Blog
September 26, 2024
Qualified Student Loan Payments (QSLP)
Now, thanks to the SECURE 2.0 Act, there's a new opportunity for employees who are burdened with student loans. Starting with plan years beginning in 2024, employers can choose to make matching contributions to their retirement plan on behalf of employees who are making student loan payments, treating those payments as if they were salary deferrals.
A Retirement Plan Design Isn't Just About Checking Boxes
What is your company’s current approach to providing a great retirement plan that benefits both your employees and your company’s bottom line? When it comes to securing the financial future of your employees and ensuring the success of your business, the design of your retirement plan plays a critical role. A well-thought-out retirement plan can attract and retain top talent, reduce employee turnover, and enhance overall job satisfaction. At the heart of a successful retirement plan is the alignment of the plan’s design with your company’s goals, balanced with the needs of your employees.
August 26, 2024
Outsourcing Your 401k Plan
Employers recognizing they lack the knowledge necessary to manage 401(k) plans outsource their plan to professionals. We are known as Third Party Administrators or TPAs. The retirement plan industry has investment companies, benefits companies, actuaries, accountants, lawyers, third party administrators, banks, and trust companies providing services to 401(k) sponsors (employers). As a group, providers of retirement plan services are referred to as “providers”.
The IRS and Treasury Department have released new guidelines to help people understand when they can take money from their retirement accounts early, but without paying an extra 10% tax. These exceptions apply to situations like personal emergencies and domestic abuse.
June 13, 2024
Legislative Update: Cycle 3 Restatement for Defined Benefit and Cash Balance Pension Plans
In order to maintain the qualified status of your Plan, your company must adopt certain amendments required by the Internal Revenue Service (IRS) to ensure your Plan continues to comply with all current laws. To adopt the appropriate amendments, the IRS requires that you adopt a new version of your Plan document, called a “Plan restatement.” To assist you with this restatement process, we will update your Plan Document as required by the IRS.