The Internal Revenue Service has updated and expanded the ability to correct operational and plan documentation flaws with the new and improved Employee Plan Compliance Resolution System (Rev. Proc. 2021-30) (EPCRS). Issued and generally effective July 16, 2021, the EPCRS revises and expands the previous version of the same programRead More →
In the wake of the Setting Every Community Up for Retirement Enhancement Act (SECURE) of 2019, there is currently broad bipartisan support in Congress for additional pension legislation providing incentives to increase employee retirement savings. . The House and Senate have drafted essentially similar bills that are being drafted inRead More →
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Photo of a couple filling out papers together at home getty Are you maximizing your employer’s contributions to the pension plan? Did you know that you may be able to put extra money into your after-tax plan? (The IRS 2021 annual limit for the total of all annual contributions isRead More →
The Supreme Court recently granted the writ of certiorari requested by Northwestern University pension plan members, following the solicitor general’s plea for the court to hear the case. Hughes v. Northwestern Univ., n ° 19-1401, 2021 US LEXIS 3583 (July 2, 2021). The certiorari motion states the question presented asRead More →
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An Exxon Mobil Corp logo is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil, September 24, 2018. REUTERS / Sergio Moraes / File Photo Register now for FREE and unlimited access to Reuters.com Register HOUSTON, July 2 (Reuters) – Exxon Mobil Corp (XOM.N)Read More →
The IRS has extended until June 30, 2022, the remote notarization relief that gives pension plans more flexibility for member choices that require a witness, such as 401 (k) and loan applications. spousal consent to changes in the distribution of survivor pension benefits. IRS Notice 2021-40, released June 24, waivesRead More →
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The design of a pension plan can make or break an employee’s ability to maintain their standard of living … [+] retired. Getty Images / iStockphoto The design of a pension plan can make or break an employee’s ability to maintain their standard of living in retirement. Over the pastRead More →
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Solo 401 (k) Shutterstock Profitable traders want to maximize pension contributions in trading activities and also in their full-time jobs. Traders are investment pros and understand the power of tax-free funding while saving for retirement. However, wages are necessary to contribute to a pension plan. Eligible active merchants tax statusRead More →
Text size The time of dreams The federal government’s Thrift Savings Plan will begin providing environmental, social and governance funds in 2022, the latest sign of the growing acceptance of sustainable investing by pension plans. ESG funds will be available in a new “mutual fund window,” similar to a brokerageRead More →
Participants in the American Red Cross (ARC) pension plan have gone to federal court, alleging that pension fund fees were not below market standards and investment returns were below average . Fund participants claim to have lost millions of dollars, according to a class action lawsuit filed with the U.S.Read More →
While pension plan committees, also known as plan fiduciary or supervisory committees, have structures as diverse as the companies that sponsor them, new research shows key consistency in how committees are designed and operated. Pension committees are responsible for a wide range of decisions regarding the operation, benefits and costsRead More →
Sometimes simple decisions have complicated implications. When BU officials suspended the University’s contributions to the BU’s retirement plan on July 1, 2020, citing the financial impact of the coronavirus pandemic, it seemed simple. It was not, as officials are now learning. (University officials say the one-year suspension saved BU $Read More →
On May 11, the New York City Council enacted local law to establish a retirement savings program for certain employees of private companies. What are the details? The new law creates a mandatory, self-enrolling individual retirement account (IRA) program for private sector employers in New York City who do notRead More →
In a new report, the Congressional Joint Committee on Taxation estimates that 22% of net contributions to 401(k) and other workplace retirement savings plans made by people age 50 or younger during a given year are withdrawn early in the form of hardship withdrawals, loans or cash withdrawals by personsRead More →
On May 11, 2021, the New York City Council enacted a local law to establish a retirement savings program for certain employees of private entities. What are the details? The new law creates a mandatory auto-enrollment Individual Retirement Account (“IRA”) program for employees of private sector employers in New YorkRead More →
A bill allowing workers to make student loan repayments while their employers make matching contributions to their defined contribution accounts was reintroduced in the Senate on Thursday. Under the Pension Parity Act for Student Loans, employers are allowed to make matching contributions to workers’ 401(k), 403(b), and SIMPLE and governmentRead More →
By Danielle Harrison, CFP Benjamin Franklin is often quoted for his statement: “Nothing can be said for certain, except death and taxes”. What Ben Franklin failed to explain, however, is that just because taxes are certain doesn’t mean they aren’t constantly changing and won’t present a lot of uncertainty. OurRead More →
(Photo: Shutterstock) The COVID-19 pandemic has had a noticeable impact on higher education institutions and their employees, and as a result, pension policymakers are looking to bolster their financial wellness plans to help employees feel more in control of their finances. Additionally, as plan sponsors seek to reduce complexity andRead More →
(Photo: Shutterstock) More than three-quarters — 77% — of Americans believe all workers should have access to a retirement plan, study finds National Institute on Retirement Security. Two-thirds believe pensions promise a more secure retirement than the ubiquitous 401(k) plan. Americans’ support for retirement is not surprising given the currentRead More →
As many people struggle to overcome the financial setbacks caused by the COVID-19 pandemic, more employers are focusing their efforts on helping employees improve their financial well-being and save for the future. . An October 2020 study from the Employee Benefit Research Institute reveals that more and more employers areRead More →
(Photo: Shutterstock) Group employer plans (PEPs) were created to give employees of small businesses access to a defined contribution pension plan, with the promise of easing administrative hardship for small business owners. Suppliers are stepping up to offer them, advisors are talking about them, and employers are curious about them.Read More →
By Joseph Stenken, J.D. When most people think of investments to use in a qualified retirement plan, they usually think of mutual funds or individual stocks. What many people may not realize is that it is also possible to use retirement plan assets to purchase life insurance as part ofRead More →
Reprocessing puzzle solved. Getty Most people who work for companies can set aside money through a 401(k) or equivalent program. But if you’re retired or a business owner, you can also put a plan in place. Bruce Bell, attorney in the Chicago office of Schoenberg Finkel Beederman Bell Cooler, showsRead More →
It may seem counterintuitive, but stashing funds in your retirement plan at work could actually make it harder to retire. Some worktops are great while others are expensive and stiff. And some plans may be good for some employees, but not for you. So how do you know if yourRead More →
It is your responsibility to fill your retirement piggy bank. Getty How much can you save for your retirement in 2021 in tax-advantaged accounts? How does $58,000 sound? The Treasury Department announced inflation-adjusted numbers for retirement account savings for 2021. The base salary deferral amount for 401(k) and similar workplaceRead More →
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While many would agree that saving for retirement is a great financial deal, a significant number of employees still do not participate in their employer-sponsored retirement plans. Lack of participation can be the result of insufficient income to contribute to retirement. However, many times employees do not participate because theyRead More →
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A qualified retirement plan is simply a plan that meets the requirements set forth in section 401(a) of the US tax code. This does not mean that other types of plans are not available to build your nest egg. However, the majority of retirement savings programs offered by employers areRead More →