The deadline for restating a 401(k), profit sharing, or money purchase pension plan to a pre-approved Pension Protection Act document has come and gone. So what’s a fiduciary to do? It was, after all, a responsibility of the plan fiduciary to ensure that the plan was updated and signed by the April 30, 2016 deadline. … Continue Reading
Here’s a reality check for those business owners whose expectations and misconceptions about saving for retirement prevent them from starting and maintaining a retirement plan through their business. The State of Business Owners’ Retirement Planning Let’s start with the big picture. It’s no longer debatable that Americans aren’t saving enough for retirement and that those … Continue Reading
There’s ESPN for sports. There’s CNN for news. Now there’s Progress Daily, an online platform for social enterprise developments. That may seem overly ambitious, but the idea of business leadership tackling social problems was the reason I recently joined the Advisory Board of Progress Through Business (logo shown here), the non-profit 501(c)(3) organization that created … 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
According to research conducted by the Cox Family Enterprise Center, 80 percent of the world’s businesses are family-owned, and 60 percent in the U.S. In fact, in this country, family-run businesses account for more than half of the gross domestic product. Perhaps neither of the first two statistics are surprising. But, consider that nearly 35 … Continue Reading
A little over a year ago, I postulated on the the psychology behind today’s economy. The old economy, I said, was personified in the classic “Greed is good” speech by Gordon Gekko as played by Michael Douglas in the 1987 Oliver Stone classic, Wall Street. Gekko returns in Stone’s sequel, Wall Street: Money Never Sleeps. … Continue Reading
There’s a new blog out there, and it’s one uniquely focused on small business and business owners. It’s sponsored by the Small Business Advocacy Council (SBAC). Here’s our mission statement: The Small Business Advocacy Council (SBAC) was established to give small business owners, their employees and those with whom they conduct business a voice in … Continue Reading
