In 2020, as part of the CARES Act COVID-19 relief bill, Congress waived the requirement to take a minimum distribution from certain retirement accounts. The waiver wasn’t enacted until March, though, and by then many investors had already taken some ...
October
07
2020
As a business owner and entrepreneur, you are constantly being pulled in several different directions. You have a 401(k) plan in place as a robust benefit for your employees and rely on your Third Party Administrator (TPA) to help keep your plan comp...
September
16
2020
Picture the future. What are your plans for 10 years from now? How about 5 years from now? One year? How certain are you that your plans will become a reality? Of course, the truth is we can and should plan, but we can never be certain of what the fu...
August
19
2020
You may recall that the CARES Act says required minimum distributions (RMDs) don’t have to be taken in 2020 from IRAs and many employer retirement plans. This seems like a pretty simple concept, but it’s not. There were a number of unanswered questio...
July
08
2020
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...
July
01
2020
Many companies offer 401(k) plans as a benefit to help attract and retain talented employees, but most business owners and CFOs do not look at 401(k) plans in relation to corporate profitability. The plans are treated as a necessary expense, a cost o...
June
24
2020
The last person to be receiving a Civil War-era pension has died. Irene Triplett, of Wilkesboro, NC, died on May 31 at the age of 90 due to complications from having fallen a few days earlier, according to the Washington Post and other news outlets. ...
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 ...
April
22
2020
This article is part of our continuing series on the coronavirus and its effects on qualified retirement plans. Recently, we wrote about ways employees affected by the coronavirus could access money from their retirement plans. Today, we are discus...
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...