There are two important financial challenges faced by business owners: reducing tax liability and saving for future retirement. This guide will address both. If you own your own business, want to pay less taxes, want to protect your assets from the reach of creditors and…
…benefit plans and jeopardize employers’ ability to continue to offer defined benefit plans.” We agree with the letter – whose signees also include the Committee on Investment of Employee Benefit Assets, the National Association of Manufacturers, The ERISA Industry Committee, and the U.S. Chamber of…
…welfare benefit plans, such as those providing life or disability insurance. Those plans cover about 143 million workers and their dependents and include assets of over $9.8 trillion. Those are a lot of numbers, but here’s one more: In 2018, EBSA recovered over $1.6 billion…
…North Carolina Bankers Association and the Pennsylvania Association of Community Bankers in 1994. By the end of the decade, assets under management topped $2 billion. Pentegra earned two key endorsements as assets topped $3 billion at the beginning of the decade. In 2006, NAFCU Services…
…about two dozen provisions aimed at increasing access to tax-advantaged retirement accounts and preventing older Americans from outliving their assets. As with most legislation passed by Congress, the SECURE Act contains multitudes. In this and my next blog, I will discuss some of its major…
…requirement of participants to certify in writing or by other electronic means that they do not have sufficient cash or liquid assets reasonably available to address the hardship. Prior to making a hardship distribution, the recipient must agree to preserve source documents and to make…
…group had gotten divorced and received a domestic relations order (DRO), which splits a retirement or pension plan account by recognizing joint marital ownership interests in the plan — specifically the former spouse’s interest in that spouse’s share of the asset. But in this instance…
…to older workers, and reduce older-American poverty rates by increasing SSI [Supplemental Security Income] asset limits and increasing the benefit levels, including raising the minimum benefit. Biden’s views on equalizing savings incentives is more fully detailed in his “Plan for Older Americans,” released last July….
…the lesser of $50,000 or 50% of the plan participant’s vested assets to the lesser of $100,000 or 100%. A full menu of CARES Act-related information can be found here. There have been numerous changes and clarifications to the above by the Internal Revenue Service…
…employer-sponsored 401(k) plan, from the lesser of $50,000 or 50% of the plan participants’ vested assets to the lesser of $100,000 or 100%. While Congressional leaders finally came to an agreement on a $900 billion stimulus bill on Dec. 20, what impact – if any…
…assets and maintain personal data on participants, which can make them tempting targets for cyber-criminals. Plan fiduciaries have an obligation to ensure proper mitigation of cybersecurity risks. Key Items Responsibilities to manage cybersecurity risks Retirement account online basic rules to reduce the risk of fraud…
…pandemic. This issue is likely to continue through 2022 and beyond. Talented employees enhance productivity and provide leadership and are often a company’s greatest asset. In a recent study of 205 retirement plan sponsors, 81% said they are concerned about the increased competition for talent…