Retirement
What Happens if I Don’t Name a Beneficiary? Who Gets My 401(k)?
KEY POINTS Neglecting to name a beneficiary means your assets may be designated to your estate and become subject to probate. Plan ahead to review your beneficiary information once per year and when major life changes happen. Avoid subjecting your loved ones to the probate process by designating both primary and alternative beneficiaries. You may…
Read MoreSECURE Act 2.0 and What You Need to Know
KEY POINTS A new bill has been introduced to the House which will build upon recent changes made with the passage of the SECURE Act. The bill is intended to help you save for retirement, directly targeting those just starting and those nearing retirement age. If you’re an employer, the bill also provides provisions that…
Read MoreRequired Minimum Distributions are Back. Tell a Friend.
Key Points The one-year waiver of required minimum distributions (RMDs) for retirement accounts that were authorized under the CARES Act is over. The SECURE Act in 2019 changed some rules regarding RMDs which will now be in effect. Those that are 72 years and older will need to start taking their RMDs this year to…
Read MoreHow Common are Automatic Enrollment and Target Date Funds in 401(k) Plans?
As employers and plan sponsors look for ways to improve employee participation and engagement in their 401(k) plans, a common question we hear is, “What are other plans doing about automatic enrollment and target-date funds?”. As you may expect, the amount of plans that are adopting both features is trending upwards. What is Automatic Enrollment…
Read MoreHouse Committee Advances Single-Employer Pension Plan Provisions for the New COVID-19 Relief Package
On February 12, 2021, the House Ways and Means Committee approved additions to the new COVID-19 relief package that will most likely be approved by the end of February. It includes key elements related to single-employer plans including 401(k) and defined benefit plans. The legislation is being prepared to come up for a House vote on February…
Read More5 Ways to Protect your Retirement Account from Fraud and Identity Theft
According to research conducted by the American Bankers Association in 2019, there were 374 million open credit card accounts in the U.S. That’s about 70% of the population. If you’ve had credit cards for a while, you’ve probably also been a victim of credit card fraud or identity theft. This might be the only time…
Read MoreAre Your Retirement Assets Protected?
For many, asset protection is an after-thought, if thought about at all. Are you aware that retirement accounts such as Individual Retirement Accounts (“IRAs”), 401(k)s and Defined Benefit (“DB”) plans receive protection from creditors and bankruptcy? Asset protection is often associated with high-net-worth individuals, business owners, professionals such as doctors, surgeons, attorneys, and CPAs, as…
Read MoreWays to Reduce Your Taxable Income & Save Money
Background December 2017, the Tax Cuts and Job Act (“TJCA”) was signed into effect. If you’re the owner of a pass-through entity (S corporation, LLC, or partnership), are you aware of the tax deductions available under the TJCA and the Internal Revenue Service (“IRS”) section 199A? Basically, taxpayers with taxable income that is less than…
Read MorePension Contributions at Risk due to COVID-19
As we try to bestow good tidings and wishes onto 2021, we must also weather the aftershocks of 2020 which include a very prevalent global pandemic. According to an article by Pew Trusts, many states are facing budgetary shortfalls due to a loss in revenues coupled with the increasing demand for public health and other…
Read MoreThe Perfect Time to Start a 401(k) Plan
“The best time to plant a tree is 20 years ago. the second-best time is right now.” Chinese Proverb If you’ve been thinking about starting a 401(k) plan, now is the perfect time! New changes through the SECURE Act are giving small businesses even more incentive to start. Employers with fewer than 100 employees who…
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