Plan Sponsor Retirement News
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Plan Sponsor Retirement News
Topics for Employers looking for the best retirement plan options for their employees
Curated by Tom Laessig
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What happens to retirement funds and 401k plans in a divorce?

What happens to retirement funds and 401k plans in a divorce? | Butash & Donovan LLC | Experienced. Driven. Effective. | Call Us Today | 813-341-2232 ...
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5 Reasons Why Your Small Business Should Offer a Retirement Plan - NAPA Net

People who don’t have access to a plan at work don’t save for retirement. Here’s why small business owners should care.
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5 ‘Little’ Things That Can Become Big 401(k) Problems - NAPA Net

There are a lot of big and complicated decisions associated with running a retirement plan. And then there are the “little” ones that turn out to be not-so-little, and far more common than you might think.
Tom Laessig's insight:

Make sure you are getting the right advice for your 401(k) Plan.

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6 Ways Employers Plan to Change 401(k) Plans

6 Ways Employers Plan to Change 401(k) Plans | Plan Sponsor Retirement News | Scoop.it
This coming year could bring higher fees and fewer investment options for participants in employer-sponsored 401(k) retirement programs.
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How qualified longevity annuity contracts will affect retirement plans

Qualified longevity annuity contracts (QLACs) use deferred income annuities. The IRS has granted a particularly favorable status to QLACs for the purpose of ...
Tom Laessig's insight:

A QLAC is new and it may be an option for those not wanting to take as much money from their 401(k) plan as part of a Required Minimum Distribution.

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High Court Ruling Adds Protections for Investors in 401(k) Plans - Wall Street Journal

High Court Ruling Adds Protections for Investors in 401(k) Plans - Wall Street Journal | Plan Sponsor Retirement News | Scoop.it
Overseers of 401(k) retirement plans have an ongoing duty to ensure investments are prudent, the Supreme Court said Monday in a ruling that adds protections for the worker savings programs.
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High court rules employers have ongoing duty to monitor 401(k) fees

High court rules employers have ongoing duty to monitor 401(k) fees | Plan Sponsor Retirement News | Scoop.it
Plan participants accused a company of offering higher-priced options when cheaper ones were available.
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New 401(k) Plans on the Wane: Should We Be Worried? - Money Talks News (blog)

New 401(k) Plans on the Wane: Should We Be Worried? - Money Talks News (blog) | Plan Sponsor Retirement News | Scoop.it
Does this data mean Americans' retirement savings are suffering? Here's the scoop.
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Jobless allowed to tap their 401(k)s—penalty free?

Obama's proposed budget would allow the long-term unemployed to withdraw up to $50,000 from their retirement plans penalty free.
Tom Laessig's insight:

After watching the video, read about proposed waiver of 10% penalty for the unemployed.

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People who get 401(k) advice are better savers. Too bad many people don’t get advice.

People who get 401(k) advice are better savers. Too bad many people don’t get advice. | Plan Sponsor Retirement News | Scoop.it
Most workers understand the importance of their 401(k) plans, but they don't ask for help until retirement is imminent.
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How Do Companies Boost 401(k) Enrollment? Make It Automatic

How Do Companies Boost 401(k) Enrollment? Make It Automatic | Plan Sponsor Retirement News | Scoop.it
More Americans are saving for retirement through their employers' 401(k) programs. That follows a move to automatically sign up workers to participate in the retirement savings plans.
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DOL retirement plan non-compliance fines up 33 percent | BenefitsPro

In 2013, the DOL collected $1.69 billion in fines, voluntary fiduciary corrections and informal complaint resolutions, a 33 percent increase over 2012’s $1.27 billion tab.
Tom Laessig's insight:

If you own a business, make sure your 401k TPA is keeping your plan in compliance.  The penalties from the IRS and DOL can be severe.

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What Matters Most

Eight Options
I'm looking at a spreadsheet sent to me by Tom Kmak, who runs a company called Fiduciary
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A different perspective towards employees saving for retirement.

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IRS Annual Limits on Qualified Plans - JD Supra (press release)

The Internal Revenue Service (IRS) has released the 2016 cost of living adjustments affecting dollar limits on benefits and contributions under qualified retirement plans and health...
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Clinton’s Plan for a Profit Sharing Tax Credit

Clinton’s Plan for a Profit Sharing Tax Credit | Plan Sponsor Retirement News | Scoop.it
Today in New Hampshire, Hillary Clinton outlined one idea to address a key economic challenge: encouraging companies to share their profits with American workers. She outlined a key proposal to give workers the chance to share in the profits they help produce.
Tom Laessig's insight:

Hillary's profit sharing idea will cost businesses a lot of money.

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Is it"Time" to retire the 401k - YouTube

Time magazines editor discusses the problems with the 401k with MSNBC Morning Joe crew
Tom Laessig's insight:

I completely disagree with this guy.  I couldn't understand why he took this position until he recommended an insurance product to fund retirement.  He is recommending something that will make him a lot of money, not what is best for someone retiring.

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Workers can’t be bothered with 401(k)s | BenefitsPro

Workers can’t be bothered with 401(k)s | BenefitsPro | Plan Sponsor Retirement News | Scoop.it
Employees are participating in their 401(k) plans at a record rate, with record-high balances. But that doesn’t mean they’re taking an active role.
Tom Laessig's insight:

I think what is missing in the article is tha employer's don't take a big role by encouraging changes by employees like increasing contributions, balancing portfolios or evaluating funds.

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5 Signs That You Have a Lousy 401(k) Plan

5 Signs That You Have a Lousy 401(k) Plan | Plan Sponsor Retirement News | Scoop.it
Knowing whether a 401(k) plan is good or not so good is important. This will help participants decide how much to invest and when to demand improvements.
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6 Ways Employers Plan to Change 401(k) Plans - U.S. News & World Report

6 Ways Employers Plan to Change 401(k) Plans - U.S. News & World Report | Plan Sponsor Retirement News | Scoop.it
Workers can expect fewer investment options and more automatic features.
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The Pros and Cons of a Roth 401(k) - The Cheat Sheet

The Pros and Cons of a Roth 401(k) - The Cheat Sheet | Plan Sponsor Retirement News | Scoop.it
Introduced in 2006, the Roth 401(k) is a retirement savings tool that’s gaining popularity.
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Cash balance plans for professional practices

Cash balance plans for professional practices | Plan Sponsor Retirement News | Scoop.it
Understand the rules for this leading form of retirement benefit.
Tom Laessig's insight:

We are seeing an uptick in cash balance plans for company owners looking to defer income.

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When to withdraw from a 401(k)—or just say no

When to withdraw from a 401(k)—or just say no | Plan Sponsor Retirement News | Scoop.it
There are several ways and reasons to tap retirement funds before age 59½, but advisors say loss of future gains might not be worth the cash today.
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The Debate Continues Over The Fiduciary Status of 401(k) Plan Service Providers | The National Law Review

The Debate Continues Over The Fiduciary Status of 401(k) Plan Service Providers | The National Law Review | Plan Sponsor Retirement News | Scoop.it
In Golden Star Inc. v. MassMutual Life Ins. Co., 2014 WL 2117511 (D. Mass. May 20, 2014), a district court addressed two issues that have become hotly contested in 401(k) plan fee litigation:
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Obama's budget bad for 401(k) savers

Obama's budget bad for 401(k) savers | Plan Sponsor Retirement News | Scoop.it
Obama's proposed 2015 budget, reducing tax incentives for small businesses to offer retirement plans to employees, may harm Americans' savings plans.
Tom Laessig's insight:

Obama's proposed change for 401k is a big problem.  Employers will drop their plans and force employees into the MyRA, so we can loan money to the government by being forced to buy Treasuries!

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NAPA Net » Case of the Week: ‘True Up’ Matching Contributions

Responding to a question from an advisor in Alabama, the ERISA consultants at the Columbia Management Retirement Learning Center Resource Desk address
Tom Laessig's insight:

Employers.  Be aware of this issue when finalizing your 401(k) plan for last year.  It's easy to miss and can cause problems upon audit.

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Bond Beebe Accountants & Advisors's curator insight, February 18, 2014 7:56 AM

A true-up matching contribution is an amount required of a plan sponsor at the end of the year for certain plan participants in order to ensure the sponsor has followed the matching formula as defined by the plan document.

 

True-ups are commonly required when a plan operationally matches participant deferrals on a per-pay-period basis throughout the year, but the matching formula of the plan document states the employer will match salary deferrals up to a percentage of a participant’s total compensation for the plan year.