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Defined Contribution Retirement Plan Senior Administrator
First American Bank (Elk Grove Village IL / Hybrid)
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51 Matching News Items
1.
Common Plan Errors and How to Avoid Them
Retirement Management Services, LLC
Apr. 30, 2024
Retirement Management Services, LLC
Apr. 30, 2024
"[1] Late contributions.... [2] Compensation.... [3] Eligibility.... [4] Impermissible distributions.... [5] Loans.... [6] Compliance testing.... [7] Form 5500 series filings."
2.
Retirement Savings Calculator [XLS]
Retirement Management Services, LLC
Mar. 22, 2024
Retirement Management Services, LLC
Mar. 22, 2024
"This worksheet helps you determine what percent of pay to save for retirement. These calculators are provided only as general self-help tools. Results depend on many factors, including the assumptions you provide."
3.
The Saver's Credit, 2024
Retirement Management Services, LLC
Mar. 12, 2024
Retirement Management Services, LLC
Mar. 12, 2024
"[This article provides] a question and answer explanation intended for employers and employees who want to know all the related details ... [and] a two-page notice to explain the rules to employees. There is no legal requirement that the notice be given to employees.... [E]mployers and others in the retirement services community [are encouraged] to give out the notice in order to promote retirement savings by eligible employees."
4.
Cash Balance Plans Explained
Retirement Management Services, LLC
Mar. 4, 2024
Retirement Management Services, LLC
Mar. 4, 2024
"Cash balance plans made up 42% of all defined benefit plans in 2018, up from 2.9% in 2001, and this market continues to see double digit annual growth each year, primarily for small to mid-size companies (defined as those with less than 100 employees) compared to relatively flat growth in other qualified plans."
5.
Case Study of Seven Defined Contribution Plan Designs, 2024
Retirement Management Services, LLC
Feb. 19, 2024
Retirement Management Services, LLC
Feb. 19, 2024
"The owner was willing to contribute 5% of pay for his eligible staff.... [S]even different [plan] designs ... resulted in total owner contributions that varied from $17,250 to $76,500, based on the compensation cap and contribution limits applicable for the current year. In other words, there were far more dramatic differences in the results than the owner thought possible."
6.
Converting a Simple IRA to 401(k) Midyear
Retirement Management Services, LLC
Oct. 30, 2023
Retirement Management Services, LLC
Oct. 30, 2023
"Starting in 2024, a SIMPLE IRA can be replaced with a safe harbor 401(k) plan mid-year. The replacement plan can be either a traditional safe harbor plan or a Qualified Automatic Contribution Arrangement (QACA) safe harbor 401(k) plan. The replacement ... plans must be effective as of the termination date of the SIMPLE IRA."
7.
SECURE 2.0 Provisions Related Specifically to 403(b) Plans
Retirement Management Services, LLC
July 31, 2023
Retirement Management Services, LLC
July 31, 2023
"Section 106 of the SECURE 2.0 Act allows 403(b) Plans, other than church plans, to form or participate in a Multiple Employer Plan (MEP) or Pooled Employer Plan (PEP).... Section 602 of the SECURE 2.0 Act changes Hardship Rules for 403(b) Plans.... Section 128 of the SECURE 2.0 Act allows 403(b) Plans to invest in Common Investment Trusts (CIT).... The legislation however did not change the securities laws that prevent CITs from holding 403(b) plan assets."
8.
Comparing Retirement Plan Designs
Retirement Management Services, LLC
July 5, 2023
Retirement Management Services, LLC
July 5, 2023
"Here is an example showing the results of comparing seven plans for a small business.... The results show the differences that can be obtained from various plan designs. The best design for any given situation will vary depending on employee ages and salaries, as well as company objectives."
9.
Hardship Withdrawals: Should You Allow Self-Certification?
Retirement Management Services, LLC
June 29, 2023
Retirement Management Services, LLC
June 29, 2023
"Even though self-certification will not require employers to undertake the burden of financially investigating the request, it does leave several questions and concerns.... [For example, if] the employer knows (or reasonably should know) that an employee is being less than completely honest about his or her financial situation, the sponsor cannot rely on the self-certification. An example of this might be a request to cover medical expenses that the employer knows are covered by the company-provided medical plan. There is no guidance to tell us what an auditor (governmental or CPA) will require or accept in these circumstances."
10.
'Cross-Testing' in Qualified Profit Sharing Plans, 2023
Retirement Management Services, LLC
June 19, 2023
Retirement Management Services, LLC
June 19, 2023
"If an employer meets all three of the following criteria ... contributions for the HCEs [can be] significantly larger than under other traditional contribution methods. [1] The company has at least 12 to 20 employees eligible for a qualified plan ... [2] The average age of the HCEs is at least 8 to 12 years above that of all other eligible employees. [3] There are no HCEs among the youngest third of all eligible employees."
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