Tax Planning Profit Sharing

Navigating the complexities of tax planning, employers are constantly on the lookout for strategies that not only maximize their financial health but also amplify the value they provide to their employees. Among these strategies, profit sharing emerges as a standout approach, marrying financial prudence with a commitment to employee welfare. Profit sharing is a type […]

Emergency Savings

The IRS recently issued guidance regarding various provisions of Secure Act 2.0, including the “Pension-linked Emergency Savings Account” (PLESA) provision. This provision aims to alleviate financial strain on employees facing hardships. Effective January 1st, 2024, non-highly compensated employees can contribute to an emergency savings account through payroll deferrals. Participants can withdraw funds without triggering events […]

IRS Issues Additional Guidance for SECURE 2.0 Act

In an effort to provide necessary clarity for employers and plan sponsors, the Internal Revenue Service (IRS) issued long-awaited guidance for various provisions under the SECURE 2.0 Act (SECURE 2.0). This guidance comes in Question-and-Answer format and addresses twelve of the 90+ provisions under SECURE 2.0. Specifically, provisions related to de minimis financial incentives and […]

IRS Releases 401(k) Guidance For Long-Term Part-Time Employees

On November 24, 2023, the IRS released long-awaited guidance around the updated 401(k) eligibility requirements pertaining to long-term part-time employees (LTPT) under the SECURE 2.0 Act of 2022 (SECURE 2.0). These proposed regulations, if finalized, would amend the rules previously applicable to 401(k) plans and provide additional clarification for some of the questions plan sponsors […]

Long Term Part Time Plan Sponsor

The Long-Term Part-Time (LTPT) rule is a provision of the Secure Act 1.0 and 2.0 that addresses the retirement security of part-time employees. Starting on 1/1/2024, the LTPT rule requires 401(k) plan sponsors to allow employees who meet the following requirements to participate in their employer retirement plan: 500 hours of consecutive service annually for […]

PS Plan and Retroactive Amendment

Under the SECURE Act, employers can adopt a profit-sharing plan for the prior year, as long as the plan is established before the employer’s tax-filing deadline, including extensions. This means that an employer could potentially adopt a profit-sharing plan as late as October 15th of the following year. Effective on 1/1/2024 under the SECURE Act […]

Ways to Improve Retirement Planning

As a plan sponsor, enhancing retirement plan performance is vital for the benefit of both participants and the plan’s long-term success. Effective strategies to improve retirement plan performance include: Implementing automatic features, such as enrollment and deferral escalation Offering a diverse menu of investment options for participants of all investment levels Fee management, alongside transparent […]

Fee Transparency

Fee analysis and transparency are vital for successful retirement plans. Understanding fee impacts and conducting benchmarking helps plan sponsors make informed decisions and protect themselves as fiduciaries. Below, we explore various fee types, and offer guidance for effective fee management in retirement plans. Fee analysis affects plan performance directly. Transparent disclosure fosters trust between participants […]

Participant Retirement Readiness

Assessing the effectiveness of your retirement plan is vital for ensuring participants’ readiness for retirement. By measuring retirement readiness, evaluating your plan’s performance, and implementing key strategies, you can improve participants’ preparedness. In this blog, we will discuss the importance of measuring retirement readiness, provide insights into evaluating plan effectiveness, and highlight strategies for enhancing […]

5 Reasons to Hire a Financial Advisor for Your Retirement Plan

When managing a retirement plan, plan sponsors are faced with decisions that can affect the entire organization such as plan design, investment line-up, and who the recordkeeper will be. Unfortunately, many plan sponsors are not experts in qualified retirement plans or the ERISA laws that govern them. Decision makers for the retirement plan usually have […]

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