…funds could otherwise be accruing, even for a short time. Yes, we are talking about “only” a maximum of $1,000 here, but as the mantra goes, every dollar counts. There is also the extra administrative complexity that will be derived from the bill’s enactment. Keeping…
…with an annual lifetime income disclosure, which is designed to illustrate how the participant’s account balance can be converted into an income stream at retirement. Included in the lifetime income disclosure statement are: The account balance; date of starting payments; age at which the annuity…
…allowing that individual to make such contributions — the institutions are not required to do so — must amend its IRA contracts and update the disclosure statement that must be given to IRA owners. Those amendments and updates can be deferred until at least December…
…to retroactively adopt a retirement plan after the close of the employer’s taxable year. For example, a calendar year taxpayer can adopt a plan in 2021 for last year (2020) as late as Oct. 15, 2021, assuming that that is the extended due date for…
…little thought is given to plans in these situations, a great deal of confusion, many missteps and fiduciary risk often arise. That said, failing to update the Plan Administrator role—the person or entity that is authorized with plan service providers to make decisions related to…
…the horizon. This webinar will provide insights into various legislative proposals and what it could mean for plan sponsors. Key Items Update on SECURE 2.0 Keeping Your Retirement Act Increasing Retirement Amount Act The Enhancing Emergency and Retirement Savings Act of 2021 ESG Disclosure mandate…
…mandatory and takes effect in 2024. Plans without a designated Roth provision would have to add the provision to the plan to comply with this rule. Logistically, this provision will require numerous, time-consuming, and costly changes to plan and payroll processing systems to accommodate it….
…to raise awareness of the credit, especially in minority communities. Help American families accumulate emergency savings while increasing targeted financial wellness advice and assistance with saving, debt, and budgeting. Create child savings accounts. Adjust the new part-time workers in 401(k) plans provision to require only…
…a feature that automatically raises employee contribution rates a little each year until they reach their target savings rate. This is really important since auto-enrollment usually starts at a savings rate of 3%, which is too low for most people to save and earn enough…
…assets and maintain personal data on participants, which can make them tempting targets for cyber-criminals. Plan fiduciaries have an obligation to ensure proper mitigation of cybersecurity risks. Key Items Responsibilities to manage cybersecurity risks Retirement account online basic rules to reduce the risk of fraud…
Cybersecurity is an epic concern not only in the United States, but globally, as well. Today’s hackers are modern day Willie Suttons, targeting high-balanced financial accounts because, “That’s where the money is.” Due to the massive amount of assets in retirement plans, regulatory agencies are…