With an average of only 43 percent participation in governmental defined contribution plans, people living longer and saving less, and retirement benefits being reduced by their employers, the importance of saving couldn’t be greater. But – how to enroll those that aren’t in the plan? This NAGDCA session discussed some innovative strategies that had significant … More Winning Enrollment Techniques and Challenges
Welcome to Hey Joel! This forum answers plan sponsor questions from all over the country by our in-house former practicing ERISA attorney. Hey Joel, Will hardship suspensions go away in January 2019? If someone takes a hardship today, do we stop the suspension on Jan. 1, 2019? ~ Anxious in Alabama Dear Anxious, First, understand … More Hey Joel – Will Hardship Suspensions Go Away in January 2019?
“What records should I keep? How long should I keep them? How should I organize my files?” Advisors have been asked these questions time and time again by plan sponsors looking for a general guideline for record expiration dates. Record retention doesn’t need to be a mystery, and the filing system doesn’t need to become … More Records and Their Expiration Dates
Cyber fraud is a growing concern globally. Individuals are typically very careful to keep their bank account and email authentication information safe, but they aren’t always smart with the rest of their personal information. Participants need to be vigilant with their retirement savings accounts as well. In the past year we’ve seen a slew of … More Six Easy Steps to Keep Your Plan Assets Safe
Twenty-seven members of Congress sent a letter to the president which, in its essence, claims the DOL is engaging in enforcement activities against ESOPs without providing meaningful guidance. This letter states the DOL “has released very little guidance on substantive issues including, for example, valuations….” It goes on to state that “the Department has also … More Members of Congress Call Out the Department of Labor on its Enforcement Activities Regarding ESOPs
The opportunities to take in-service distributions from retirement plans are limited prior to age 59½. An exception is hardship withdrawals. The requirements for hardship withdrawals are changing as follows: No Plan Loan– To qualify for the safe harbor for hardships, plans no longer have to require that participants take the maximum loan available before requesting … More As 2019 is fast Approaching, a Reminder about the Changing Rules for Hardship Withdrawals
In August, the Internal Revenue Service issued a private letter ruling (PLR) clarifying that employer contributions to retirement plans may be tied to student loan payments. Since the great recession of 2008-09, student loan debt in the U.S. has mushroomed. It is estimated that Americans now hold approximately $1.5 trillion in student loans. As a … More IRS Guidance Indicates Employer Contributions to Retirement Plans may be Linked to Student Loan Payments
This past March, almost 10 years after the “new” Fiduciary and Best Interest Contract (BIC) rules were first proposed, the Fifth Circuit of the U.S. Court of Appeals vacated the rules in their entirety. The Department of Labor (DOL) elected not to appeal to the Supreme Court. Quickly following this, and to no one’s surprise, … More DOL’s New Fiduciary Rule & the SEC’s Best Interests Rule – Hopefully they will Intersect
IRS Limits on Retirement Benefits and Compensation As published in IRS News Release IR-2018-83, Nov. 1, 2018 2019 2018 2017 401(k), 403(b), 457 Elective Deferral Limit $19,000 $18,500 $18,000 Catch-Up Contribution Limit (age 50 and older) $6,000 $6,000 $6,000 Annual Compensation Limit $280,000 $275,000 $270,000 Defined Contribution Limit $56,000 $55,000 $54,000 Defined Benefit Limit … More IRS Announces 2019 Retirement Plan Limits
With the recent market volatility, it’s understandable that you may be concerned about your investments. Volatile markets can make you wonder if you’re on track to meet your retirement goals. Don’t be discouraged and most of all, don’t panic. Instead, be proactive! Consider the following steps you should be taking in both up and down … More Tips to Weather a Turbulent Market