Category: Plan Advisory and Co-Fiduciary Services

Businesses differ from each other in countless ways, from what they offer to how they are run. But they all have one thing in common, and that is the desire to reduce expenses and increase profits. Business Owners are willing to explore every avenue to get there but they often overlook the opportunity to do so through their company retirement plan. Under the right circumstances, working with a consultant experienced in the complex area of advanced plan design can produce a dramatic boost in tax savings and wealth accumulation for both Employers and their Employees.

A retirement plan is a critical business asset that should be part of any merger and acquisition review and plan. Taking the first steps may require a retirement advisor to collect data, assess coverage requirements, perform some aggregate testing and review compliance. Mergers create a need for a multi-plan conversion strategy. And retirement plans begin to work harder for your business with due diligence on the funds, the plan design and participant pricing and educational resources.

Financial wellness happens when financial education is tailored specifically to each milestone in your life and your career. It is the goal individuals strive for, combining the right steps to maximize financial opportunities, overcome financial obstacles and make managing your money stress-free.

It can be very exciting for employers to reach the stage in their business where they are able to provide a retirement plan to their employees. It can be equally disappointing if those employees don’t take advantage of the benefit.

For small businesses, choosing between Simple, SEP and 401(k) Profit Sharing Plans is as much about knowing what’s right for your business as it is about finding the right plan for you and your employees.

A Mega Backdoor Roth lets you maximize your savings while minimizing your taxes and in the process you could put away substantially more. Understanding just these few key points about how it works as well as when and for whom it works best will help you know if this retirement plan option is right for you.

The final year of your tri-cycle restatement period provides an opportunity to review and reassess 401(k) documents. It is an especially good time to look at these key features: • Employer Contributions • Automatic Features • Roth 401(k) • In-Service Distributions • Joint & Survivor Annuities

Tips & guidelines you can take mid-year for smoother 401(k) plan administration. Don’t wait until the end of the year to evaluate your Retirement Plan. July 31st is the deadline for most companies to file IRS Form 5500 for 2020. Leverage the insight from last year to improve your plan in 2021

Every plan with more than 100 eligible employees is required to file an ERISA Audit when filing their 5500 with IRS. Reexamine the ERISA audit so you know what it is and if applicable be better prepared.

Secure Act 2.0 is coming as part of the Infrastructure Bill of 2021. This article highlights a few proposed changes including Roth IRA, an increase in RMD and more. The Secure Act 2.0 builds on the Setting Every Community Up for Retirement Enhancement Act of 2019. Included in the bill are dozens of provisions aimed at boosting retirement security.