If you are a business owner that didn’t quite get around to setting up a retirement plan for 2014, it may not be over yet. It’s not exactly one of those it isn’t over until we say it’s over situations, but there is still … Continue Reading
Illinois legislation, the first in the country, recently authorized a new state sponsored retirement savings vehicle called the Secure Choice Savings Program (Secure Choice). The program is aimed at upwards of 2 million Illinois workers who are not currently covered by an employer provided retirement plan. There are at least 16 other states considering legislative … Continue Reading
What’s an eligible rollover distribution and what’s not can be a complicated and confusing matter. Here’s a recent and handy rollover chart by the Internal Revenue Service updated for new rules that may be helpful. 1 Qualified plans include, for example, profit-sharing, 401(k), money purchase and defined benefit plans 2 Beginning in 2015, only one … Continue Reading
So, you’ve transferred your 401(k) retirement nest egg into an individual retirement account (IRA). This gives you more control over management and distribution of IRA assets. But, you may have concerns about creditors and their ability to attack your retirement assets, which are now conveniently consolidated from several employer plans into one convenient IRA. Will … Continue Reading
Every year about this time, as we get closer to tax filing time, I get a few calls from those business owners who couldn’t quite get around to setting up a retirement plan before the end of the year. They ask the question with not a lot of hope in their heart: “Can I still … Continue Reading
The Small Business Jobs Act of 2010 permits in-plan rollovers to a Roth account effective for all distributions made after Sept. 27, 2010. Prior to this law, Participants had to roll money out of their retirement plan to a Roth IRA to invest after-tax. In 2010 only, a one-time special tax rule allows a rollover … Continue Reading
For a business owner choosing a retirement plan, it’s kinda like those compare and contrast essay questions on college exams. Except this time, it’s real life and a lot more complicated than the venn diagram pictured above. Fortunately, our friend Denise Appleby at her Appleby Retirement Dictionary has provided a handy and comprehensive chart comparing … Continue Reading
Pictured on the right is the cover of the soundtrack album for the 1985 movie by the late John Hughes, The Breakfast Club, which included Don’t You (Forget About Me) written by the Scottish New Wave band Simple Minds. No, this is not a lead-in to a "Where Are They Now Segment" (they’re still touring … Continue Reading
That’s the title of a press release I received this week from Cogent Research, a market research and strategic consulting firm based in Cambridge, Massachusetts about the results of their 2010 Investor Brandscape™ report. According to Cogent, Fidelity Investments has forfeited its position as both the number one distributor and mutual fund provider to key rivals … Continue Reading
Most annual retirement plan limits are indexed to inflation; and because of the decline in the Cost of Living Index in 2009, many of the limits remained unchanged for 2010. Following are the key retirement plan limits for 2010 as announced by the Internal Revenue Service. 401(k) and 403(b) Deferrals: $16,500. Catch-Up Limit (Age 50 … Continue Reading
In a recent series of three Revenue Notices and four Notices the Treasury Department issued Retirement Savings & Initiatives to help Americans save for the future. The new Initiatives: Expand automatic enrollment in 401(k) and other retirement savings plans Create easier ways to save tax refunds Allow unused leave to be converted to 401(k) savings … Continue Reading
Bankruptcy cases increased approximately 35% for the 12-month period ending June 30, 2009 , according to statistics released by the Administrative Office of the U.S. Courts. The number of cases went from 967,831 to 1,306,305. These statistics call attention to one of the often overlooked aspects of a retirement plan – protection from bankruptcy. It’s … Continue Reading
That’s Bloc Party, a British indie rock block pictured above. And If it can be broken then it can be fixed is the opening line from Pioneers, one of the tracks on Silent Alarm, their 2005 debut album. The album was crafted by chief lyricist Kele Okereke to examine the feelings and hopes of young … Continue Reading
Much of what’s out there on blogs is pretty vanilla at best. Except for those individuals that combine their expertise with a definite point of view. It’s makes for interesting reading and provides context for what’s going on in their particular field – and sometimes in the larger picture of the economy and business environment. … Continue Reading
Every once in a while I’ll start to wander off into “Pensionspeak” when I’m talking to a client. And when I do, I’ll catch myself by remembering what one of our important business partners once told me when I started to get too technical. Or even technical at all depending on the audience. He told … Continue Reading
If you’re a business owner that didn’t quite get around to establishing a retirement plan for 2008, you still have time to establish a SEP. Over at Slate’s BizBox blog, a special promotion by Open from American Express, I posted an article about SEPs with a comparison to IRAs. Check out Smart Retirement Investing for 2008 … Continue Reading
We welcome a new blog to the employee benefit blogging community. It’s the Business of Benefits, the focus of which is issues facing insurance companies, financial service providers, and plan sponsors. It’s being published by the law firm of Giller & Calhoun. The named partners are Evan Giller in New York City and Monica Dunn Calhoun, Denver. Bob Toth in Ft. Wayne, Indiana … Continue Reading
With a new Administration and a new Congress about to take over, we’re going to start to see the think tanks and not-for-profit organizations issuing research and recommendations regarding public policy for retirement plans. One of those organizations is the National Institute on Retirement Security (NIRS), a not-for-profit organization whose stated mission is to “encourage the development of public … Continue Reading
Over at Slate’s BizBox blog, a special promotion by Open from American Express, I posted an article that discusses the financial advantages of a “Solo-K” for someone who is self-employed. In fact, “Solo-K” is not specifically mentioned in the Internal Revenue Code. It’s a name given by some unknown, creative marketing person to describe a profit sharing plan with a … Continue Reading
That’s the title of Sergio Leoni’s 1966 movie considered the greatest of the Italian spaghetti westerns. We know it in this country, of course, as The Good, The Bad, and The Ugly. The movie starred Clint Eastwood (the Good), Eli Wallach (the Bad), and Lee Van Cleff (the Ugly). And just like the movie, the year 2008 had The Good, The Bad, and … Continue Reading
I’m pleased to announce that I am now a regular contributing author for BizBox by Slate, a special promotion by OPEN from American Express. I’m one of 5 contributors whose focus is helping business owners manage and grow their businesses. Come visit us.… Continue Reading
Every year the Internal Revenue Service releases cost of living adjustments to applicable dollar limits for retirement plans. Here is a link to a chart (pdf) that summarizes the most frequently used limits.… Continue Reading
