…its employees. The bill is also constructed in a way to provide long-term part-time employees access to their employer’s retirement plans. It also recognizes that the average life expectancy of Americans has been increasing, along with people’s willingness and ability to work longer – by…
…a lender, at a maximum of $5,250 per employee, tax-free. Employers can, and should, explore other ways to help alleviate employees’ student debt loads. Altruism aside – and we are not dismissing that factor – helping to pay off those loans can play a part…
…determine if a cash balance plan is right for them.[Note: Simplified employee pension (SEP) plans have historically followed the above schedule; and special set-up rules apply for safe harbor 401(k) plans.] In addition, small businesses (with fewer than 100 employees) may also be eligible for…
…of the year count. That’s important because it can include former employees if they still have an account balance. This reality, plus the annual plan cost of carrying former employees, encourages many plan sponsors to force out former employees with small balances. The Department of…
…defined benefit to defined contribution models. A comprehensive review of private retirement coverage, individual and household accounts balances, investment trends, costs and net returns, and retention and distribution during retirement. A comprehensive review of societal trends, including wage growth, economic growth, unique small business challenges,…
…private-sector retirement and other employee benefit plans in light of recent trends involving ESG investing – which, as the name indicates, revolves around measuring the sustainability and societal impact of an investment, in order to determine the future financial performance of that investment. Falling under…
…employees, through an Open MEP (Multiple Employer Plan); raise the required minimum distribution age from 70½ to 72; and concurrently remove the age limit for contributing to Individual Retirement Accounts (IRAs). It also would make it easier for employees to transfer their retirement plan assets…
…additions test and top-heavy test. After-tax contributions are subject to the ACP test—a special 401(k) test that compares the rate of matching and after-tax contributions made by those in upper management (i.e., highly compensated employees or HCEs) to the rate made by rank-and-file employees (i.e.,…
While assessing whether or not your plan is in line with the current trends and best practices for retirement plans may be low on your “to do” list, it is important factor when it comes to employee recruiting and retention, and also in meeting your…
…by HCEs, such as owners and managers, are a function of the contributions made by rank-and-file employees (non-highly compensated employees, or NHCEs). In plain English, as the NHCEs save more for retirement, the rules allow the HCEs to defer more. But this is where the…
…are some points to check. How the Plan Is Presented. The more convinced employees are of the wisdom of saving for retirement, the greater the level of employee participation. The greater the participation, the more the plan can benefit all employees — including highly compensated…
…with the state excluded the incarcerated employees, its plan document did not. As the 3(16) fiduciary administrator for the plan, naturally, this set off a long series of conversations around the definition of an ‘employee’ and a great deal of discussion with our legal team….