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FAQ’s About Required Notices

…employees and plan beneficiaries who fail to direct the investment of their 401(k) plan account balances must provide a QDIA notice. The notice must reach employees and beneficiaries at least 30 days before (1) they are eligible to participate in the plan or (2) the…

A Checklist for Plan Sponsors

…income to the recipients. Review loans to make sure that loan balances do not exceed the maximum limitations. Unless used to finance the purchase of a principal residence, all loans must be repaid within five years. A plan may impose more stringent conditions on loans…

Consequences of Plan Disqualification

…have to include their entire vested plan balance in income (any amount not previously taxed) if the plan is disqualified for certain reasons. In addition, distributions from a plan that has been disqualified are not considered eligible rollover distributions. Consequently, employees receiving distributions cannot roll…

Some Thoughts On China And The Us Economy

…less buying power in US dollar terms. Conversely, Chinese goods and services have become cheaper for the rest of the world. A floating currency would help bring the US trade deficit with China back into balance. Among the world’s largest economies, China has the world’s…

The Pitfalls of Taking a Loan From Your Retirement Plan

…have borrowed from your 401(k) plan and subsequently lose your job, you are generally required to pay back the entire outstanding balance of the loan … often within 60 days of termination of employment. Any amount not repaid within the specified time frame is considered…

How to Keep Your Retirement Fund Working for You

…percent rule,” which involves withdrawing 4 percent of your portfolio in the first year of your retirement, and then 4 percent in each subsequent year, adjusting for inflation. Alternatively, based on life expectancy assumptions, you may elect to divide your account balance by the number…

Don’t Get Spooked: Overcoming Investing Bogeymen

…they live. If a retiree puts 20 to 25 percent of retirement savings into an annuity, with Social Security providing supplemental income and the rest of the retiree’s account balance consisting of various other pieces, the retiree is in effect “pensionizing” part of the retirement…

Rule of Thumb for Decumulation: There Is No Rule of Thumb

…Security providing supplemental income and the rest of the retiree’s account balance consisting of various other pieces, the retiree is in effect “pensionizing” part of their retirement savings. The annuity option should be available to every 401(k) plan participant, regardless of individual circumstances; it should…

Big Changes Expected in Form 5500 Reporting

…would be 100 participants with account balances as of the beginning of the year. Much simpler. The old Schedule E for ESOPs was eliminated in 2009 It’s back. Minimal reporting on the types of investment and how they are used Must disclose how many DIAs,…

You Get What You Pay For

…account balances were whole and accurate,” the civil complaint stated. “All the while, Defendants systematically transferred hundreds of thousands of dollars in retirement benefits from the Plan to their own bank account, and for their own gain.” The Richies were ultimately indicted in October 2018…

Supporting a Bill for Forming a Federal Retirement Commission

…contribution models. A comprehensive review of private retirement coverage, individual and household accounts balances, investment trends, costs and net returns, and retention and distribution during retirement. A comprehensive review of societal trends, including wage growth, economic growth, unique small business challenges, serial employment, gig economy,…

Fiduciary Issues in the COVID Era

balance for coronavirus-related loans; extends repayment periods up to one year for both new and existing loans; and allows COVID-affected individuals to “self-certify” such requests. In addition, distribution and loan provisions are optional and may be used immediately as long as a plan amendment is…