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Paul Fokken with 401(k) Maneuver Discussing How Employers Can Reduce Risk of 401(k) Lawsuits and Fines

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Paul Fokken with 401(k) Maneuver Discussing How Employers Can Reduce Risk of 401(k) Lawsuits and Fines

Published on June 10, 2022

According to Bloomberg Law, “More than 180 lawsuits challenging 401(k) plan fees have been filed in federal courts since 2020. About 20 of these cases have settled so far with settling employers. Some of those recent suits include excessive record keeping and investment fees, breaching fiduciary duties, and self-dealing, to name a few.  In addition, businesses have been levied fines for late/incomplete Form 5500 forms which are required for ERISA 401(k) plans.

Paul Fokken discusses the importance of fiduciary governance and what it means to be a prudent expert. He goes on to explain how employers have options to help reduce company and personal liability.  He also comments on ways to reduce employer plan responsibilities thus enabling owners to focus more on the growth of their business rather than worrying about potential lawsuits and fines with their existing 401k) plan.

Listen to the interview on the Business Innovators Radio Network:

https://businessinnovatorsradio.com/interview-with-paul-fokken-with-401k-maneuver-discussing-401k-lawsuits-and-fines/

 Questions covered in this interview include:

  • What is the 401(k) environment like today as far as lawsuits and fines?
  • What is a 401(k) Multiple Employer Plan or Open MEP?
  • Why should employers consider an Open MEP?

Paul explained that: “Employers should consider a Multiple Employer Plan or Open MEP because of the huge benefit of reducing personal and corporate fiduciary responsibilities. If you are not a prudent expert, then you may also be exposed to fines in addition to potential lawsuits.”

About Paul Fokken

Paul Fokken helps employees and employers with a 401(k) by providing every employee the opportunity for PPAM by enrolling in 401(k) Maneuver.

He also helps businesses delegate virtually all their 401(k) plan corporate and personal risk away to other 3rd parties and helps to reduce plan responsibilities.

Learn More: https://www.fokkenfinancial.com

https://www.boostyour401.com/

Previous News Stories about Paul Fokken

Maneuvering 401(k) Plans to Optimize Retirement

https://authoritypresswire.com/paul-fokken-maneuvering-401k-plans-to-optimize-retirement-interviewed-on-influential-entrepreneurs-podcast/

Investment Adviser Representative of and advisory services offered through Royal Fund Management, LLC, a SEC Registered Adviser”. All investment strategies have the potential for profit or loss. Changes in investment strategies, contributions or withdrawals, and economic conditions may materially alter the performance of your portfolio. Different types of investments involve degrees of risk, and there can be no assurance that any specific investment or strategy will be suitable or profitable for a client’s investment portfolio.  There are no assurances that a client’s portfolio will match or outperform any particular benchmark.

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Medi-Share Earns 2022 Great Place to Work Certification®

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1 day ago

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July 1, 2022

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Medi-Share Earns 2022 Great Place to Work Certification®

Published on July 1, 2022

Christian Care Ministry/Medi-Share, the nation’s leading health care sharing ministry, is proud to be a Certified™ by Great Place to Work®

Christian Care Ministry/ Medi-Share, is proud to be Certified® by Great Place to Work® for the third year in a row. The prestigious award is based entirely on what current employees say about their experience working at Christian Care Ministry. This year, 81% of employees said it’s a great place to work.

Great Place to Work Institute has honored Christian Care Ministry with certification as a Great Place to Work. The certification process involved surveying 100% of employees from across Christian Care Ministry locations and evaluating more than 60 elements of team members’ experience on the job. These included employee pride in the organization’s community impact, belief that their work makes a difference, and feeling their work has special meaning. Rankings are based on employees’ experiences, no matter who they are or what they do.

“We applaud Christian Care Ministry for seeking certification and publicly sharing its employees’ feedback,” said Dr. Jacquelyn Kung, of Great Place to Work’s senior care partner Activated Insights. “These ratings measure its capacity to earn its own employees’ trust and create a great workplace for high performance.”

“We are excited to become Great Place to Work-Certified® for the third year in a row as our employee culture and experience is a top priority every day,” said Christian Care Ministry/Medi-Share CEO Scott Reddig. “Our team of dedicated employees at Christian Care Ministry is not just the backbone, but the heart of our ministry. We celebrate and thank them for all they do every day for our members.”

Mr. Reddig continued, “As a ministry, I really appreciate that some of the highest scores we received were in the areas of feeling welcome and cared about, as well as the unique nature of working in an environment where prayer is a priority.” 

According to Great Place to Work research, job seekers are 4.5 times more likely to find a great boss at a Certified great workplace. Additionally, employees at Certified workplaces are 93% more likely to look forward to coming to work, and are twice as likely to be paid fairly, earn a fair share of the company’s profits and have a fair chance at promotion.

“It was very encouraging to see that as we weathered and came through the pandemic and adapted to a hybrid workplace, our employees felt valued and appreciated. Our culture continues to grow more strongly positive, and I know that will help us attract quality employees now and, in the future,” explained Christian Care Ministry’s Chief People Officer, Tony Webster.

Christian Care Ministry is HIRING!

Looking to grow your career at a company that puts its people first? Visit our careers page at mychristiancare.org/careers. For additional information visit Christian Care Ministry on LinkedIn.  

About Christian Care Ministry/ Medi-Share: 

Christian Care Ministry (CCM), a not-for-profit 501(c)(3) corporation, based in Melbourne, FL, operates the Medi-Share program, a Christian health care sharing program that provides an affordable alternative to health insurance for faith-based consumers. Founded in 1993, Medi-Share currently serves over 400,000 members across America. For more information about Christian Care Ministry, Visit: https://mychristiancare.org/ 

About Great Place to Work Certification®

Great Place to Work® Certification™ is the most definitive “employer-of-choice” recognition that companies aspire to achieve. It is the only recognition based entirely on what employees report about their workplace experience – specifically, how consistently they experience a high-trust workplace. Great Place to Work Certification is recognized worldwide by employees and employers alike and is the global benchmark for identifying and recognizing outstanding employee experience. Every year, more than 10,000 companies across 60 countries apply to get Great Place to Work-Certified. 

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Charles “Walt” Wilson, Retirement Strategist, Interviewed on Influential Entrepreneurs Podcast Discussing Permanent Life Insurance Strategy for Stretching Retirement Funds

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1 day ago

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July 1, 2022

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Charles “Walt” Wilson, Retirement Strategist, Interviewed on Influential Entrepreneurs Podcast Discussing Permanent Life Insurance Strategy for Stretching Retirement Funds

Published on July 1, 2022

Walt Wilson discusses the key elements that deplete retirement assets:

  • Taxation
  • Depreciation
  • Inflation
  • Government Regulation
  • Volatility

Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-charles-walt-wilson-retirement-strategist-discussing-permanent-life-insurance-strategy-for-stretching-your-retirement-funds/

Several strategies can be used to make retirement funds last longer. One such method is to use permanent life insurance to supplement income.

Permanent life insurance policies have a death benefit paid out to beneficiaries upon death. This death benefit can help cover expenses such as funeral costs and outstanding debts, or it can provide a financial cushion for your loved ones.

In addition to the death benefit, permanent life insurance policies also have a cash value component. This cash value grows tax-deferred and can be accessed via policy loans or withdrawals. The money withdrawn from the policy’s cash value is not subject to income tax. This makes permanent life insurance an attractive option for those looking for a way to supplement their retirement income. Policy loans can be used to cover expenses such as travel, healthcare costs, or even just day-to-day living expenses. When structured properly, a permanent life insurance policy can be a valuable tool for stretching retirement funds.

Walt explained, “How many opportunities have simply passed you by because you were not aware of them”? Awareness of these opportunities could be right in front of you. These opportunities are so critical to your financial future that I feel I have an obligation to discuss them with you. I would like to congratulate you on making some of the decisions you have made in your life. Your decisions were made on information that you had at the time. Today, if you were given more knowledge to re-evaluate some of your past decisions, would you? A conversation over the phone will help you understand current economic trends and shifts at this time.”

About Walt Wilson

Charles “Walt” Wilson established his company over ten years ago, to assist individuals and businesses in planning for retirement and building consistent growth while protecting their principal and providing certainty, clarity, and guarantees.

Private Pension by Design informs and educates individuals and businesses about an alternative concept in planning for retirement. You should have the freedom to design a plan which you control – one that provides tax advantages, gives you access to your money without penalties, guarantees you a reasonable return, and provides lifetime income for retirement. He has over 50 years in the financial services industry.

Learn More: https://www.privatepensionbydesign.com/

https://waltwilson360.com/

 Private Pension by Design is not recommending tax advice and we suggest you contact your professional and licensed CPA or Tax Attorney for tax advice.

Recent news and interviews:

Discussing the Key Employee Benefits Strategy

https://authoritypresswire.com/charles-walt-wilson-retirement-strategist-discussing-the-key-employee-benefits-strategy-interviewed-on-influential-entrepreneurs-podcast/

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Brandon Stevens, Founder, and CEO of Scoutr, Interviewed on Inspired Business Leaders Podcast

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1 day ago

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July 1, 2022

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Brandon Stevens, Founder, and CEO of Scoutr, Interviewed on Inspired Business Leaders Podcast

Published on July 1, 2022

Brandon Stevens discusses how he helps companies build their teams through advanced recruiting methodologies.

Listen to the interview on the Business Innovators Radio Network:

https://businessinnovatorsradio.com/ep-2-interview-with-brandon-stevens-founder-and-ceo-of-scoutr-with-nick-bour-founder-of-inspire-wealth/

The traditional hiring process is no longer effective in today’s rapidly changing labor market. The application, resume, and recruiter-driven hiring processes are outdated and no longer produce the best results.

Organizations are now turning to a dynamic matching algorithm that introduces people analytics at the beginning of the application process. This new methodology shift is based on the premise that the best candidates are not necessarily the ones who submit the best applications or have the most impressive resumes. Instead, they are the ones who are the best match for the specific job opening.

By using people analytics, organizations can identify these ideal candidates and increase their chances of making a successful hire. In addition, this new process is more efficient and saves time and money by eliminating the need to screen hundreds or even thousands of applications.

Stevens explained that: “Scoutr represents a methodology shift from the outdated application, resume, and recruiter-driven hiring processes to a dynamic matching algorithm that introduces people analytics to the beginning of the application process. We provide a drastically improved candidate experience that empowers you to show the complete picture of yourself as a candidate. We give companies the data they need to make confident hiring decisions quickly while avoiding the wasted time, excess cost, and damage to employer branding that comes with traditional hiring methods. Nobody knows your company like you and your current team, so why trust anyone else to recruit for you? Let Scoutr give you the technology and expertise to amplify your employer brand and grow with an amazing team that drives brand positivity, fulfills your mission, and embraces your culture. An empowered team will bring in more customers and make your company more attractive to talent. This is the Future of Team and Work!”

About Brandon Stevens

Brandon brings over 20 years of sales, marketing, and finance experience to Scoutr, along with leadership and management skills. Brandon has worked in banking, wholesale/retail/commercial lending, Staffing/Recruiting, and IT. He has a passion for process improvement, analytics, and creating solutions that solve complex problems.

He has worked with small startups, medium-sized businesses, and larger enterprise businesses throughout his career. He has a passion for finding ways to improve the quality of products and services. After years of marketing and sales-focused in banking/finance, he shifted to the technology world and helping companies build their teams through advanced recruiting methodologies. After a few years in recruiting, he discovered a way to more appropriately display companies and candidates to one another. Through thousands of candidate interviews and hiring manager interactions, Scoutr was born!

Learn more: https://www.scoutr.team/about-scoutr

https://www.linkedin.com/in/brandonstevens-teambuilder/

This post was originally published on this site

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