…about retirement. Those include protecting and strengthening “Medicare as we know it”; preserving and strengthening Social Security (“the bedrock of American retirement”); equalizing tax benefits of defined contribution plans; and providing help for older workers who want to keep working. When – and whether –…
…June to 1.24% in December. While defined benefit pension plans generally suffered declines in their funded ratios due to the fall in longer term interest rates, the recent stabilization in rates, along with the market rally, have helped stem the drop in their funded status….
…There, among other items, he argued for equalizing those incentives in defined contribution (DC) plans for middle-class workers, ostensibly to bring them closer in line with upper-income families who currently receive a stronger tax break for saving. The ”Plan for Older Americans” also calls for…
…which information is correct.” Comments on the proposed regulations are due on or before October 1, 2020. The DOL expects that about 3,200 firms will apply to become PPPs: “Recordkeepers and plan administrators of existing defined contribution plans are most likely to enter the market,”…
…head into 2021 with the pandemic still in effect – we must assume, for the present, that the important dates for 2020 will remain in place next year. Therefore: April 30: The deadline for sponsors of single and multi-employer defined benefit pension plans to send…
…responsibility to a dependable, proven company can free up time and help protect both plan sponsors and their organizations from litigation. Keep in mind other sources of retirement income. Besides 401(k) plans and IRAs, defined benefit (pension) plans, employee stock-ownership plans, and of course Social…
…or unrelated – to file a single Form 5500 for multiple defined contribution plans – again, to help cut down costs and receive higher levels of service. The plans making up the GoP must have the same trustee, administrator, fiduciaries, investments and plan year in…
…summer, discussion has begun in earnest. The proposed bill (the American Jobs Plan) totals $2.3 trillion. First, it is important to define what is meant by “infrastructure.” Broadly defined, infrastructure is the basic system of services that a country and a society needs to function…
…Pooled Employer Plans (PEPs) may prove to be extremely attractive and beneficial to sponsors and participants alike. In addition, the wave of Defined Contribution (DC) plan-only retirees that we are seeing offers even another reason to expand retirement savings options. Guaranteed income, through in-plan annuities…
Cybersecurity is defined as the state of being protected against the criminal or unauthorized use of electronic data, or the measures taken to achieve this. What does this mean for your employer sponsored retirement plan? ERISA-covered plans often hold millions of dollars or more in…
…will be required to check a box on the 2021 Form 5500 indicating that the employer elects to treat the plan as retroactively adopted as of the last day of the employer’s 2020 taxable year.) In addition, if the plan is a defined benefit plan,…
…employee pension (SEP) plans have historically followed the above schedule; and special set-up rules apply for safe harbor 401(k) plans.] Establishing a plan retroactively can be particularly appealing if the business owner establishes a defined benefit plan, such as a cash balance plan. Cash balance…