The $1.4 trillion appropriations package signed into law by President Trump on December 20, 2019 designed to fund federal agencies through September of this year contained the most significant legislative enhancements to retirement plans in over 10 years. These law changes designed to encourage retirement savings are bundled up in one of those Congressional legislative … Continue Reading
The conventional wisdom is that you can wait until the end of the year to put a retirement plan in place since you can still get the tax benefits for the whole year. Maybe for some purposes, but not for setting up a Safe Harbor 401(k) plan. If you want to set up a new Safe … Continue Reading
If you are a business owner/employer with a calendar fiscal year, you still have time to adopt a qualified retirement plan for 2017. Here’s what you have to do: Before December 31, 2017: Sign adopting resolutions and a plan document, and Deposit a de minimis amount, e.g., $1,000 in a trust account to establish corpus. … Continue Reading
In the world of science and engineering, a black box is a device, system or object which can be viewed solely in terms of its input and output without the user knowing how it works. In our ERISA world, a Cash Balance plan be a black box into which employer contributions are made on a … Continue Reading
