The SECURE Act- it is impacting you now!

Rick Pummill, CLU, QPA, QKA The Retirement Plan Company Rick has worked over 30 years in the development, management & administration of qualified retirement plans. Rick earned a Bachelor of Arts degree in Economics from Dartmouth College & received his Chartered Life Underwriter (CLU) designation from the American College and his...

How the SECURE Act is Changing Retirement | Upcoming Compliance Deadlines

How the Secure Act is Changing Retirement Upcoming Compliance Deadlines How the SECURE Act is Changing Retirement   On December 20, 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law. The SECURE Act represents some of the most significant changes to retirement plan law since the passage of the...

The Tax Advantages of a Solo(k) vs other Retirement Plans

Business owners whose only source of retirement savings is their business face significant challenges when transitioning to retirement. Can you sell the business when you’re ready to do so? Will the market value your company as much as you do? How will the taxes from the sale impact your personal bottom line? If you are a business owner looking...

The Final Rule on Hardship Distributions

On Sept. 23, the IRS published a final rule that relaxes several existing restrictions on participant hardship distributions from defined contribution plans. Some of these changes are mandatory, requiring employers to make the changes by Jan. 1, 2020, while others are optional. Though the IRS had issued the proposed regulations in 2018, the final...

Safe Harbor 401(k) Plan Design

Being the bearer of bad news isn’t fun. When the third-party administration firm relays that aspects of the annual compliance testing have failed causing many of the company’s executives to receive taxable distributions from the plan, it isn’t a great day for the HR manager. The administrator explains that the regulations require testing to...

IRS Announces Limits for 2020

On November 6, 2019, the IRS announced the cost of living adjustments affecting the dollar limitations for retirement plans. Contribution and benefit increases are based on a calculated change in the Consumer Price Index and are intended to allow participant contributions and benefits to keep up with the “cost of living” from year to year. Here...