The CARES Act, signed into law on March 27, 2020, allows employees affected by COVID-19 greater access to money set aside for them in employer retirement plans. As often happens, many details of this new law were not immediately clear. We found our...
June
17
2020
Retirement planning has become top of mind for many Americans in today’s economy. Fortunately, most businesses now offer 401(k) plans to attract new talent and compensate existing employees, helping them plan for their financial futures beyond their ...
March
23
2020
Options for Accessing Retirement Plan Money Amid COVID-19 Outbreak
Posted by David J. Kupstas, FSA, EA, MSEA
in 401(k), Retirement, Financial Planning, distribution planning, coronavirus, covid-19
with No Comments
Amid the coronavirus (COVID-19) scare, we are getting reports that our clients are imposing layoffs, furloughs, and temporary shutdowns. It makes sense; if people aren’t coming to your business, there’s no work for the employees to do and no money t...
February
27
2020
What does it mean when a plan fails its ADP test? An ADP test, Actual Deferral Percentage, is a discrimination test required by the law to ensure that the Highly Compensated Employees (HCEs) are not deferring at a much higher rate than the Non-Highly...
January
30
2020
What You Need to Know About the SECURE Act
Posted by J. Saunders Wiggins, CFP®, AIF®
in 401(k), Retirement, Wealth Management, Financial Planning
with No Comments
By now you have likely heard about the SECURE Act recently passed by Congress. The Setting Every Community Up for Retirement Enhancement (SECURE) Act will increase access to workplace retirement plans and expand retirement savings, but what provision...
December
26
2019
Five Best Practices to Protect Your Retirement Nest Egg from Cybertheft
Posted by Joné E. Liuzza, ERPA, QPA, QKA
in 401(k), Retirement, Wealth Management, Financial Planning
with No Comments
I remember when I was 10, there was no such thing as a debit card. In fact, growing up in the ‘80s meant no internet, no PayPal, no direct deposit or any type of remote banking. While they make things extremely efficient and easy for us, these techno...
November
08
2019
Retirees receiving Social Security will see a small benefit increase in 2020. Savers in qualified retirement plans (but not IRAs) will have the ability to put a bit more money away in 2020.
September
11
2019
Three Things You Should Be Doing as a Plan Sponsor
Posted by Joné E. Liuzza, ERPA, QPA, QKA
in 401(k), Retirement, Third Party Administration, TPA, fiduciary obligation
with No Comments
If you sponsor a 401(k) plan, you are likely working with great partners. You probably work with an advisor who maintains the investment lineup. You are also probably working with a Third Party Administrator (TPA) who handles the daily administration...
August
21
2019
How to Fix a Participant Loan
Posted by David J. Kupstas, FSA, EA, MSEA
in 401(k), participant loan, epcrs, irs, vcp
with No Comments
Recently, we shared the basic rules related to participant loans in qualified retirement plans. From time to time, there will be loans that are not in compliance with one or more of these rules. What happens then? Is there a fix? Today, we will g...
July
10
2019
Many 401(k) and profit sharing plans are set up to be cross-tested plans. (Most of those that aren't probably should be.) There are times, however, when using cross-testing is not the best way to satisfy the nondiscrimination rules. Sometimes, you mi...