401(k) News Continued
Are Pooled Employer Plans Right For You?
by Sally BrandonBrand new to the 401(k) marketplace as of January 1 2021, Pooled Employer Plans (commonly referred to as PEPs) are made possible thanks to the SECURE Act. PEPs allow unrelated employers to “pool” together, along with other employers (traditionally small businesses) in order to participate in a retirement plan for their employees. PEPs differ from… Continue reading
5 Questions to Ask Before Hiring Your Company’s 401(k) Advisor
by Scott PuritzMany business owners think about their 401(k) advisor as primarily focused on investment selection — which funds to buy and why, like a stockbroker might do. They tend to miss the rest of the iceberg under the water: administrative tasks, tax reporting, retirement planning, auditing and compliance, employee education and more. Aside from a few… Continue reading
Loans From Your 401(k): Understand the Facts
by Nicole Cervi-McKeeverThe pandemic year has a been a hard one for otherwise diligent savers and investors. Some of your employees may have opted to take out loans from their 401(k) plan to cover expenses. It’s important as a plan provider to educate your employees on the importance of staying current with 401(k) loan terms and, if… Continue reading
Small Business 401(k) Red Flags You Should See…Before The IRS Does
by Svetlana KotEvery year at tax time, your CPA goes over your company books, prepares your personal return and — after a few weeks of grinding — hands you something to sign. Ever think about what your signature means on a tax return? And on your business return? It means that you are filing your taxes, not… Continue reading
Your 401(k) Fees Could Cost You A Half Million in Retirement
by Nicole Cervi-McKeeverAsk anyone with a 401(k) plan at work what they pay in fees and the answers may surprise you: Most people think they pay nothing at all. Even those who know that’s impossible undershoot by a surprisingly large margin, guessing “about 1%” in fees. The full truth is usually a shock: Many 401(k) savers pay… Continue reading
Is Your Business At Risk Because Of A Simple Oversight?
by Scott PuritzNobody opens a small business with the dream of being a part-time bookkeeper. Unless, of course, your business is bookkeeping! Same with tax-filing deadlines and the myriad legal and insurance issues that can pop up in any industry. You probably started your business because you love caring for your patients or building beautiful homes. Maybe… Continue reading
If Your Small Business 401(k) Is More Than a Year Old, Time to Take a Hard Look
by Mitch TuchmanRunning a business is tough even in normal times, and 2020 was far from normal. Nevertheless, over the coming months things should slowly return to at least semi-normal. The routine of making payroll and keeping the books will return, too. Probably the last thing on your mind is your 401(k) plan. The stock market is… Continue reading
Three New Years Resolutions for 401(k) Plan Sponsors
by Nicole Cervi-McKeeverMost 401(k) plan sponsors are finishing out the year with an eye towards how they can drive improvements to their plans in 2021 and boost outcomes for plan participants. In that spirit, 401(k) Specialist Magazine has developed a list of three New Years Resolutions for 401(k) plan sponsors that includes the end of automatic cash-outs,… Continue reading
Congress Wants More Small Businesses to Offer 401(k) Plans. The Market Is One Step Ahead.
by Scott PuritzAt the start of 2020, Congress made it easier for small businesses to offer 401(k) retirement plans to their employees. That’s a relief. Participation in 401(k) plans is far too low. Just 60% of workers have access to a 401(k). Even then, only 42% of workers participate. The law, known as the SECURE Act, is… Continue reading