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Mary Beth’s Corner Sponsoring a 401(k) plan offers numerous benefits for business owners. Three key advantages are attracting & retaining talent, employer tax benefits and the ability to maximize your own contributions. But, there is one caveat to maximizing your contributions… In order for a business owner
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!
Internal Revenue Service (IRS) announced an administrative transition period that delays the requirement for participants to “Rothify” their catch-up contributions until at least 2026.
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.
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