401k
One Less Furrowed Brow for 401k Plan Sponsors
There was a sneak preview of the Dept of Labor’s preliminary guidance on setting up 401k default investment options. These situations occur when 401k participants fail to select an investment option for their 401k contributions or a 401k default fund is used in 401k plans with automatic enrollment features. Currently, 401k plan sponsors are rethinking [...]
401K plans And Their Benefits
What exactly are 401k plans? A 401k plan is a type of an employer sponsored retirement plan for the employees of the organization. The plans are generally grouped into 2 main categories: defined benefit and defined contribution plans. In the case of the defined benefit plan, the employer promises to pay the retired employee a [...]
IRS Attacks 401k Part-time Employee Exclusions and Your Determination Letter is useless…..
The IRS issued the February 14, 2006 Quality Assurance Bulletin (“QAB”) dealing with 401k plan exclusions of part-time, temporary, and seasonal (A.K.A. “part-time”) employees. T This QAB revolutionizes the way IRS document examiners will look at 401k plan eligibility clauses and warns that inadequately drafted provisions dealing with part-time employees may be disqualifying, regardless of [...]
Roth 401k- a Parlay for the Privileged
January 1, 2006, a new opportunity for retirement savings came to town. Known as the post tax ROTH 401k – this is the classier sister to the traditional 401k plan. In one corner is the post tax Roth 401k, with a fuller bodied contribution as taxes are included on the front end. There’s also a [...]
Thousands Now Survive Financial Hardship Who Never Thought They Could….with a Solo 401k !
Financial Emergency! It is unpredictable yet it happens to all of us. Whether it’s college tuition for your daughter, unexpected medical bills from an accident in the yard, covering the higher than expected closing costs on your new home or avoiding foreclosure or eviction because spending got out of hand; you’re going to need money [...]