Broker Check

Fed Will Not Raise Rates in 2019

Linda R. Visconti, QKA 

You read that right – the fed has decided it would NOT raise rates this time around, and even more surprisingly, has said that they will not raise rates for the rest of 2019. This is in stark contrast to the news in December 2018 where they anticipated at least two rate hikes in the coming year. For now, prime rate remains at 5.50%, and plan loans which are written ‘prime plus one’ will remain at 6.50%.

Identity Theft and Retirement Plan Security

Patricia Hansen, QPA, ERPA

With over $25 trillion dollars in assets nationwide, retirement plans are increasingly becoming targets to scammers and identity thieves.

When identity theft occurs, the victim should notify credit reporting agencies and local law enforcement. Local police will many times then refer the victim to a state district attorney or FBI field office that may investigate further. While notifying these parties is a good start, the victim should not stop there – contact your retirement Plan Administrators.

Often overlooked by victims, retirement plans will likely have their entire lifetime savings in one place. If a thief now knows a participant’s social security number, date of birth, address, and other personal information, they may try to access the retirement plan assets.

Please encourage your plan participants to report identity theft to you as the Plan Administrator. Alert Tycor and the plan Recordkeeper as soon as possible. At the recordkeeping level where the assets are held, special notations or flags can be put on a retirement plan account to restrict access in case a distribution request were to come through. As the Third Party Administrator (TPA) for your retirement plan, Tycor is committed to the safety and security of your retirement plan assets and will notify you if any fraud is suspected.