SilverBlog

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Blog Tag: retirement plans

As a Retirement Plan Advisor, I conduct a lot of employee education meetings. I’m asked many questions, but two keep coming up: “What is a Roth 401(k)?” and “Should I use it for my retirement savings?”

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The IRS has released the 2019 cost of living adjustments affecting retirement plans. The adjustments and changes affect the limits applicable to all employees who defer salary into retirement plans, plans that are integrated with Social Security, the maximum benefit payable from defined benefit plans and the maximum annual additions for defined contribution retirement plans.  For your convenience, SilverStone Group has summarized the changes as follows:

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Job hopping is on the rise. In fact, a new survey revealed that 64% of professionals feel that changing employment every few years is an effective way to get a higher salary.¹ This trend has led to more and more workers failing to update their contact information with previous employers, which is troublesome for pension plans because these individuals often become “missing participants.”

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For years the retirement plan industry has focused on protecting plan administrators through outside fiduciary support. Discussions have often centered on investment assistance through a 3(21) or 3(38) fiduciary, but it’s also important to consider administrative assistance through a 3(16) fiduciary. Too much emphasis has been placed on investment returns and fees when the vast majority of errors occur in the day-to-day management of the plan. These errors can involve loans, tracking eligibility, processing distributions and approving hardships.

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Companies often use a group annuity to move the benefit payment responsibility out of their pension plan. Known as a “pension buyout,” this transaction keeps the size of the pension plan manageable, minimizing volatility in the balance sheet. Group annuities are also necessary to continue the promised retirement benefits when a pension plan terminates.

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The Internal Revenue Service (IRS) recently prescribed new mortality tables for purposes of calculating minimum required contributions according to Internal Revenue Code (IRC) Section 430 and minimum lump-sum amounts under IRC Section 417(e)(3) for qualified single employer pension plans. These regulations are applicable for plan years beginning in 2018. The prescribed tables include an update of the base mortality table to the RP-2014 tables, as well as an update of the improvement scale to the MP-2016 scale.

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Chief financial officers and other company leaders have a heavy burden when it comes to managing an organization’s financial risk. From strategic initiatives to outside investments, it can be a full-time job keeping it all in check.

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Attention Plan Sponsors
The United States Department of Labor (DOL) is taking action to better protect investment plan participants from advice that could be motivated by undisclosed conflicts of interest. On June 9, 2017, the DOL enacted new fiduciary regulations that address a wide range of investment recommendations. While aimed at financial professionals (such as advisors and recordkeepers), the new rules will also affect plan sponsors, and those working with advisors and vendors who are not acting as fiduciaries will be the first to feel the impact.

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The IRS has released the 2018 cost of living adjustments affecting retirement plans. The adjustments and changes affect the limits applicable to all employees who defer salary into retirement plans, plans that are integrated with Social Security, the maximum benefit payable from defined benefit plans and the maximum annual additions for defined contribution retirement plans. For your convenience, SilverStone Group has summarized the changes as follows:

Read Entire Post

The IRS has released the 2017 cost of living adjustments affecting retirement plans. The adjustments and changes affect the limits applicable to all employees who defer salary into retirement plans, plans that are integrated with Social Security, the maximum benefit payable from defined benefit plans and the maximum annual additions for defined contribution retirement plans.  For your convenience, SilverStone Group has summarized the changes as follows:

Read Entire Post