Hidden away and buried deep within the recently-passed and signed federal budget bill is a provision authorizing robocalls to cell phones. This bad provision got pushed through Congress in a rush to avoid a government shutdown.
The percentage of individuals in Europe that donate their organs upon their death varies greatly from one European country to the next. For example, only twelve percent of the German citizens choose to donate their organs but if one steps across the border and enters Austria, close to one hundred percent (99.98%) donate their organs. In Denmark only 4.25% donate their organs, but if one leaves Copenhagen and drives across the Oresund Bridge, down the two-mile long undersea Drogden Tunnel and into Sweden, 86% of the population donate their organs. Why these strange differences amongst very similar demographics?
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Tags: ERISA
Good research needs to be shared. Such is the case with the following study recently released by American Century Investments. Seventy-three percent of plan participants said they could have afforded to save more and would have done so if they just knew one key number -- the amount they needed for retirement. Over one in four participants, ages 25-54, would give themselves a "D" or an "F" in putting money away for the future.
Furthermore, nearly seven in 10 support automatic enrollment at a 6 percent starting contribution rate and more than eight in 10 participants would have favored at least a moderate annual increase in their personal retirement savings of 1% a year until a savings rate of 10% was achieved.
Research like this encourages companies that sponsor 401(k) plans to take bold steps. Add auto-enrollment, auto-increase, and auto-invest options. A few participants will object but the vast majority will thank you and you will have the calm assurance of knowing you did the right thing.
The ERISA specialists at Retirement Planning Services can help clients implement these features, for when done properly, the fiduciary liability is actually reduced.
Read the full report here:
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Tags: Retirement Planning
Yesterday the IRS announced annual inflation adjustments for forty tax provisions for 2015. Here is a summary of the changes that affect Cafeteria and Flexible Spending accounts
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There are many different forms of qualified retirement plans--among them, 401(k), profit sharing,
defined benefit, ESOPs, 403(b), SIMPLE IRAs, and SIMPLE 401(k) plans. One of the unique requirements of SIMPLE IRAs and SIMPLE 401(k) plans is that they must be the sole, exclusive plan of the employer for the entire calendar year. In other words, an employer sponsoring a SIMPLE IRA or SIMPLE 401(k) cannot, in the same calendar year, also sponsor a regular 401(k) plan or any other qualified retirement plan.
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Tags: 401(k), SIMPLE IRA, Compliance
Guest blog by Mark W. Major, J.D. (of the Law Office of Mark W. Major P.C.) on "Colorado Same-Sex Marriage Developments: Impact for Employee Benefits"
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Recently the IRS issued written guidance(1) that significantly impacts all qualified plans and the benefits received under those plans by individuals who have entered into a same‐sex marriage. Among other things, this new guidance impacts 401(k) nondiscrimination testing, the definition of highly compensated employees, beneficiary designations, hardship distributions, participant loans, qualified joint and survivor annuities, rollovers, required minimum distributions, and the overall requirements for a retirement plan to remain “qualified” under the Internal Revenue Code.
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Tags: Retirement Planning, 401(k), DOMA
Are you or your client considering adding the new Carry-Over provision to your Flex Plan? The IRS recently issued important guidance on how this Carry-Over provision impacts HSAs. If not set up correctly, the Carry-Over provision will invalidate many HSA contributions, resulting in a loss of deduction and penalties. My Bulletin describes how to create Fail-Safe language that guards against these issues.
This Information Bulletin is a must-read for:
any employer that has adopted (or is contemplating adopting) the new IRS Carry-Over provision and also offers an HSA-qualified HDHP,
- vendors that offer HDHPs, and
- industry professionals that provide related consulting or insurance services.
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Tags: IRS, Carry-Over, Cafeteria Plans
Stig Nybo, President of Pension Sales and Distribution at Transamerica Retirement Solutions, in conjunction with Liz Alexander have written a must-read book on retirement entitled, Transform Tomorrow, Awakening the Super Saver In Pursuit of Retirement Readiness. The book calls attention to the looming retirement crisis in the United States and suggests some fundamental changes to how the retirement industry should present this issue to employees.
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Tags: Retirement Planning
