No one wants another to-do list, especially at this busy time of year. But if you’re sponsoring a tax-qualified retirement plan for your employees, a little time spent before year-end to make sure the last compliance deadlines of the year are met could prevent a lot of time spent later to correct plan errors. By …
In exchange for the tax benefits provided to individuals saving in a qualified retirement plan, tax laws limit the amount of contributions that may be made to the plan each year and require plan contributions to be nondiscriminatory when comparing highly paid versus lower-paid workers. The contribution limits and thresholds associated with nondiscrimination testing are …
Want to learn more about retirement planning in the modern age from experts in the industry? Join us at the 2019 ASPPA Annual Conference, October 20-23 in National Harbor, Maryland! This conference dives deep into the new regulations and legislation surrounding the retirement industry, giving attendees an in-depth understanding of financial planning and how it …
As a 401(k) plan sponsor, you have probably received your mid-year nondiscrimination testing results. Did your plan pass? There are no consequences for failing mid-year testing, but it does give you fair warning that your plan may not pass at year-end. If the plan doesn’t pass year-end testing, you will have to take corrective actions …
Are your employees saving enough to retire at a reasonable age with financial security? Workers who have a retirement plan available to them are dramatically more likely to save money for retirement than those who do not have a plan (79% vs. 17%). Unfortunately, even when a plan is available, many employees choose not to …
Many retirement plan participants are thankful their employer’s retirement plan allows them to borrow from their savings before retirement and – if all goes according to plan – repay the loan back into their account. The tax laws permit these plan loans, so long as certain regulatory requirements are met. Employers must follow these rules …
Studies have shown that having access to a retirement plan at work is a crucial factor in whether American workers are financially prepared for retirement. But this good deed does not come without responsibility. The Employee Retirement Income Security Act of 1974 (ERISA) imposes important obligations and high standards of conduct on those who establish …
Another year, another incredible few days ahead with the 2019 NAPA 401(k) Summit. Benefit Trust will once again be attending the summit, the nation’s largest and most prestigious retirement-plan advisor event of the year. The event is being held April 7th-9th in Las Vegas, NV. There are over 30 individualized sessions to choose from that …
When workers experience a financial hardship, sometimes their retirement plan is the only financial resource they can tap into. The tax laws for qualified retirement plans, like 401(k) plans, permit plan sponsors to grant hardship distributions to workers if the requirements listed in Treasury regulations and the plan documents are met. Most 401(k) plans permit …
As a financial advisor, you can help retirement plan participants improve their chances of achieving a financially secure retirement by helping them calculate how much they should be saving each year through their workplace retirement plan. Simply providing a projection of their current savings as a monthly income stream in retirement can be a powerful …
