…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, serial employment, gig economy,…
…401(k) savings plan when an employee starts a new job and enrolls in a new 401(k). How serious a problem is this? A 2015 report by the Center for Retirement Research at Boston College found that 401(k) plan leakage causes a 25 percent reduction in…
…add those features … much to the (temporary) dismay of one particular employee. According to the human resources (HR) director at this particular financial institution, one of the bank’s employees came into her office one day with tears streaming down her face and a statement…
…organized in the United States by an employer for the exclusive benefit of his employees or their beneficiaries, or by an association of employees…for the exclusive benefit of its members or their beneficiaries, shall be treated as an individual retirement account…The assets of the trust…
…workers can contribute to a plan or IRA because tax-exempt “difficulty of care” payments are treated as compensation for purposes of calculating the contribution limits to defined contribution plans and IRAs. This is a splendid development, which provides a heretofore ignored segment of employees a…
…disaster zone; and the expansion of what constitutes acceptable financial need expenses incurred due to federally declared disasters. Changes that are required under the new rules include the elimination of an employer’s six-month suspension of employee elective deferrals following that employee’s hardship distribution and the…
Figuring out how much money one needs to save for retirement can be quite a balancing act for even the most prudent plan participant. Estimating when you will even retire can in itself be a conundrum for employees, especially younger employees; hazarding a guess at…
…retirement savings options for non-profit employees by allowing groups of non-profits to join together to offer retirement plans to their employees. Giving individuals aged 60 and older more flexibility to set aside savings as they approach retirement. Increasing the required minimum distribution age to 75….
…is included in employer contributions; essentially, such an employee must be credited with a year of vesting service for each 12-month period during which the employee has completed at least 500 hours of service. The rule does not apply to participants who met the plan’s…
In September, the U.S. Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC) jointly announced they were seeking public comments on proposed revisions to the Form 5500 Annual Return/Report filed by private-sector employee…
…phone during an interview – but proceeded to strike up a conversation! There are plenty of other intriguing insights in our survey, which I recommend you read: 2018 Millennial Benefit Trends Report It seems that, when it comes to Millennial employees, there’s hope after all….
As a plan sponsor, there are significant reporting and disclosure responsibilities under The Employee Retirement Income Security Act of 1974 (ERISA). Additionally, ERISA requires plan sponsors to retain broad categories of records related to meeting those responsibilities. To do so, a plan sponsor should understand…