…the end of the decade, assets under management exceeded $500 million. In 1982, the Savings Association Retirement Fund became known as the Financial Institutions Retirement Fund and the Savings Institutions Thrift Plan became known as the Financial Institutions Thrift Plan. By 1987, assets under management…
…requirement of participants to certify in writing or by other electronic means that they do not have sufficient cash or liquid assets reasonably available to address the hardship. Prior to making a hardship distribution, the recipient must agree to preserve source documents and to make…
…to older workers, and reduce older-American poverty rates by increasing SSI [Supplemental Security Income] asset limits and increasing the benefit levels, including raising the minimum benefit. Biden’s views on equalizing savings incentives is more fully detailed in his “Plan for Older Americans,” released last July….
…the lesser of $50,000 or 50% of the plan participant’s vested assets to the lesser of $100,000 or 100%. A full menu of CARES Act-related information can be found here. There have been numerous changes and clarifications to the above by the Internal Revenue Service…
…employer-sponsored 401(k) plan, from the lesser of $50,000 or 50% of the plan participants’ vested assets to the lesser of $100,000 or 100%. While Congressional leaders finally came to an agreement on a $900 billion stimulus bill on Dec. 20, what impact – if any…
…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…
…asset base through contributions and positive investment performance so that each participant’s plan balance can be turned into a stream of lifelong income for retirement. That is the end game. The industry as a whole has not excelled in helping DC plan participants transition their…
…provide an ACA notice to participants can cost a plan up to $1,899 per day. And the list goes on. Penalties for plan reporting and disclosure failures are considered “settlor” expenses and cannot be paid out of plan assets. That means, the plan sponsor is…
…a mid-year plan switch, overcome another, potentially expensive, hurdle. Currently, SIMPLE IRA participants cannot roll over the assets from their SIMPLE IRAs to another plan within the first two years of participation without incurring a 25 percent penalty, unless they have a penalty exception (e.g.,…
…gift card. Whatever the incentive, they cannot be paid for with plan assets. The term “de minimis” is not defined; a suggested safe amount is $25. Clarification is needed on whether the amount should be treated as compensation. Plans can increase the cash out limit…
…the retirement plan—is a common oversight. For example, Company A purchased Company B in an asset sale and Company A did not take on Company B’s 401(k) plan. The person who had been identified as Company B’s Plan Administrator and signed the Forms 5500 no…
…owner or beneficiary for QCD purposes is a person who has attained age 70 ½ or older, and has assets in traditional IRAs, Roth IRAs, or “inactive” Simplified Employee Pension (SEP) IRAs or Savings Incentive Match Plans for Employees (SIMPLE) IRAs. Inactive means there are…