A reader asked: I wanted to do a hardship with my 401k and was wondering if would be penalized 10 percent of the balance? I borrowed from my 401k and haven’t paid all of it back yet. Will I be able to do a hardship with remaining balance left? (more…)
The Department of Labor (DOL) enforces fiduciary, reporting and disclosure requirements for employee benefit plans. The agency is recruiting more investigators, so DOL investigations will be on the rise. (more…)
In spite of recent history in the stock market, when you compare 401(k) plans to other savings plans available to employees, the 401(k) plan has many positive points. Here are ten reasons your employees should participate. (more…)
If your company is required to file the employee benefit plan form 5500 or 5500-EZ, and receives a notice of a proposed penalty, be sure to respond to the notice within 30 days. (more…)
The IRS recently announced cost of living adjustments affecting dollar limits for pension plans and other retirement-related items for 2011. The limits generally remain unchanged or reflect small inflation adjustments. Here are the highlights: (more…)
The Small Business Jobs Bill, which was recently signed into law by President Obama, includes a provision that will add some additional planning opportunities for participants of 401(k) plans with Roth provisions. Roth IRA accounts are after-tax monies that grow tax-free. Distributions from the accounts can be made without any tax consequence. This provides additional flexibility to taxpayers when planning for retirement or death transfers. One of the main estate planning benefits of Roth IRA accounts is that the minimum required distribution provisions do not apply to them. (more…)
Urgent Message from Your Future: Save Today for Tomorrow
When it comes to saving for retirement, there is never a better time than today to assess your prospects toward meeting your goals. And with our nation’s leaders declaring Oct. 17 through Oct. 23 as National Save for Retirement Week, you have a great opportunity. (more…)
Small businesses have until October 1 to set up a Simple IRA for 2010. Failure to set up the plan by this date will mean that contributions cannot be made for 2010. (more…)
Large employers are hesitant to institute automatic enrollment for their retirement savings plans, according to a recent survey conducted by AARP. Nearly 60 percent of the employers surveyed noted that they did not have automatic enrollment in the 401(k) plans. (more…)
The past several months have certainly been rocky for 401k investors. And while the rollercoaster ride may not be over, the stock market appears to be showing signs of improvement. So what can your business do now that the comeback is underway? (more…)
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