This newsletter edition covers the Federal Reserve's recently announced plans to lower policy rates in 2024. We also share how you can perform a self-checkup on your 401(k) plan and explain what a SOC report is.
BUSINESS NEWS
Fed holds rates steady as it implies three rate cuts in 2024
The Federal Reserve is considering lowering its policy rate three times this year. This plan suggests a total reduction of 75 basis points by the end of the year, aiming to make borrowing money cheaper and boost economic growth.
Globally, other central banks are anticipated to synchronize their actions with the Federal Reserve in an effort to stimulate economic recovery internationally.
Read the full article for a closer look at expected rate cuts for the year.
Employer-sponsored employee retirement plans are not a "set it and forget it" event. Plan provisions require careful consideration and continual monitoring to ensure the plan accomplishes its goals while complying with all regulations.
Even if you don't meet the threshold to require an audit, it's a good idea to step back periodically and perform a plan checkup. In this article, we'll show you how.
If you have more questions about 401(k) retirement plan compliance, reach out to Julie Schroeder at jschroeder@chortek.com
TECHNOLOGY
What is a SOC report?
Are potential customers asking you to provide a SOC report? In short, these reports are used to determine whether an organization is following best security practices. And more and more businesses are requiring their vendors to supply one upfront. In this article, we cover:
