Retirement 101

DEfined Benefits & Cash BAlance Plans

401(k), 403(b), and more

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Retirement University

We've put together videos, white papers, and blog posts to help you better understand retirement, 401(k), 403(b), and Cash Balance.

Sarah joined the Odyssey Advisors team in February, 2016. She works with clients to value their retiree medical, dental, and life insurance benefits.

We understand that you want to focus your time and energy on your business, not taxes and retirement. That’s why we are here to help!

- Sarah Rothenberg, ASA, MAAA, Consulting Actuary

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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 be naturally…

Woman sitting with couple discussing target date fund options

How 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…

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House 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…

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Are 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…

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The 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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401(k) Plans & Automatic Enrollment?

A recent study by Employee Fiduciary examined the negative aspects of automatic employee enrollment in 401(k) plans, particularly for smaller plans. Only 8.7% of small business plans (average of 25 participants with assets of $1M) automatically enroll eligible employees as opposed to 68% of larger plans. Why the contrast when automatic enrollment is traditionally seen as an…

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SIMPLE IRA to 401(k) for 2018? The deadline is now

If you’d like to move to a 401(k) for 2018, you must notify employees by 11/2 As your business or that of your clients has grown, you may be thinking it’s time to upgrade your retirement plan from a SIMPLE-IRA to a 401(k) Plan. The issue is that you can’t switch mid-year as IRS rules…

Do S-Corporation Distributions Count For 401k & Pension Plans?

Key Points Short answer – no. Contributions to a retirement plan may only be made from your W-2 wages/earned income. Your retirement plan contributions are based solely on your W-2 wages and NOT on the flow-through income. Please consult with your accountant, tax advisor, and investment professional to review your compensation and go over specific…

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Can an LLC Member Contribute to a 401(k) Plan?

Generally 401(k) deferrals & contributions are allowed, but there are exceptions. The biggest issue to consider is whether or not the member/owner is providing material services that are income producing for the LLC. Here is the basic checklist or list of things to consider: Under Internal Revenue Code Section 401(c)(1), the IRS states that “employee”…

Vanguard How America Saves 2017 based on 2016 Defined Contribution Data - Target-Date funds roll on

Target-Date funds expand their reach in 401(k) plans

Vanguard Group recently issued their 110 page “How America Saves 2017” report on the behavior of defined contribution plan participants in the plans that they record-keep. The trend toward professionally managed options – primarily target-date funds – continues with 53% of participants using such accounts in 2016 (46% were in a single target-date fund). This is…