Mary Beth’s Corner

Category: General

Navigating Retirement Plans: SEP vs. SIMPLE vs. 401(k) 

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

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Simplified Form 5500 Reporting: New Regulations

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.

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QACA Safe Harbor: The New Norm?

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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Tax Deduction Deadlines For Company Contributions

Since employers contribute for slightly different reasons, those contribution due dates may vary depending on plan design. In other words, one set of rules may specify a deadline for compliance purposes, while another set of rules requires a different deadline for tax deduction purposes.

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What You Need to Know About SECURE 2.0

The House and Senate have passed the Consolidated Appropriations Act of 2023, which includes a grouping of retirement plan provisions better known as, “SECURE 2.0”.

On December 23, 2022, the bill was presented and signed into law by President Biden.

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Cybersecurity Within The Retirement Industry

When asked why he robbed banks, a well renowned bank robber by the name of Willie Sutton answered, “because that’s where the money is.” Today, instead of robbing physical banks, thieves have sharpened their skills and honed in to “where the money is” – your retirement plan.

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New Year, New Limits

The IRS has published the 2023 contribution limits reflecting cost-of-living adjustments from the past year.

Read below for a brief overview highlighting some of the key increases in limitations.

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