All too often, the sponsor of a 401(k) or 403(b) plan discovers that elective deferral contributions were not deducted from the pay of an eligible employee(s) which results in what the IRS calls a “missed deferral opportunity.” Other types of errors that fall into this category are; failure to inform an eligible employee of a [...]
CONTINUALLY LEARNING! Our credentialed consultants continue to broaden their knowledge and expertise. This month Randall + Hurley attended the National Institute of Pension Administrators’ (NIPA) Annual Forum & Expo held in Las Vegas and the American Society of Pension Professionals & Actuaries’ (ASPPA) Women Business Leaders Forum held in Denver. We understand the importance of staying [...]
TRENDS IN ENROLLMENT + RETIREMENT READINESS Retirement Readiness is among the top concerns of many Americans. Most advisors agree that we should be saving between 10% and 15% of our annual earnings in order to have adequate income in retirement but many are falling short of this target. As a sponsor of a workplace retirement [...]
TAX REFORM + RETIREMENT Tax Reform was one of Candidate Donald Trump’s major campaign platforms. And as President, Trump continues to place Tax Reform as a key agenda item for the new administration. Trump’s basic goals for tax reform are to grow the economy and create millions of jobs; simplify our burdensome tax code, and [...]
It’s time for some spring cleaning and not just for your house; like cobwebs in the attic, retirement plans need to be cleaned out too. Plan participation is at an unprecedented high due to increased automatic enrollment programs. However, the average employee only stays with the same company for a few years; this is especially [...]
On April 4, 2017 the DOL granted a 60 day extension of the Fiduciary Rule (“Rule”) from April 10, 2017 to June 9, 2017 and also provided additional transition relief in order to enable the Department to perform an examination and to consider possible changes with respect to the Rule, Principal Transaction Exemptions (PTEs”) and [...]
With significant student loan debt and goals for purchasing cars and homes, Millennial savers, ages 18-34, are finding it difficult to balance their current and future financial savings goals. How can you help drive positive long-term savings habits in this generation? First, leverage technology. Millennials have grown up with smartphones and tablets. Take advantage of [...]
HIRS Gives Permission To Use Forfeitures As QNEC/QMAC/SAFE Harbor Contributions Good news! In January 2017 the IRS released proposed regulations to allow the use of plan forfeitures to fund qualified nonelective contributions (QNECs) and qualified matching contributions (QMACs), including those made as 401(k) safe harbor contributions. If Randall + Hurley prepares your plan document, we [...]
Plan sponsors have been responsible for obtaining financial information and source documentation (bills, contracts, etc.) to substantiate financial need for hardship distributions. New guidance from the IRS makes it possible to use a summary document rather than obtain source documents, making it easier to substantiate financial need. Under this method, the participant is responsible to [...]
We Can Help You Prepare While no one can predict the financial markets, there are actions that can be taken to insulate your retirement plan. Being prepared in the face of global uncertainty will solidify a secure retirement plan. Simply saving more is not the solution. Plan participants need to understand how their savings choices [...]
