Wrapping Up 2023: A Comprehensive Guide to End-of-Year 401(k) Tasks
This article is a helpful guide for wrapping up 2023 smoothly! We will dive into those end-of-year 401(k) tasks that require your attention including plan design review, SECURE Act preparation and impact on businesses, Required Minimum Distributions (RMDs), employee deferrals and more.
Boosting Profits and Savings: 5 Tax Strategies for Business Owners
By utilizing tax-friendly strategies, owners can reduce their tax liability, effectively boosting profits without increasing sales or cutting costs. Let's delve into some of these strategies and explore how they could potentially bolster your business's financial health, reduce taxes and help you save for retirement.
Turbocharging Your Retirement Savings Plan
Are you eager to supercharge your retirement savings beyond the limits of your 401(k) profit sharing plan? If so, you might be intrigued by the idea of combining your existing plan with a defined benefit plan. This dynamic strategy, known as a "combo plan," can significantly enhance your retirement benefits by leveraging the strengths of both plan types. In this article, we'll explore the concept of combo plans and highlight key considerations for those looking to maximize their retirement savings.
The Rise of Pooled Employer Plans (PEPs) in the Retirement Landscape
The appeal of PEPs for employers is in mitigating personal liability and controlling costs, and has been particularly attractive choice both small business and for audited plans with 100+ participants. Understand the common infrastructure of PEPs, emphasizing their cost-effectiveness compared to single employer plans, with built-in coverage for plan audit expenses and fiduciary responsibility. With this retirement plan option, there will be consideration of PEPs in future RFPs and significant growth in PEP adoption over the next five years.
SECURE Act 2.0: The Impact on Businesses
There are over 90 provisions in the Secure Act 2.0. Hear from RSG’s clients’ perspective on the legislation addressing student loans, emergency savings, ROTH employer contributions. The two driving themes that directly address the social problem of the American savings culture are: 1. more tax credits/incentives for businesses to offer the programs 2.a significant increase in pushing auto-enrollment and auto-escalation features
SECURE Act 2.0: What 401(k) Managers Need to Know for 2024
Required for 2024: Luckily, the required changes for 2024 are minimal. Long-term, part-time employees become eligible to participate in the 401(k) plan. Catch-up contributions are required to be Roth if the participant earns more than $145,000 in W-2 compensation.
4 Ways Employers Can Create a Culture of Wellness
Want to attract the top talent and stay competitive in this labor market? It's essential to provide employees with benefits that are balanced, supporting their social, physical, mental and financial well-being. Investing in these areas can not only help you stand out from other employers but also create an environment of growth for your team. #Wellness #CompanyCulture