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How the SECURE Act is Changing Retirement

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How the SECURE Act is Changing Retirement
On December 20, 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law.The SECURE Act represents some of the most significant changes to retirement plan law since the passage of the Pension Protection Act of 2006, over thirteen years ago. The provisions of the Act are broad ranging and span many different effective dates.Financial Help for Plan SponsorsThough tax credits have been in place to help offset the cost of adopting a new retirement plan, the SE...
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The Final Rule on Hardship Distributions

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The Final Rule on Hardship Distributions
On Sept. 23rd, the IRS published a final rule that relaxes several existing restrictions on participant hardship distributions from defined contribution plans.Some of these changes are mandatory, requiring employers to make the changes by Jan. 1st, 2020, while others are optional. Though the IRS had issued the proposed regulations in 2018, the final regulations clarify a few key provisions: The Loan-First Rule. The new rule removes the requirement that participants exhaust their ability to take ...
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Safe Harbor 401(k) Plan Design

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Safe Harbor 401(k) Plan Design
Being the bearer of bad news isn’t fun.When the third-party administration firm relays that aspects of the annual compliance testing have failed causing many of the company’s executives to receive taxable distributions from the plan, it isn’t a great day for the HR manager. The administrator explains that the regulations require testing to prevent highly paid employees from receiving disproportionately greater benefits than other employees. At a much-needed lunch that day, the ...
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It's All in the Design

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It's All in the Design
For many new Plan Sponsors, and even those savvy at running company retirement plans, understanding plan design can be daunting. Industry terminology, IRS code sections, and complicated illustrations can make understanding difficult.As a retirement plan service provider, we try to ensure that your plan design is the most optimal for your group of employees. Since employee demographics can change, it’s a good idea to understand the basics and review your design from time to time.Permitted D...
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Complying with Safe Harbor Deadlines

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Complying with Safe Harbor Deadlines
All 401(k) plan contributions have deposit deadlines, and it’s up to 401(k) fiduciaries to meet them. Yet, many are unclear about the deadlines applicable to their 401(k) plan. That confusion can easily lead to late contributions.Most of the confusion surrounds the deadline to deposit amounts withheld from employee wages, i.e., 401(k) pre-tax, 401(k) Roth, and/or participant loan repayments. Passed into law in 2004, the Department of Labor (DOL) set forth the rules to comply with the safe ...
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Bucket List: Retirement

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Bucket List: Retirement
The economy continues at its strong pace, keeping unemployment at its lowest rate in nearly 50 years. While this is usually good news, employee financial vulnerability is clouding this sunny forecast. The repercussions are impacting their ability to save for retirement.Millennials are the most stressed by their financial situations, followed by Gen X and Baby Boomers according to PWC’s 8th annual Employee Financial Wellness Survey released in June 2019. More than 80% of the employees surve...
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