy Adams, SBA provides practical consulting recommendations and expert implementation of solutions for all types of employee benefits programs, including retirement, health and welfare, financial wellness and employee recognition. With an average of over 25 years in the field, SBA's team of actuaries, consultants and systems specialists is among the most experienced in the industry.

For more information, visit https://www.sba-inc.com/.

RELATED LINKS:

https://www.sba-inc.com/new-bill-targets-employer-sponsored-retirement-plans/

https://www.napa-net.org/sites/napa-net.org/files/SECURE%20Act%202.0%20Final%20Text_122022.PDF

Independent, full-service employee benefits consulting firm Strategic Benefits Advisors, Inc. (SBA) issued a statement today outlining provisions of the newly enacted SECURE 2.0 Act of 2022 (SECURE 2.0) that are likely to affect most medium to large retirement plan sponsors.

Related link: https://www.sba-inc.com/

SBA commemorates 20 years of serving large and mid-sized employers’ benefits consulting needs

ATLANTA, Ga. /ScoopCloud/ -- Independent, full-service employee benefits consulting firm Strategic Benefits Advisors, Inc. (SBA) announced the firm is celebrating its 20th anniversary. Since opening its doors in April 2002, SBA has helped organizations in every sector of the North American economy navigate their toughest employee benefits challenges while reducing plan expenses and improving efficiency, compliance and the participant experience.

SBA was founded by industry veterans Mindy Zatto and Andy Adams, whose big-firm experience as benefits consultants and plan administrators for some of the world's largest companies earned them a reputation for innovative thinking and exceptional service. Their work also revealed a market need for a new model of employee benefits consulting that could bridge the all-too-common gap between how benefits plans are designed and how they are administered. With this objective in mind, Zatto and Adams started SBA operating out of their homes.

"From day one, SBA set out to do things differently," said Adams. "Plan sponsors need an advocate in their corner - someone who will help close the gaps in their employee benefits. Having experience with both traditional benefits consulting issues and outsourced plan administration gave us a unique perspective on how to deliver the best and most cost-effective services possible. Twenty years in, it's a calling that still energizes us."

Over the last two decades, SBA has grown from its humble beginnings into an award-winning employer whose team of nearly 30 full-time consultants - including seven credentialed actuaries - is among the industry's most experienced. The firm's clients, which range in size from 1,000 to 300,000 employees and span publicly-traded, private and government organizations, turn to SBA to address complex plan issues with practical solutions and expert support.

In the early days, SBA focused on helping plan sponsors optimize their retirement and retiree health plans through plan design, actuarial services, plan de-risking and third-party administrator management. Today, the firm supports every category of employee benefits, from health and welfare to financial wellness and from rewards and recognition to tuition assistance. SBA's more than two dozen service lines now include defined contribution (DC) compliance; vendor search, implementation, management and recovery; plan governance; outsourced pension administration; specialty call center support; and much more.

"SBA's focus on doing right by our clients and our colleagues has rewarded us with the opportunity to create lifelong relationships, not just business partnerships," said Zatto. "This commitment has been our guidepost for 20 years and will continue to define our business for the next 20 years to come."

About Strategic Benefits Advisors:

Strategic Benefits Advisors, Inc. (SBA) is an independent, full-service employee benefits consulting firm focused on creatively and effectively solving complex benefits issues for clients ranging from 1,000 to over 300,000 employees. Founded in 2002 by veteran consultants Mindy Zatto and Andy Adams, SBA provides practical consulting recommendations and expert implementation of solutions for all types of employee benefits programs, including retirement, health and welfare, financial wellness and employee recognition. With an average of over 25 years in the field, SBA's team of actuaries, consultants and systems specialists is among the most experienced in the industry. For more information, visit https://www.sba-inc.com/.

Independent, full-service employee benefits consulting firm Strategic Benefits Advisors, Inc. (SBA) announced the firm is celebrating its 20th anniversary. Since opening its doors in April 2002, SBA has helped organizations in every sector of the North American economy navigate their toughest employee benefits challenges while reducing plan expenses and improving efficiency, compliance and the participant experience.

Related link: https://www.sba-inc.com/

Plan sponsors should prepare for smooth sailing for ‘SECURE Act 2.0’ retirement reform bill

ATLANTA, Ga. /ScoopCloud/ -- Independent, full-service employee benefits consulting firm Strategic Benefits Advisors, Inc. (SBA) issued a statement today notifying plan sponsors of pending bipartisan legislation that could significantly impact employer-sponsored retirement plans. The House Ways and Means Committee unanimously passed the Securing a Strong Retirement Act of 2021 on Wednesday, May 5; now the bill moves on to the full House, where it enjoys considerable bipartisan support.

Designed to build on the SECURE Act - and, consequently, dubbed the 'SECURE Act 2.0' - the proposed retirement reform legislation seeks to enhance the long-term financial security of millions of Americans by providing wider access to retirement savings. While most provisions of the legislation would apply to plan years beginning after December 31, 2022, certain provisions would apply after December 31, 2021.

SBA Principal Andy Adams offered the following summary of SECURE Act 2.0 provisions that are likely to affect a majority of retirement plan sponsors. According to Adams, the bill:

* Requires plan sponsors to automatically enroll employees in 401(k) and 403(b) plans unless they specifically opt out

* Introduces several changes to required minimum distribution (RMD) rules:

- Raises the RMD age (the age at which participants must begin withdrawing from their retirement accounts) from 72 to 75 over 10 years

- Reduces the individual tax penalty for failure to take the RMD

- Provides more flexibility in the allowable timing, amounts and features of life annuities to satisfy RMD requirements

- Expands the amount that can be excluded from RMD rules if used to purchase qualified longevity annuity contracts

* Ties the IRA catch-up contribution limit, which allows those age 50 and older to make additional contributions beyond the standard limit, to inflation

* Creates new, higher catch-up contribution limits that apply at ages 62, 63 and 64 for those who participate in employer-sponsored retirement plans, including SIMPLE plans

* Allows individuals to pay down a student loan instead of contributing to a 401(k) plan and still receive an employer match in their retirement plan

* Allows employers to offer small, immediate financial incentives to employees to join retirement plans

* Requires plan sponsors to allow part-time employees who work at least 500 hours a year for 2 consecutive years (not 3 years, as under current law) to participate in company 401(k) plans

* Gives plan sponsors greater flexibility in correcting plan errors, for example:

- Allows more time to correct missed contributions to employees' retirement accounts without penalties

- Expands the scope of the Employee Plans Compliance Resolution System (EPCRS), which allows plan sponsors to self-report errors to the IRS and correct those errors without drastic penalties

* Limits the degree to which plans may seek to recoup excess retirement plans payments from participants

* Instructs the Department of Labor to issue new guidance for benchmarking of target date funds

* Limits the disclosures required to those not participating in plans

* Creates a central data repository for lost participants (the 'Retirement Savings Lost and Found')

* Requires plan sponsors to provide participants with at least one paper account statement per year

* Adjusts top-heavy rules for certain DC plans

* Gives employers latitude to rely on employee self-certification that hardship distribution requirements have been met

Certain additional provisions, Adams noted, apply only to public employer plans or to special classes of individuals such as military personnel, firefighters and first responders. Other provisions not summarized here are likely to affect only a small percentage of plans. Read the full text of H.R. 2954, the Securing a Strong Retirement Act of 2021, here.

"With strong, bipartisan support for this legislation among both House and Senate membership, the odds are good that the so-called 'SECURE Act 2.0' will enjoy a relatively smooth path toward final passage," said Adams. "Retirement plan sponsors should take this opportunity to familiarize themselves with the bill's provisions and put a strategy in place for implementing necessary plan changes by the end of next year."

About Strategic Benefits Advisors

Strategic Benefits Advisors, Inc. (SBA) is an independent, full-service employee benefits consulting firm focused on creatively and effectively solving complex benefits challenges for clients ranging from 1,000 to over 300,000 employees. Founded in 2002 by veteran consultants Mindy Zatto and Andy Adams, SBA provides practical consulting recommendations and expert implementation of solutions for all types of employee benefits programs, including retirement, health and welfare, financial wellness and employee recognition. With an average of over 25 years in the field, SBA's team of actuaries, consultants and systems specialists is among the most experienced in the industry. For more information, visit https://www.sba-inc.com/.

#EmployeeBenefits #BenefitsConsulting #RetirementLegislation

Independent, full-service employee benefits consulting firm Strategic Benefits Advisors, Inc. (SBA) issued a statement today notifying plan sponsors of pending bipartisan legislation that could significantly impact employer-sponsored retirement plans.

Related link: https://www.sba-inc.com/

Strategic Benefits Advisors welcomes Kah-Lee Wong as senior benefits consultant

ATLANTA, Ga. /ScoopCloud/ -- Independent, full-service employee benefits consulting firm Strategic Benefits Advisors, Inc. (SBA) announced that Kah-Lee Wong, FSA, EA, MAAA, has joined the firm as a senior benefits consultant. In this role, Wong will work closely with organizations to provide actuarial consulting services and solve challenges related to their employee benefits plans.

Wong has over 30 years' experience leading benefit consulting teams with a focus on defined benefit (DB) and health and welfare (H&W) plans. Prior to joining SBA, Wong was a managing consultant at private actuarial and benefits consulting firm Cambridge Advisory Group for 13 years. Other roles include nearly two decades at global retirement and benefits consulting firm Mercer, where she was a principal. Wong's experience encompasses a range of benefits-related services for large- and medium-sized companies, including actuarial valuation, plan compliance, M&A due diligence, plan termination and plan administration.

"Kah-Lee's reputation as a highly accomplished actuary and employee benefits professional precedes her. She excels at understanding the needs of plan sponsors and guiding teams to provide exemplary service," said SBA Co-Founder and Principal Mindy Zatto. "She is a welcome addition to SBA and will play a vital role in helping clients optimize their benefits offerings."

Wong holds a bachelor's degree in business administration (BBA) with a concentration in actuarial science and finance from the University of Texas at Austin.

About Strategic Benefits Advisors

Strategic Benefits Advisors, Inc. (SBA) is an independent, full-service employee benefits consulting firm focused on creatively and effectively solving complex benefits issues for clients ranging from 1,000 to over 300,000 employees. Founded in 2002 by veteran consultants Mindy Zatto and Andy Adams, SBA provides practical consulting recommendations and expert implementation of solutions for all types of employee benefits programs, including retirement, health and welfare, financial wellness and employee recognition. With an average of over 20 years in the field, SBA's team of actuaries, consultants and systems specialists is among the most experienced in the industry. For more information, visit http://www.sba-inc.com/.

Independent, full-service employee benefits consulting firm Strategic Benefits Advisors, Inc. (SBA) announced that Kah-Lee Wong, FSA, EA, MAAA, has joined the firm as a senior benefits consultant. In this role, Wong will work closely with organizations to provide actuarial consulting services and solve challenges related to their employee benefits plans.

Related link: https://www.sba-inc.com/

Strategic Benefits Advisors launches ‘Lightning Benefits Survey’ series for plan sponsors

ATLANTA, Ga. /ScoopCloud/ -- Independent, full-service employee benefits consulting firm Strategic Benefits Advisors, Inc. (SBA) today announced the launch of a bi-monthly Lightning Benefits Survey series designed to help plan sponsors understand where their peers stand on a variety of timely employee benefits topics. Participation in the series - and access to survey results - is limited to plan sponsors.

According to founding principal Andy Adams, SBA will introduce a new survey topic every other month, with 2021 topics ranging from student loan debt assistance to plan audits to the use of artificial intelligence in HR. Plan sponsors may also nominate topics for consideration.

Plan sponsors' individual responses will remain confidential. However, by sharing the aggregated, anonymized findings of each survey with those who participate, SBA hopes to provide plan sponsors with meaningful insights to better inform business decisions regarding employee benefits.

"Our goal is to give plan sponsors a lot of value for not a lot of time spent," said Adams. "Unlike the 'marathon' surveys that are so prevalent in the employee benefits space, our Lightning Benefits Surveys take three minutes or less - yet they provide actionable intelligence and peer benchmarking on topics that matter to plan sponsors."

The series' first installment, a three-question survey on the prevalence of short-term loan programs for employees, launches today and will remain open through next week. For more information or to request access to the Lightning Benefits Survey series, visit SBA's website.

About Strategic Benefits Advisors

Atlanta-based Strategic Benefits Advisors, Inc. (SBA) is an independent, full-service employee benefits consulting firm focused on creatively and effectively solving complex benefits challenges for clients ranging from 1,000 to over 300,000 employees. Founded in 2002 by veteran consultants Mindy Zatto and Andy Adams, SBA provides practical consulting recommendations and expert implementation of solutions for all types of employee benefits programs, including retirement, health and welfare, financial wellness and employee recognition. With an average of over 20 years in the field, SBA's team of actuaries, consultants and systems specialists is among the most experienced in the industry.

For more information, visit https://www.sba-inc.com/.

Tags: #StrategicBenefitsAdvisors #EmployeeBenefits #BenefitsConsulting #PlanSponsors #LightningBenefitsSurvey

Independent, full-service employee benefits consulting firm Strategic Benefits Advisors, Inc. (SBA) today announced the launch of a bi-monthly Lightning Benefits Survey series designed to help plan sponsors understand where their peers stand on a variety of timely employee benefits topics. Participation in the series - and access to survey results - is limited to plan sponsors.

Related link: http://www.sba-inc.com/

Chris Lorino Returns to Strategic Benefits Advisors as Defined Benefit Administration Team Leader

ATLANTA, Ga. /ScoopCloud/ -- Independent, full-service employee benefits consulting firm Strategic Benefits Advisors, Inc. (SBA) today welcomed retirement plan consultant Chris Lorino as leader of the firm's defined benefit (DB) administration team. Lorino possesses 30 years' experience providing benefits consulting, trust administration and relationship management services to DB and defined contribution (DC) plan providers.

Lorino served as a benefits consultant within SBA's DC practice ten years ago. Most recently, he was a senior client relationship executive at TriNet (NYSE: TNET), where he managed some of the organization's largest and most complex client relationships. Previously, he served as senior client relationship manager at Newport Group, where he assisted plan sponsors in the management of fiduciary responsibilities, developing and managing business plans tailored to each client's specific business objectives. Lorino has also held senior management positions at Aon Hewitt (NYSE: AON) predecessor Hewitt Associates.

"I am pleased to welcome Chris back to the SBA team, where he will assume leadership of our DB administration group," said SBA Co-Founder and Principal Mindy Zatto. "His well-honed client servicing skills and expansive plan administration expertise will figure prominently in guiding our clients' success."

Lorino holds a bachelor's degree in corporate finance and investment banking from the University of Alabama.

About Strategic Benefits Advisors

Strategic Benefits Advisors, Inc. (SBA) is an independent, full-service employee benefits consulting firm focused on creatively and effectively solving complex benefits challenges for clients ranging from 1,000 to over 300,000 employees. Founded in 2002 by veteran consultants Mindy Zatto and Andy Adams, SBA provides practical consulting recommendations and expert implementation of solutions for all types of employee benefits programs, including retirement, health and welfare, financial wellness and employee recognition. With an average of over 20 years in the field, SBA's team of actuaries, consultants and systems specialists is among the most experienced in the industry. For more information, visit https://www.sba-inc.com/.

Tags: @StrategicBenefitsAdvisors #EmployeeBenefits #peoplemovers #benefitsconsulting #definedbenefits

Independent, full-service employee benefits consulting firm Strategic Benefits Advisors, Inc. (SBA) today welcomed retirement plan consultant Chris Lorino as leader of the firm's defined benefit (DB) administration team. Lorino possesses 30 years' experience providing benefits consulting, trust administration and relationship management services to DB and defined contribution (DC) plan providers.

Related link: http://www.sba-inc.com/

Strategic Benefits Advisors Urges 401(k) Plan Sponsors to Review Payroll Procedures Before Year’s End to Ensure SECURE Act Readiness

ATLANTA, Ga. /ScoopCloud/ -- Independent, full-service employee benefits consulting firm Strategic Benefits Advisors, Inc. (SBA) today issued guidance urging 401(k) plan sponsors to review their payroll systems and procedures in advance of January 1, 2021, to ensure compliance with the federal Setting Every Community Up for Retirement Enhancement (SECURE) Act.

The SECURE Act includes a mandatory requirement for plan sponsors to allow long-term, part-time employees to participate in 401(k) plans alongside full-time employees. Starting January 1, 2021, plan sponsors must begin counting hours for part-time employees who work at least 500 hours a year. Employees who work 500 hours for three consecutive years must be offered the opportunity to participate in their organization's 401(k) plan beginning in 2024.

"Plan sponsors who don't move fast will be hard-pressed to make necessary changes in just 60 days," said SBA Founding Principal Andy Adams. "Changes involving payroll providers and HRIS systems are notoriously time-consuming, so a sense of urgency is called for to ensure effective processes for counting hours are in place by January 1."

Historically, many retirement plan sponsors have only tracked hours for part-time employees who work 1,000 or more hours per year. Others have simplified timekeeping by crediting part-time employees a fixed number of hours for each day or pay period worked. Regardless of their approach for tracking hours or using equivalencies, plan sponsors will need to coordinate with their recordkeepers, payroll providers and HR information system (HRIS) providers to make a plan for crediting part-time employees who work 500 hours or more.

Counting hours for part-time employees is not always straightforward. To relieve themselves of the administrative burden of counting hours, some plan sponsors may decide to extend eligibility to all part-time employees, regardless of hours worked.

"The calculus behind the decision to extend eligibility to every part-time employee will vary greatly from one plan sponsor to the next depending on the size and nature of its workforce and its available resources," said Adams. "Plan sponsors will also need to decide whether newly eligible part-time employees should be allowed to share in employer contributions, as the SECURE Act leaves this decision entirely in employers' hands."

SBA recommends plan sponsors seek expert advice on how best to determine part-time employees' hours. The SECURE Act represents the most significant changes to employer-sponsored retirement plans in over a decade. SBA published a summary of the law's provisions in April 2019.

About Strategic Benefits Advisors

Strategic Benefits Advisors, Inc. (SBA) is an independent, full-service employee benefits consulting firm focused on creatively and effectively solving complex benefits challenges for clients ranging from 1,000 to over 300,000 employees. Founded in 2002 by veteran consultants Mindy Zatto and Andy Adams, SBA provides practical consulting recommendations and expert implementation of solutions for all types of employee benefits programs, including retirement, health and welfare, financial wellness and employee recognition. With an average of over 25 years in the field, SBA's team of actuaries, consultants and systems specialists is among the most experienced in the industry. For more information, visit https://www.sba-inc.com/.

@AtlBizChron #EmployeeBenefits #BenefitsConsulting #Top20Companies

Independent, full-service employee benefits consulting firm Strategic Benefits Advisors, Inc. (SBA) today issued guidance urging 401(k) plan sponsors to review their payroll systems and procedures in advance of January 1, 2021, to ensure compliance with the federal Setting Every Community Up for Retirement Enhancement (SECURE) Act.

Related link: http://www.sba-inc.com/

Strategic Benefits Advisors Makes List of Atlanta’s Top Employee Benefits and Compensation Companies for Second Year

ATLANTA, Ga. /ScoopCloud/ -- For a second consecutive year, independent, full-service employee benefits consulting firm Strategic Benefits Advisors, Inc. (SBA) has been named to the Atlanta Business Chronicle's list of the top 20 employee benefits and compensation companies in Atlanta.

SBA was recognized for being one of the Atlanta metro area's largest employers of benefits consultants. A trusted provider of benefits administration, implementation, re-engineering and consulting services for nearly two decades, SBA supports Fortune 500 companies and other mid- to large-sized organizations across North America with services ranging from plan design and administration to vendor searches to actuarial valuation. The firm's consultants average over 25 years of experience in the field.

"We are proud of SBA's consistent recognition as a top provider of employee benefits consulting," said SBA Co-Founder and Principal Andy Adams. "When large and mid-sized organizations need to fix problems, make changes or better manage their employee benefit programs, Strategic Benefits Advisors is the objective consultant they rely on to devise and implement practical solutions."

About Strategic Benefits Advisors

Strategic Benefits Advisors, Inc. (SBA) is an independent, full-service employee benefits consulting firm focused on creatively and effectively solving complex benefits challenges for clients ranging from 500 to over 300,000 employees. Founded in 2002 by veteran consultants Mindy Zatto and Andy Adams, SBA provides practical consulting recommendations and expert implementation of solutions for all types of employee benefits programs, including retirement, health and welfare, financial wellness and employee recognition. With an average of over 25 years in the field, SBA's team of actuaries, consultants and systems specialists is among the most experienced in the industry. For more information, visit https://www.sba-inc.com/.

@AtlBizChron #EmployeeBenefits #BenefitsConsulting #Top20Companies

For a second consecutive year, independent, full-service employee benefits consulting firm Strategic Benefits Advisors, Inc. (SBA) has been named to the Atlanta Business Chronicle's list of the top 20 employee benefits and compensation companies in Atlanta.

Related link: http://www.sba-inc.com/

New SBA Service Fills Plan Sponsors’ Need for Pandemic-Friendly, Cost-Effective Sourcing of Third-Party Benefit Service Providers

ATLANTA, Ga. /ScoopCloud/ -- Independent, full-service employee benefits consulting firm Strategic Benefits Advisors, Inc. (SBA) today announced the launch of Arm's-Length Vendor Search, a service designed to help organizations make informed decisions about hiring and retaining benefit plan administrators, recordkeepers and other third-party service providers when travel restrictions or budgetary constraints preclude in-person assessment of prospective vendors.

Procurement policies require many plan sponsors to issue requests for proposal (RFPs) on a regular schedule or as contracts with existing service providers expire. For others, vendor searches represent a valuable opportunity to resolve benefit administration challenges and negotiate more favorable pricing for outsourced services.

"Plan sponsors don't want to put search projects on hold, but they're unsure how to proceed in the current climate," said SBA Founding Principal Andy Adams. "We are pleased to provide an elegant, cost-effective solution to this market need. We call it Arm's-Length Vendor Search not only because it can be done remotely, but also because it eliminates conflicts of interest that occur when searches are performed by parties that earn referral commissions or have an interest in bidding for the same services they are evaluating. These remote searches can achieve everything a traditional search provides, enabling plan sponsors to select vendors with confidence."

SBA performs vendor searches for a wide range of outsourced employee benefit services, including defined benefit (DB) plan administration, 401(k) plan recordkeeping, health and welfare plan administration, financial wellness services, actuarial services and investment advisors. According to Adams, Arm's-Length Vendor Search engagements start as low as $25,000 depending on the nature and scope of the plan sponsor's request.

For more information about SBA's administrative vendor search services, visit https://www.sba-inc.com/services/vendor-search-implementation/administrative-vendor-searches/.

About Strategic Benefits Advisors

Strategic Benefits Advisors, Inc. (SBA) is an independent, full-service employee benefits consulting firm focused on creatively and effectively solving complex benefits challenges for clients ranging from 500 to over 300,000 employees. Founded in 2002 by veteran consultants Mindy Zatto and Andy Adams, SBA provides practical consulting recommendations and expert implementation of solutions for all types of employee benefits programs, including retirement, health and welfare, financial wellness and employee recognition. With an average of over 25 years in the field, SBA's team of actuaries, consultants and systems specialists is among the most experienced in the industry. For more information, visit https://www.sba-inc.com/.

Independent, full-service employee benefits consulting firm Strategic Benefits Advisors, Inc. (SBA) today announced the launch of Arm's-Length Vendor Search, a service designed to help organizations make informed decisions about hiring and retaining benefit plan administrators, recordkeepers and other third-party service providers when travel restrictions or budgetary constraints preclude in-person assessment of prospective vendors.

Related link: http://www.sba-inc.com/

SBA Publishes Guidance on Which CARES Act Provisions Require Immediate Action by Health and Retirement Plan Sponsors

ATLANTA, Ga. /ScoopCloud/ -- Independent, full-service employee benefits consulting firm Strategic Benefits Advisors (SBA) issued a statement today summarizing provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act that require action on the part of health and retirement plan sponsors.

"The CARES Act calls upon plan sponsors to act swiftly in adopting measures that will ease the financial burden of COVID-19 on individuals," said SBA Founding Principal Mindy Zatto. "Plan sponsors should coordinate with their healthcare providers immediately so they may begin complying with the law's mandatory provisions. While most retirement plan provisions are optional, they are nonetheless time-sensitive and call for coordination with the plan sponsor's recordkeeper and actuary. Any necessary plan amendments won't be required until the end of the 2022 plan year."

Required Health Plan Provisions

Health plan sponsors must comply with the following provisions expanding access to healthcare for coronavirus disease 2019 (COVID-19) patients:
* Coverage of COVID-19 Testing
Plans must cover the cost of approved COVID-19 tests and their administration. Test providers should be reimbursed at a previously negotiated rate, if applicable. In the absence of a previously negotiated rate, plan sponsors may reimburse providers an amount equal to the publicly listed cash price of the service or negotiate a lesser reimbursement.

* Coverage of COVID-19 Preventive Services
Plans must also cover, without participant cost-sharing, qualified coronavirus preventive services and vaccines recommended by the United States Preventive Services Task Force or Advisory Committee on Immunization Practices of the Centers for Disease Control and Prevention.

Required Defined Contribution (DC) Plan Provisions

DC plan participants who are due a required minimum distribution for 2020 may elect to not take the distribution without incurring any penalties.

Optional Defined Contribution (DC) Plan Provisions

DC plan sponsors may choose to extend the following benefits to plan participants who self-certify that (a) they have been diagnosed with COVID-19; (b) their spouse or dependent has been diagnosed with COVID-19; or (c) they have experienced certain other adverse financial consequences of COVID-19 as specified by the Secretary of the Treasury:

* Coronavirus-Related Distribution
Plans may allow a maximum $100,000 "coronavirus-related distribution" that must be taken by December 31, 2020. Early withdrawal penalties do not apply, and distributions are not eligible for rollover. However, a recipient of a coronavirus-related distribution has the right to pay the distribution back within three years, in which case it will be treated as a rollover contribution. The taxable amount of a coronavirus-related distribution can be spread pro-rata over three tax years.

* Increased Loan Limits
Qualified plans may increase loan limits from $50,000 to $100,000 and from 50% of the vested balance to 100% of the vested balance for loans made between March 27 and September 23, 2020.

* Delayed Loan Repayment
Plans may delay due dates for one year for individuals with outstanding loans whose repayment would normally be due between March 27 and December 31, 2020, allowing an extension beyond the normal five-year cap.

Optional Defined Benefit (DB) Plan Provisions

* Option to Defer Single-Employer Plan Funding
Plan sponsors may delay payment of any minimum required contributions that would ordinarily have been due during calendar year 2020 to January 1, 2021. The amount of each delayed contribution must be increased to reflect the interest accrued between the original due date and the actual payment date.

* Benefit Restriction Relief
For purposes of applying benefit restrictions under Code Section 436, plan sponsors may elect to use the prior plan year's adjusted funding target attainment percentage as the adjusted funding target attainment percentage for plans years that include calendar year 2020. This may allow some plans to avoid triggering certain benefit restrictions in 2020 that would have otherwise applied.

The full text of the CARES Act can be found here. To speak with Strategic Benefits Advisors' experienced team of benefits consultants about the potential impact of this law on your plans, call 770-551-8989.

About Strategic Benefits Advisors

Strategic Benefits Advisors, Inc. (SBA) is an independent, full-service employee benefits consulting firm focused on creatively and effectively solving complex benefits issues for clients ranging from 500 to over 300,000 employees. Founded in 2002 by veteran consultants Mindy Zatto and Andy Adams, SBA provides practical consulting recommendations and expert implementation of solutions for all types of employee benefits programs, including retirement, health and welfare, financial wellness and employee recognition. With an average of over 25 years in the field, SBA's team of actuaries, consultants and systems specialists is among the most experienced in the industry. For more information, visit https://www.sba-inc.com/.

Independent, full-service employee benefits consulting firm Strategic Benefits Advisors (SBA) issued a statement today summarizing provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act that require action on the part of health and retirement plan sponsors.

Related link: http://www.sba-inc.com/

Strategic Benefits Advisors Named Among Atlanta’s Top Employee Benefits & Compensation Companies

ATLANTA, Ga. /ScoopCloud/ -- Independent, full-service employee benefits consulting firm Strategic Benefits Advisors, Inc. (SBA) has been named to the Atlanta Business Chronicle's list of the top 20 employee benefits and compensation companies in Atlanta.

Atlanta-based SBA was recognized for being one of the metro area's top employers of benefit consultants. The firm's staff of 26 consultants and growing is among the most seasoned in the market, serving numerous Fortune 500 companies and other mid- to large-sized clients across North America with services ranging from plan design and administration to vendor search to actuarial services.

"It's an honor to be recognized by the Atlanta Business Chronicle as a top provider of employee benefits consulting," said SBA Co-Founder and Principal Andy Adams. "We take pride in helping companies more effectively manage their benefit plans. Our experienced and objective consultants have helped employers save millions of dollars, avoid thousands of hours of wasted effort and dramatically improve participant satisfaction."

About Strategic Benefits Advisors

Strategic Benefits Advisors, Inc. (SBA) is an independent, full-service employee benefits consulting firm focused on creatively and effectively solving complex benefits issues for clients ranging from 500 to over 300,000 employees. Founded in 2002 by veteran consultants Mindy Zatto and Andy Adams, SBA provides practical consulting recommendations and expert implementation of solutions for all types of employee benefits programs, including retirement, health and welfare, financial wellness and employee recognition. With an average of over 20 years in the field, SBA's team of actuaries, consultants and systems specialists is among the most experienced in the industry. For more information, visit http://www.sba-inc.com/.

@AtlBizChron #EmployeeBenefits #BenefitsConsulting #Top20Companies

Independent, full-service employee benefits consulting firm Strategic Benefits Advisors, Inc. (SBA) has been named to the Atlanta Business Chronicle's list of the top 20 employee benefits and compensation companies in Atlanta.

Related link: http://www.sba-inc.com/

Strategic Benefits Advisors Taps Leslie Olds as Senior Benefits Consultant

ATLANTA, Ga. /ScoopCloud/ -- Independent, full-service employee benefits consulting firm Strategic Benefits Advisors, Inc. (SBA) has hired veteran retirement plans leader Leslie Olds for the role of senior benefits consultant. A retirement benefits consultant of 28 years, Olds will advise SBA's plan sponsor clients on managing all aspects of their broad-based and executive retirement programs, including financing, design, implementation, administration and compliance.

Immediately before joining SBA, Olds was a partner in Aon's (NYSE:AON) retirement division, where she oversaw business operations for six markets in the south region. Before that, Olds spent more than 15 years at global advisory, brokerage and solutions company Willis Towers Watson (NASDAQ: WLTW), where she was a senior consultant in the firm's retirement practice.

Olds' areas of specialty as a retirement benefits consultant include qualified and nonqualified retirement plans, post-retirement welfare plans, the design and implementation of new retirement programs, retirement plan merger and acquisition strategies and the alignment of benefits funding and accounting policies with business objectives. She has led major retirement plan projects for Fortune 500 companies, helping her clients generate hundreds of millions of dollars in cost savings.

"Leslie is a leader in retirement benefits consulting with a demonstrated track record of driving business performance, developing high-performing teams and delivering superior client service," said SBA Co-Founder and Principal Mindy Zatto. "We are proud to have a professional of her talent solving plan sponsors' benefits challenges as part of the Strategic Benefits Advisors team."

Olds holds a bachelor's degree in mechanical engineering from the Georgia Institute of Technology and a master's degree in applied mathematics from Northwestern University. She has earned the designations of Fellow of the Society of Actuaries (FSA), Enrolled Actuary (EA), Fellow of the Conference of Consulting Actuaries (FCA) and Member of the American Academy of Actuaries (MAAA).

About Strategic Benefits Advisors:
Strategic Benefits Advisors, Inc. (SBA) is an independent, full-service employee benefits consulting firm focused on creatively and effectively solving complex benefits issues for clients ranging from 500 to over 250,000 employees. Founded in 2002 by veteran consultants Mindy Zatto and Andy Adams, SBA provides practical consulting recommendations and expert implementation of solutions for all types of employee benefits programs, including retirement, health and welfare, financial wellness and employee recognition. With an average of over 20 years in the field, SBA's team of actuaries, consultants and systems specialists is among the most experienced in the industry. For more information, visit http://www.sba-inc.com/.

Twitter: #EmployeeBenefits #PeopleMovers #BenefitsConsulting

Independent, full-service employee benefits consulting firm Strategic Benefits Advisors, Inc. (SBA) has hired veteran retirement plans leader Leslie Olds for the role of senior benefits consultant. A retirement benefits consultant of 28 years, Olds will advise SBA's plan sponsor clients on managing all aspects of their broad-based and executive retirement programs, including financing, design, implementation, administration and compliance.

Related link: http://www.sba-inc.com/

New Bill Targets Employer-Sponsored Retirement Plans

ATLANTA, Ga. /ScoopCloud/ -- Independent, full-service employee benefits consulting firm Strategic Benefits Advisors (SBA) issued a statement today informing employers that bipartisan legislation currently pending could significantly revise the rules for employer-sponsored retirement plans.

The House Ways and Means Committee advanced the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 on April 2, the same day the Senate reintroduced its latest version of the Retirement Enhancement Savings Act (RESA) of 2019. The bills provide some administrative relief to employers and incentivize them to offer more savings plan opportunities and retirement income security to workers. A reconciled version of the two bills is expected to become law.

According to SBA Principal Mindy Zatto, the proposed legislation stands to benefit both employers and employees.

The SECURE bill includes provisions for employer-sponsored retirement plans which would:
* Relieve nondiscrimination testing requirements for closed defined benefit (DB) plans
* Delay the required minimum distribution starting age from 701/2 to 72
* Provide more time to retroactively adopt certain retirement plans
* Simplify rules and notice requirements related to qualified nonelective contributions in safe harbor 401(k) plans
* Increase the cap on auto-escalation of contributions for safe harbor 401(k) plans from 10% to 15% of pay
* Allow employers of all sizes to join together and create "open" multiple-employer plans (MEPs) to make defined contribution (DC) plans more affordable
* Encourage lifetime income options in DC plans through new participant disclosures, new provider selection rules and new ways to increase the portability of lifetime income investments
* Offer consolidated Form 5500 for certain DC plans to reduce administrative costs
* Allow long-term, part-time workers to participate in employer 401(k) plans
* Increase penalties for failure to file retirement plan returns (such as Forms 5500), required notifications of changes and required withholding notices
* Prohibit DC plans from extending loans to participants via credit cards
* Reduce payout period for nonspouse beneficiaries of DC plans (and IRAs) to 10 years after the participant's (owner's) death
* Convert custodial accounts from terminated 403(b) plans into IRAs
* Increase or create tax credits for small employers that start new retirement plans or automatically enroll workers into new 401(k) savings plans
* Reduce premiums for cooperative and small-employer charity (CSEC) plans
* Provide funding relief for community newspaper pension plans and clarify church plan requirements

Other provisions of the SECURE Act specifically for individuals are designed to:
* Eliminate the current age 701/2 limit for contributing to an IRA
* Allow graduate students to count stipends and non-tuition fellowship payments as compensation for IRA contribution purposes
* Permit penalty-free withdrawals of up to $5,000 from qualified retirement savings plans to help pay for childbirth or adoption expenses (with repayment permitted)
* Expand allowable expenses for 529 college savings plans to include apprenticeships, homeschooling, private school costs or up to $10,000 of qualified student loan repayments
* Increase penalties for individuals who fail to file tax returns.

"Employers that offer retirement programs should take the opportunity now to evaluate options for their current and future plans under the SECURE Act," said Zatto. "The proposed bill includes features that can be substantially beneficial for both plan sponsors and participants who want to increase retirement income security."

A summary of the SECURE Act's provisions can be found here (PDF): https://waysandmeans.house.gov/sites/democrats.waysandmeans.house.gov/files/documents/SECURE%20Act%20section%20by%20section_0.pdf.

A summary of the similar RESA can be found here (PDF): https://www.finance.senate.gov/imo/media/doc/RESA%20Summary%204.1.19-banner-converted.pdf.

To speak with Strategic Benefits Advisors' experienced team of benefits consultants about the potential impact of these bills on your plans, call 770-551-8989.

About Strategic Benefits Advisors:

Strategic Benefits Advisors, Inc. (SBA) is an independent, full-service employee benefits consulting firm focused on creatively and effectively solving complex benefits issues for clients ranging from 500 to over 250,000 employees. Founded in 2002 by veteran consultants Mindy Zatto and Andy Adams, SBA provides practical consulting recommendations and expert implementation of solutions for all types of employee benefits programs, including retirement, health and welfare, financial wellness and employee recognition. With an average of over 20 years in the field, SBA's team of actuaries, consultants and systems specialists is among the most experienced in the industry.

For more information, visit http://www.sba-inc.com/.

Twitter: #StrategicBenefitsAdvisors #EmployeeBenefits #HR1993 #SECUREACT #RetirementPlans

Independent, full-service employee benefits consulting firm Strategic Benefits Advisors (SBA) issued a statement today informing employers that bipartisan legislation currently pending could significantly revise the rules for employer-sponsored retirement plans.

Related link: http://www.sba-inc.com/

Mary Shah Named Principal at Strategic Benefits Advisors, Inc.

ATLANTA, Ga. /ScoopCloud/ -- Independent, full-service employee benefits consulting firm Strategic Benefits Advisors, Inc. (SBA) today announced the appointment of retirement plan consultant Mary Shah as its newest principal. Shah's promotion recognizes a track record of outstanding client service delivery and business development contributions since joining SBA.

"Mary has displayed both a mastery of servicing various types of clients with complex benefits needs and tremendous leadership skills within our organization - characteristics we seek in a principal at Strategic Benefits Advisors," said SBA Co-Founder and Principal Mindy Zatto. "We welcome her to the senior management team and know she will continue to play a key role in guiding our consultants' and clients' success."

Shah joined SBA as a benefits adviser in 2016, bringing with her more than 25 years of consulting experience at top-tier actuarial and employee benefits consulting firms. Shah's areas of expertise include actuarial valuations, financial forecasting, risk assessment and mitigation, benefits implementation support and mergers and acquisitions due diligence. She has earned the designations of Fellow of the Society of Actuaries and Enrolled Actuary.

"Strategic Benefits Advisors prides itself on staffing only experienced, service-oriented benefits professionals, which makes it a special honor to be recognized in this fashion," said Shah. "I look forward to helping shape the future of our growing firm while continuing to serve clients with creative and effective benefits consulting."

About Strategic Benefits Advisors:

Strategic Benefits Advisors, Inc. (SBA) is an independent, full-service employee benefits consulting firm focused on creatively and effectively solving complex benefits issues for clients ranging from 500 to over 250,000 employees. Founded in 2002 by veteran consultants Mindy Zatto and Andy Adams, SBA provides practical consulting recommendations and expert implementation of solutions for all types of employee benefits programs, including retirement, health and welfare, financial wellness and employee recognition. With an average of over 20 years in the field, SBA's team of actuaries, consultants and systems specialists is among the most experienced in the industry. For more information, visit http://www.sba-inc.com/.

Twitter: @StrategicBenefitsAdvisors #EmployeeBenefits

Independent, full-service employee benefits consulting firm Strategic Benefits Advisors, Inc. (SBA) today announced the appointment of retirement plan consultant Mary Shah as its newest principal. Shah's promotion recognizes a track record of outstanding client service delivery and business development contributions since joining SBA.

Related link: http://www.sba-inc.com/

Strategic Benefits Advisors Promotes Three Consultants to Director Level

ATLANTA, Ga. /ScoopCloud/ -- Independent, full-service employee benefits consulting firm Strategic Benefits Advisors (SBA) today announced the advancement of retirement plan consultants Kim Shumate, David Runsick and Harry Souder to the role of director. Shumate, Runsick and Souder were promoted in recognition of their sustained contributions to SBA, including their proven success leading complex projects to high-value outcomes and fostering strong client relationships.

Kim Shumate
Shumate joined SBA as a senior benefits consultant in 2011, bringing with her over 28 years' experience as a retirement plan consultant. Since joining SBA, she has spearheaded numerous key projects, including the recent transitions of a Fortune 500 plan sponsor's defined contribution (DC), defined benefit (DB), health and welfare and non-qualified plans to new outsourcing providers.

David Runsick, Q.P.A.
Runsick joined SBA in 2005 as a senior benefits consultant. He possesses over 20 years of benefits industry experience specializing in DC plans. David is expert in many areas including complex error correction and compliance issues.

Harry Souder
Souder has been a benefits consultant at SBA since 2003. A nearly 30-year practitioner of actuarial and outsourcing consulting, he has extensive experience working with both DB and DC plans of all sizes. Harry is exceptional at large-scale data projects and complex benefit calculations.

"Strategic Benefits Advisors works hard to cultivate a team of deeply knowledgeable and effective leaders in employee benefits consulting," said SBA Co-Founder and Principal Mindy Zatto. "We are pleased to elevate Kim, David and Harry to the director level and look forward to their continued contributions to the success of SBA and our clients."

About Strategic Benefits Advisors:
Strategic Benefits Advisors, Inc. (SBA) is an independent, full-service employee benefits consulting firm focused on creatively and effectively solving complex benefits issues for clients ranging from 500 to over 250,000 employees. Founded in 2002 by veteran consultants Mindy Zatto and Andy Adams, SBA provides practical consulting recommendations and expert implementation of solutions for all types of employee benefits programs, including retirement, health and welfare, financial wellness and employee recognition.

With an average of over 20 years in the field, SBA's team of actuaries, consultants and systems specialists is among the most experienced in the industry.

For more information, visit http://www.sba-inc.com/.

Independent, full-service employee benefits consulting firm Strategic Benefits Advisors (SBA) today announced the advancement of retirement plan consultants Kim Shumate, David Runsick and Harry Souder to the role of director. Shumate, Runsick and Souder were promoted in recognition of their sustained contributions to SBA, including their proven success leading complex projects to high-value outcomes and fostering strong client relationships.

Related link: http://www.sba-inc.com/

Strategic Benefits Advisors Adds Lesley Posey to Its Benefits Consulting Team

ATLANTA, Ga. /ScoopCloud/ -- Independent, full-service employee benefits consulting firm Strategic Benefits Advisors (SBA) today announced the appointment of Lesley Posey to the position of benefits consultant. In this role, Posey will provide pension and retiree medical plan sponsors with a full array of actuarial and strategic advisory services, including administration services for defined benefit plans.

Posey joins SBA from Willis Towers Watson, where she was a consultant serving the firm's US Retirement line of business. Her career as a retirement actuary spans 30 years and several of the industry's largest firms; Posey worked nearly half of her career for Willis Towers Watson and two predecessors (Towers Perrin and Watson Wyatt Worldwide). She also spent time with Buck Consultants and Ernst & Young and served as an in-house contractor for The Coca-Cola Company through outsourcing provider Pension Resource Group.

Posey's pension and retiree medical consulting expertise includes plan design, administration and forecasting; governmental filings and nondiscrimination testing; and plan operational reviews and troubleshooting (such as data and calculation remediation and lost participant resolution). She has served dozens of pension plan sponsors and administrators across a wide range of industries.

"Strategic Benefits Advisors, where experience runs deep and service is delivered with a personal touch, is a refreshing culture to be a part of," said Posey. "Having responsibility for not just plan valuation work but also plan administration is especially rewarding; I love helping plan sponsors solve their particularly challenging benefits issues and make sure their plans are operating as they should."

"Strategic Benefits Advisors is proud to have built one of the industry's most seasoned consulting teams. When it comes to recruiting new advisors, we look for the right mix of experience and passion - which we found in spades in Lesley," said SBA Co-Founder and Principal Mindy Zatto. "We are delighted to welcome her to SBA and know that our clients will benefit from her years of serving pension plan sponsors with excellence."

Posey is an Enrolled Actuary (EA) and an Associate of the Society of Actuaries (ASA). She officially joined SBA in April 2018 and is based in the company's Atlanta metro office. Posey holds a bachelor's degree in math and economics from St. Olaf College in Northfield, Minnesota.

About Strategic Benefits Advisors:

Strategic Benefits Advisors, Inc. (SBA) is an independent, full-service employee benefits consulting firm focused on creatively and effectively solving complex benefits issues for clients ranging from 500 to over 250,000 employees. Founded in 2002 by veteran consultants Mindy Zatto and Andy Adams, SBA provides practical consulting recommendations and expert implementation of solutions for all types of employee benefits programs, including retirement, health and welfare, financial wellness and employee recognition.

With an average of over 20 years in the field, SBA's team of actuaries, consultants and systems specialists is among the most experienced in the industry.

For more information, visit http://www.sba-inc.com/.

Independent, full-service employee benefits consulting firm Strategic Benefits Advisors (SBA) today announced the appointment of Lesley Posey to the position of benefits consultant. In this role, Posey will provide pension and retiree medical plan sponsors with a full array of actuarial and strategic advisory services, including administration services for defined benefit plans.

Related link: http://www.sba-inc.com/