Employee Benefit Plans

employee benefits 401k

New Tax Law Has Implications Related to 401(k) Loans to Participants

April 3, 2018

By Angela Juvelis, CPA, Senior Audit Manager Many employer-sponsored 401(k) plans allow for participants to borrow against their vested account balance as a “loan to participant.” Loans to participants are legally enforceable agreements, which also carry tax ramifications when repayment is not adhered to per the Internal Revenue Code and plan rules. Passage of the…

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employee benefits

How to Make the Most of Your Defined Contribution Plan

February 27, 2018

Most of us will depend on defined contribution plans, such as 401(k) or 403(b) plans, to fund much of our retirement. If this includes you, it’s important to understand how to make the most of the money you’re saving — both short- and long-term. Here are some tips. Stay on Top of Matching Contributions Many…

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Why Adding a Roth 401(k) Option Could Boost Employee Savings

February 26, 2018

A decade after they first became available, Roth 401(k) plans are now offered by many employers. Based on a Harvard study, employees are also getting on board without fully understanding how they work, especially the younger ones. Roth 401(k) vs. Roth IRA vs. Traditional 401(k) Similar to the Roth IRA, the Roth 401(k) plans operate…

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How High Can You Go?

January 26, 2018

Participants Willing to Accept Higher Default Deferral Rates It has been said by management that 3% is an unambitious 401(k) plan deferral rate, and it will be more difficult to get employees financially ready for retirement unless they have high average investment returns.  It is recommended that most employees should invest closer to 10% or…

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What to Do with Orphaned 401(k) Plan Accounts

January 25, 2018

In today’s environment, employees change jobs more frequently and with the baby boomers hitting retirement age, it’s common for 401(k) plans to have a significant number of orphan accounts. Plan administrators may need to determine a strategy as to how to handle these accounts. In order to effectively implement a strategy, the following factors must…

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President Signs Sweeping Tax Overhaul Bill into Law

December 22, 2017

On December 20th, 2017, Congress approved the final version of the “Tax Cuts and Jobs Act.” Earlier today, President Trump signed this bill into law. This is the first major tax overhaul since Ronald Reagan was president. It will have far-reaching effects on all individuals and businesses. Please click below for a special report on key…

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