Seventy-two is an important age milestone for those in or near retirement, as it marks the time when required minimum distributions (RMDs) begin to be withdrawn annually from IRAs and employer-sponsored retirement plans (previously, the threshold was 70 ½). The milestone carries with it tax consequences that are not fixed. Rather, there are a [...]
In projecting what you’ll need to save in order to generate enough retirement income, it helps to (1) prepare a realistic household budget and (2) understand what types of expenses you’ll have once you stop earning a regular paycheck. Types of Expenses Fixed Expenses – “Must Haves” Mortgage or rent Taxes (income and property) Car [...]
DOL Update Participant Fee Disclosure Deadline Extended During second quarter, the DOL released final regulations to permanently extend the annual participant fee disclosure time frame, effective this year. The original regulations require plans to provide a disclosure of plan and investment information, including an investment comparative chart, to participants once every 12 months. The first [...]
If you are the sponsor for an employer-sponsored, here are some resources available on the Internet to help you better manage your plan. Internal Revenue Service, Employee Plans www.irs.gov/ep Department of Labor, Employee Benefits Security Administration www.dol.gov/ebsa 401(k) Help Center www.401khelpcenter.com BenefitsLink www.benefitslink.com PlanSponsor Magazine www.plansponsor.com Plan Sponsor Council of America www.psca.org Employee Benefits Institute [...]
If your plan uses electronic delivery of required disclosures to employees, you are likely simplifying the disclosure process, making information delivery more reliable and reducing plan administration costs, according to the Principal Financial Group. Principal’s Electronic Delivery of Participant Disclosure Materials is a guide for plan sponsors to the Department of Labor (DOL) and Internal [...]
What do you do with big money? A first-world problem, and nothing more? Not quite. Getting rich quick can be liberating, but it can also be frustrating. Sudden wealth can help you resolve anxieties about funding your retirement or your children’s college educations, and newfound financial freedom can lead to time freedom – greater opportunity [...]
