August 12 2015

Investing in oil

As we're ending the second quarter earnings season, and getting ready for summer to end, investors are evaluating their portfolios for the rest of the year, and hopefully really for the next 3-5 years or longer. We haven't had this much volatility in...

August 05 2015

IRS: No More Lump Sum Buyouts for Vulnerable Retirees If We Can Help It

Think of a 75-year-old. Maybe it’s you, maybe it’s someone in your parents’ or grandparents’ generation. Let’s call the 75-year-old “Pat.” Imagine that Pat is receiving a steady payment of, say, $1,000 per month from a pension plan. These payments wi...

July 20 2015

President Obama really wants you to retire

After President Obama’s myRA announcement at the 2014 State of the Union address, we have his most recent push to increase access to retirement plans and to increase retirement savings: state-run retirement savings programs. In the White House Confer...

July 06 2015

Time + compound interest = lots of wealth

Hey, parents.  Want to give your teenager a gift that may last a lifetime?  If she has a job, consider setting up a Roth IRA and making a contribution equal to the amount she earns.  With the magic of compound interest, the small amount you put aside...

June 18 2015

Considering a 401(k) Plan for 2015?

If you are considering setting up a 401(k) plan for 2015, you may not have as much time as you think.  October 1st is the deadline for implementing a safe harbor 401(k) plan this year.  Safe harbor design – whether a match or nonelective contribution...

June 09 2015

IRS 5500-EZ Program: A Brilliant Idea Becomes Permanent

When someone comes up with a good idea that works, it should be kept around.  Last year around this time, we told you about a wonderful pilot program the IRS rolled out providing relief to late filers of Form 5500-EZ.  We are pleased to report that t...

June 08 2015

401(k) plan fees - Supreme Court weighs in

As an update to our recent coverage of 401(k) plan lawsuits, the Supreme Court has ruled that plan sponsors have a duty to monitor investment options on a continuous basis. As we previously discussed in the Tibble v. Edison case, the central argument...

May 19 2015

Do You Have to Prove Hardship to Get a Hardship?

Many 401(k) plans allow participants to take hardship withdrawals if there is an immediate and heavy financial need.  A question is, should a participant have to prove there is hardship, or should plan sponsors simply take the participant’s word and ...

May 07 2015

401(k) plan lawsuits

401(k) plans don’t get much media attention, and many employers view 401(k) plans as a necessary benefit they must provide for employees. However, they often don’t understand the vast fiduciary duty that accompanies sponsoring a 401(k) plan. As parti...

April 23 2015

How Long Should You Maintain Plan Records? It Might Be Longer Than You Think

Late in 2014, the IRS posted an article on its website about how long retirement plan records should be kept.  With eager anticipation, I clicked on the article and found that it said…not much.