Employee Benefit Plans

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FAQs on Employee Benefit Plan Retirement Benefits

April 30, 2020

The Department of Labor released guidance on employee benefit plan retirement benefits to help employee benefit plans, plan participants and beneficiaries, employers and other plan sponsors, plan fiduciaries, and other service providers impacted by the Coronavirus pandemic. CARES Act Background The CARES Act expands access to retirement plan distributions and loans for qualified individuals impacted by…

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13 Ways the SECURE Act Impacts Employers and Retirement Plans

January 9, 2020

Congress recently passed, and the President signed into law, the SECURE Act, landmark legislation that affects the rules for developing and maintaining employer-provided retirement plans. Whether your business currently provides your employees a retirement plan, or are planning to do so, you should consider how these new rules may affect your current retirement plan (or…

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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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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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