COVID-19 has sparked many changes nationally and caused a large amount of uncertainty. Our mission as trusted advisors is to provide our clients with the proper resources to make the best decisions for their company. One of the most frightening issues during any recession revolves around an individual’s plan to retire and the balance of their 401(k). On March 27th, 2020 the government issued the CARES Act in efforts to aid those financially impacted by this pandemic. Here’ Read More >>
The recently passed appropriations bill includes the long-awaited SECURE (Setting Every Community Up for Retirement Enhancement) Act and other retirement-related rules. This act went into law on January 1, 2020. This is the most significant change in retirement plan rules since 2006.
Here is a summary of the major components:
- The minimum distribution age increased from 70 ½ to 72
- No more stretch IRAs, beneficiaries must withdraw all assets of an inherited account wit
Employees are the greatest asset that a company can have. Therefore, it’s important to provide valuable benefits that attract and retain talent. Retirement benefits are one of the most important benefits an employer can offer. Where do you start when choosing a retirement solution?
There are many types of benefit plans, including:
- Payroll Deductions IRAs
- Simplified Employee Pensions
- SIMPLE IRA Plans
- Profit Sharing Plans
- 401(k) Plan
- Safe Harbor 401(k) Plans
Sheri Terens, CPA shows how to handle common mistakes in retirement plans:
So, you’re a great employer that started an employee retirement plan to offer the added benefit to your employees. Of course you want to do the right thing to run your plan, but are you?
First, you need to start off with a retirement plan checklist:
- Has your plan document been updated within the past few years to reflect recent law changes?
- Are the plan’s operations based on the