Category

Employee Benefit Plans

Sponsors of 401(k) Plans Must Heed Supreme Court Warning by Sean Deviney, CFP


Posted on September 30, 2015 by Richard Berkowitz

A recent U.S. Supreme Court decision reaffirmed that the fiduciary duty of employers sponsoring 401(k) plans extend beyond the six-year statute of limitations. In its unanimous decision, the court ruled that 401(k) fiduciaries must monitor investments, dispose of inappropriate assets and minimize management fees on a continuous and regular basis. According to the court, “an […]

How the President’s Budget Proposal Would Affect Retirement Savings by Sean Deviney, CFP


Posted on February 27, 2015 by Richard Berkowitz

President Obama’s budget proposal for fiscal 2016 includes several provisions that could improve taxpayers’ access to retirement savings programs and limit the amount some individuals can save in those plans. Following are some of the key measures proposed by the president that await Congressional approval:   Automatically enroll workers. Employees without access to employer-sponsored retirement […]

Don’t Forget Retirement Savings When Changing Jobs by Sean Deviney, CFP


Posted on February 05, 2015 by Richard Berkowitz

It is far too common for individuals to leave behind retirement benefits with previous employers when they change jobs.   By forgetting and neglecting these orphaned benefit plans, individuals risk losing significant savings they accumulated over their hard-working years.  In fact, a recent report issued by the Government Accountability Office found that, under current law, each […]

IRS Increases Retirement Plan Contribution Limits in 2015 by Kenneth J. Strauss, CPA/PFS, CFP


Posted on December 05, 2014 by

Due to an increase in the cost-of-living index, the IRS is raising many retirement plan contribution limits in 2015, thereby providing taxpayers with opportunities to save more money for the future. Contribution limits to Individual Retirement Plans (IRAs), however, remain unchanged at $5,500 in 2015. Plan Type  2015  2014 401(k), 403(b) and Profit Sharing Elective […]

‘Tis the Season for Annual Benefit Plan Notices by Sean Deviney, CFP


Posted on November 05, 2014 by Richard Berkowitz

The fourth quarter is an important time of year for businesses that administer 401(k) plans on behalf of their employees. Among their fiduciary responsibilities under the Employee Retirement Income Security Act of 1974 (ERISA), plan sponsors must distribute to plan participants important notices detailing relevant information that helps participants make informed decisions about their retirement […]

Change to FSA Rollover Rule by Nancy M. Valdes, CPA


Posted on September 25, 2014 by

In 2014, the U.S. Department of Treasury ended its use-it-or-lose-it policy on Flexible Savings Accounts (FSAs) by allowing employees with FSA to rollover up to $500 of unspent funds into the following year. Flexible Spending Accounts (FSAs) allow workers to set aside up to $2,500 in pre-tax money annually to pay for certain out-of-pocket medical […]

Navigating the Challenges of 401(k) Audit Requirements and Fiduciary Responsibilities By Lisa N. Interian, CPA


Posted on September 12, 2014 by Lisa Interian

According to the U.S. Bureau of Labor Statistics, retirement benefit plans were available to 85 percent of employees working for private businesses with 100 or more workers in 2013. In order to protect employees’ investments and help them to make sound financial decisions, businesses sponsoring these plans, particularly defined benefits and defined contribution plans, are […]

Not All IRAs are Protected in Bankruptcy Proceedings by Adam Cohen


Posted on August 14, 2014 by Adam Cohen

The Supreme Court recently made a distinction between Individual Retirement Accounts (IRAs) that an individual owns and funds during his or her lifetime and those that one inherits from a family member. Specifically, the court excluded inherited IRAs from bankruptcy protection, arguing that such accounts lack the retirement-planning aspects of owner-funded plans. Moreover, because beneficiaries […]

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