At this time of writing, we find ourselves in a period of significant changes in retirement planning, thanks to the Secure Act 2.0. This landmark legislation introduces a series of amendments aimed at enhancing the retirement system and bolstering Americans’ financial preparedness for retirement. The Secure Act 2.0 builds upon its predecessor, introducing several critical […]
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Plan Permanency
There are several misconceptions surrounding the funding requirements of retirement plans, particularly when it comes to Defined Benefit Plans. Many individuals falsely believe that funding their plan is a long-term commitment that must be maintained for a minimum of three years or more. This notion often deters people from considering a Defined Benefit Plan, wrongly […]
IRS Postponement of Mandatory Roth Catch-up for Higher Paid Employees Under Secure Act 2.0
The Internal Revenue Service (IRS) recently announced a significant development for higher paid employees participating in Roth retirement plans. Under the Secure Act 2.0, the IRS has postponed the implementation of mandatory Roth catch-up contributions. In this blog post, we aim to educate our customers about this postponement, its potential impact, and what it means […]
Understanding the Role of a 401(k) Plan Administrator and Third-Party Administrator
Employer-sponsored retirement plans, such as 401(k) plans, require careful administration to ensure compliance with regulations and smooth operation. Two key roles in the management of 401(k) plans are the Plan Administrator and the Third-Party Administrator (TPA). In this blog post, we will explore the responsibilities of these two positions and clarify the difference between them. […]
Auto Enrollment in a 401(k): A Very Manual Process
As retirement savings become increasingly important, many employers are choosing to implement auto-enrollment features in their 401(k) plans. Auto-enrollment is a valuable tool that encourages employees to save for retirement by automatically enrolling them in the plan unless they actively opt-out. While this feature has numerous benefits, the process of implementing and managing auto-enrollment in […]