…On the optional side, employers now have the option to eliminate the requirement that participants take a plan loan before qualifying for a hardship distribution. However, to qualify for a hardship distribution, participants must still take all available distributions from all of their employer’s tax-qualified…
Momentum for government-facilitated automatic Individual Retirement Account (auto-IRA) savings programs appears to be growing – and, in our opinion, that is a very good thing. The programs are aimed at private sector workers without access to an employer-sponsored retirement plan to instead have access to…
…two years of service. Make it easier for military spouses to save within their employer retirement plans Ensure that small businesses can take full advantage of the start-up credit when participating in a multiple employer plan (MEP). Direct Treasury to provide education to small businesses…
…must be invested in a qualified default investment alternative (QDIA) unless the participant elects otherwise. Participants can withdraw auto-deferrals made during a 90-day period after initial deferral. The provision applies to employers adopting a multiple-employer plan (MEP) after 12/29/2022, even if the MEP was established…
…“the Department of Labor’s priorities include eliminating unnecessary burdens for employers that sponsor retirement plans and on addressing the needs of wage earners, job seekers and retirees.” Now, instead of essentially dropping a lot of paper on participants — which you can never be sure…
…relief, COVID induced changes in our work environment and the hiring challenges many employers face- the defined benefit plan can become a game changer for many employers. Join us as we discuss: The hiring environment and talent shortage Regulatory Pension Relief Liability Driven Investing Plan…
…employers to follow suit. However, when one considers the circumstances of IBM’s current retirement benefits program, it is easier to see why this seemingly drastic change made sense for IBM … and for its employees as well. That said, it does not mean this strategy…
…December 29, 2022. Certain employers are exempt, including governmental, church, and employers with fewer than 10 employees. Existing plans are This provision is effective for plan years beginning after December 31, 2024. 4. Expanded Coverage for Long-Term Part-Time Employees in 403(b) plans Employees who work…
Our PENTalk provides an overview of the Pentegra Defined Benefit Plan for Financial Institutions Pension Valuation Process and Results. Included in the PENTalk will be a discussion of: The Multiple Employer Plan Structure Principal Fiduciary Roles and Responsibilities Results for the Plan Year 7/1/2022 –…
…due to the obvious loss of the extra investment dollars on your end, but also due to the smaller amount of dollars contributed by your employer as a matching contribution. The negatives of taking a loan should clearly outweigh the short-term benefits. And remember: If…
…deemed to occur when an employer reduces its workforce (and plan participation) by 20 percent. The turnover rate is calculated by dividing employees terminated from employment (vested or unvested) by all participating employees during the applicable period. The applicable period is generally the plan year…
…no ongoing employer contributions to the SEP IRA or SIMPLE IRA. A SEP IRA or a SIMPLE IRA is considered “ongoing” if the sponsoring employer makes an employer contribution for the plan year ending with or within the IRA owner’s taxable year in which the…