Retirement
GASB 67 and GASB 68: What’s the Difference?
Key Points Governmental Accounting Standards Board Statement No. 67 (GASB 67) – Financial Reporting for Pension Plans Governmental Accounting Standards Board Statement No. 68 (GASB 68) – Accounting and Financial Reporting for Pensions GASB 67 and GASB 68 changed the way public pension plan data is measured and reported, effectively replacing previous statements GASB 25…
Read MoreSECURE Act 2.0 Clears House Committee with 6 Key Revisions
KEY POINTS The Securing a Strong Retirement Act of 2021 (better known as SECURE Act 2.0) was passed by the House Committee Wednesday evening, May 5th. The bill is intended to enhance provisions made by the SECURE Act of 2019 and aims to help you boost your retirement savings. We previously wrote an article that…
Read MoreWhat’s the Difference Between Medicare Supplement and Medicare Advantage?
KEY POINTS Original Medicare covers a majority of basic health necessities, but not everything. Medicare Supplement (also known as “Medigap”) was designed as a supplemental health insurance policy to cover additional out-of-pocket expenses that Original Medicare doesn’t cover. Medicare Advantage (also known as Part C), is a private insurance alternative to Original Medicare, which can…
Read MoreSocial Security and Government Pension Offset Simplified
KEY POINTS Government Pension Offset (“GPO”) adjusts Social Security spousal or survivor’s benefits for those who receive “non-covered” pensions. GPO reduces Social Security spousal and survivor benefits by 2/3rd of the monthly pension payment from a non-covered government job. The bipartisan Social Security Fairness Act (“SSFA”) bill, designed to eliminate both GPO and the Windfall…
Read MoreWhat 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 UPDATE: SECURE Act 2.0 clears the House Committee May 4, 2021, with 5 Key Revisions. 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…
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…
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