Plan Participants
EGTRRA created the designated Roth contribution, an alternative to Roth IRA contributions for participants whose income exceeds the threshold limits. In MarketBeat, Barbara Webb writes that offering such a program is not without strings, and offers a list of elements to consider before implementing...
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“Act your age!” An admonishment usually reserved for young people, but not exclusively. T. Rowe Price recently developed a way for individuals to find determine if they act their retirement savings age. And interestingly, they found that the most retirement-savvy generation may be — of all things...
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A new survey says that 77% of Americans over the age of 40 don’t know how much they can withdraw without running out of money, though it’s hard not to see that as a conservative figure.The survey, conducted by Ipsos Public Affairs on behalf of New York Life, says that 23% of respondents realize...
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The Department of Labor (DOL) is planning to study how retirement planning strategies and decisions evolve — and it would like to know what you think about the effort.The DOL’s Employee Benefit Security Administration (EBSA) is soliciting comments on the usefulness of a forthcoming information...
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The IRS on Jan. 29 issued guidance on mid-year changes to a safe harbor plan under Internal Revenue Code Sections 401(k) and 401(m). It provides that a mid-year change either to a safe harbor plan or to a plan's safe harbor notice does not violate the safe harbor rules just because it is a mid-year...
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Think it’s impossible to still encounter issues with missing participants in an age in which digital footprints abound? It is. In “I’ll Be Missing You: Tips for Locating Missing Participants,” an article that appeared in the Winter 2016 issue of Plan Consultant magazine, Quarles & Brady LLP...
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Employers are required to provide meaningful opportunity to employees to participate in their 403(b) plans or make contribution changes — and that includes low-income employees. In MarketBeat, Ellie Lowder discusses how the saver’s tax credit can help make it possible for those employees to...
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Underestimating how much one will need to be financially prepared for retirement is rife, and that can have serious consequences, says a study by the American Institute of Certified Public Accountants (AICPA).AICPA’s survey of CPA financial planners for the third quarter of 2015 reports that 57% of...
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Suppose the local school districts do not provide or even allow education of staff on financial matters. In Tech Talk, Ellie Lowder makes an offer regarding info such an employer can be provided on why that is important.
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The IRS Tax Exempt & Government Entities Office has issued its priorities for fiscal year 2016. Among these priorities are plans that concern TEGE’s work with employee plans and with government entities and shared services. Employee Plans Office For FY 2016, TEGE’s Employee Plans (EP) office...
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ERISA does not preempt the application of all federal laws and regulations to retirement plans — and that includes website privacy standards set by the Federal Trade Commission.In a recent post on his Business of Benefits blog, Robert Toth, Principal at Toth Law, discusses a recent court ruling on...
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A new resource offering best practices for 403(b) non-ERISA plans is now available. Automatic Enrollment Guide: Best Practices for 403(b) Non-ERISA Plans, a comprehensive resource prepared by NTSA provides information relevant to all stages of providing this means of enrolling 403(b) participants....
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America’s growing retirement crisis has been gaining attention in the past few years at both the state and federal levels. One commonly suggested remedy has been automatic enrollment, a trend that is now affecting state-sponsored plans across the country. Speaking at a session held on the first...
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A majority of households age 55 and older do not have retirement savings. That sobering news comes from a recently released study by the Government Accountability Office (GAO). “Retirement Security: Most Households Approaching Retirement Have Low Savings” says that 52% of such households are in...
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Michigan’s state employee retirement plan could be paying out a sizable chunk more in benefits four years from now. According to the Lansing State Journal, approximately 30% of the 48,617 state employees will be eligible to retire by 2019, nearly twice as many as this year.According to the Michigan...
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Floridians who take loans against their retirement plans have to pay a state tax on those distributions. But the Florida House of Representatives is considering a bill that could affect that tax treatment.State Rep. W. Gregory Steube (R-73) in January introduced HB 101, a measure that would exempt...
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A year ago, President Obama touted the voluntary MyRA in his State of the Union Address — but the White House has a lot more to say about retirement this year — and it’s a lot less voluntary. According to a White House fact sheet, the administration is touting a series of retirement tax reform...
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Low participation rates in 403(b) plans — in particular plans in the public education K-12 market segment — is generating concern among employers. Recent studies have not provided specifics of current participation rates in that sector, but individual employers are reporting that it is not uncommon...
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Seventeen states have, or are, considering measures that would allow employers to automatically enroll employees in IRAs. While these measures concern private-sector employers, their consideration reflects state governments’ interest in measures that address retirement plan participation in some...
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The Department of Labor’s Employee Benefits Security Administration has announced that its ERISA Advisory Council will be examining issues and considerations related to facilitating lifetime retirement plan participation. In explaining its rationale for doing so, it cites the recent movement of...
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