SECURE Act Changes for Part Time Employees
Some Payroll Solutions Could Cost Employers Thousands Because of the SECURE Act Beginning on January 1st, 2021, employers who do not track how many hours their employees work every year risk incurring hundreds, if not thousands of dollars in unexpected costs. These changes are tied to a spending bill President Trump. Signed on December 20, […]
Revenue Provisions of SECURE Act
Penalties for IRS Forms 5500 and 8955-SSA You may be familiar with the SECURE Act, but chances are you may not be familiar with revenue provisions that affect employers, employees, and retirement funds. A lesser discussed section of the SECURE Act is the Revenue Provision which increases the penalties for late and incorrect filing of […]
Why Employees Receive 401(k) Refunds Each Year – Corrective Distributions
If some of your employees are receiving refunds from your company’s 401(k) plan each year, it may be due to a failed compliance test. In this article, we’ll explain what these tests are and how you can prevent these from being a recurring problem. Although 401(k) plans have emerged as one of the most popular […]
The Danger of One Size Fits All Investment Solutions
Choosing a Retirement Investor When picking an investment advisor, many plan administrators (e.g. employers) ask about firms’ fees, available funds, and participant outreach, but they often miss another important factor: the investment selection process. Even though investment advisors commonly charge a fee based on assets under management, many do not actively manage the assets. Instead, […]
5 Financial Goals to Reach Before Age 40
Financial Goals for Your 20s and 30s 1. Create and stick to a budget. It’s hard to save if you have no idea where your money is going and how much you are able to contribute to retirement funds. Create and stick to a budget that allows you to cover necessary expenses while saving for […]
2019 Q2 Release Notes
We’re excited to share some of new features we’ll be rolling out on June 28, 2019 as part of our Q2 release! Here are the features that will be included… Features Search – We’ve built an all-new search feature that searches globally across our application for records in the Company, Plan, and Employee objects. The […]
Should you take a loan out of your 401k?
During times of high financial stress, the idea of taking a loan out of your retirement savings fund can sound like the perfect solution. After all, it’s your money, right? Who wouldn’t consider taking advantage of money that you already have set aside for the future, isn’t that what it’s for? It’s clearly the quickest […]
The Golden Question: How much should I be saving for retirement?
We’re all aware of how crucial saving for retirement is. Not only for your future, but for a better peace of mind. Whether you’re ready to start talking about it or not, it’s a concern most people have, regardless of age. No one really wants to “have to” talk about their financial future, but the […]
401k Plan Eligibility Best Practices
On the surface, 401k plan eligibility seems simple enough. However, there are several rules and factors that trip many plan sponsors up in this area. One of the most common compliance failures can be on the first day an employee becomes eligible for the plan, and this amplified if your plan has relaxed eligibility requirements […]
Millennials and Retirement
In today’s changing economic climate, younger generations are facing new obstacles in saving for retirement. In contrast to previous generations, Millennials are set to have fewer Social Security benefits, as well as less personal retirement savings from a 401(k) or other defined contribution plan, due today’s low returns market, and increasing medical costs. As a […]