If your business or organization offers a sponsored individual retirement savings plan, such as a 401(k) or 403(b), you may be familiar with the U.S. Department of Labor’s requirement that plan participants and beneficiaries be notified annually about investment-related information and activities. The first such notification was to be delivered by August 30, 2012, with subsequent notices being distributed no longer than 12 months later. That means the deadline for the 2013 notice is approaching rapidly. Continue reading
While company-sponsored 401(k) plans are a great benefit, they also require much diligence. Would you like to know some of the most common violations? Want a checklist to help you correct problems and stay on track?
Saving for retirement is essential for financial security. Fortunately, the government provides tax incentives. You still have time to contribute to an IRA, Roth IRA or SEP plan for the 2012 tax year — before the April 15 tax filing deadline. You can possibly reduce your tax bill and help make your retirement more secure. Working teens can also contribute and build savings for the future. Find out about the basic rules, deadlines and strategies. If you’re getting a refund, you have several options for receiving it. Read the full article here.
In 2012, employers and employees received detailed new disclosures about fees being paid for 401(k) services, thanks to new Department of Labor regulations that took effect back in the summer. Whether or not employees have read the statements carefully, employers can’t afford to set them aside with the general intention of reading them some day. Here’s why…
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If you offer your employees a 401(k), pension plan or other defined benefit plan, you may be required by law to have the plan audited on an annual basis. The U.S. Department of Labor (DOL) is diligent in making sure qualifying plans are audited, and in reviewing the audits to make sure the plans are being properly administered for the beneficiaries of your employees. Continue reading
In the challenging economic times we are currently experiencing, individuals seeking to supplement or replace lost income, or to get through financial crises such as unemployment and medical emergencies, have taken to “raiding” their own 401(k) plans. This is a fiscally risky move that could have serious consequences, both in the short term and down the road. Continue reading