Mary Beth’s Corner Understanding Guaranteed Income Sources Navigating ERISA standards to select a guaranteed income provider for retirement plans can be a critical task for Plan Sponsors. As fiduciaries under ERISA, Plan Sponsors must prioritize the best interests of plan participants, which requires careful evaluation when choosing providers like annuities
Mary Beth’s Corner People are living longer, which presents both opportunities and financial considerations. Take, for instance, a 65-year-old couple: there’s an 89% chance that one partner will reach age 85, and a 45% chance of reaching at least age 95. This could mean planning for a retirement that spans
Employers may now consider retroactively adopting a tax-qualified retirement plan such as a profit sharing plan, cash balance plan, or traditional defined benefit plan, for the purpose of making tax deductible employer contributions before their extended corporate tax filing deadline.
Mary Beth’s Corner According to Fidelity Investment’s 2023 Small Business Retirement Index, only 34% of small businesses are currently offering retirement savings to employees and 21% don’t know how to start the process of offering a retirement plan, or which retirement plan vehicle works best for them. Small business owners are faced
Mary Beth’s Corner In the world of retirement savings plans, businesses often find themselves evaluating their options to better suit the needs of their employees and their company’s growth. One common transition many businesses consider is moving from a SIMPLE IRA (Savings Incentive Match Plan for Employees Individual Retirement Account)
Mary Beth’s Corner The Setting Every Community Up for Retirement Enhancement (“SECURE”) Act of 2019 requires that 401(k) plans permit employees who have worked for at least 500 hours of service over three consecutive years and attained age 21 before the close of those three years must be allowed to
The IRS has released the retirement plan contribution limits for 2024.. read more!
Time is a precious resource when managing a business and running accurate payroll can be time consuming and complex. Payroll Integrations and aggregators can automate a plans payroll experience between the Plan Sponsor, Recordkeeper and TPA.
Thanks to new regulations, for reporting purposes, the inclusion of eligible but non-participating employees will no longer be the methodology used when determining the number of participants– only participants and beneficiaries with account balances will be considered.
By 2025, most startup retirement plans will be required to automatically enroll new employees into their plan, unless they opt out, at an initial 3% employee deferral rate with auto escalation. – Sound familiar?
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