Five Reasons Why Cryptocurrencies Can Present Serious Risks to 401(k) Fiduciaries and Participants

International Foundation of Employee Benefit Plans

Read more > The post Five Reasons Why Cryptocurrencies Can Present Serious Risks to 401(k) Fiduciaries and Participants appeared first on Word on Benefits. Employee Benefits 401(k) 401k cybersecurity employee benefits fiduciary financial education financial wellness

Cryptocurrency Guidance for 401(k) Plan Fiduciaries

International Foundation of Employee Benefit Plans

Last week, we shared five reasons why cryptocurrencies can present serious risks to 401(k) fiduciaries and participants. Read more > The post Cryptocurrency Guidance for 401(k) Plan Fiduciaries appeared first on Word on Benefits.

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Introduction to 401(k)s for small businesses

Business Management Daily

Setting up a 401(k) for employees can be a daunting task for small business owners. 401(k)s allow employees to set aside a percentage of their salary to plan for their future retirement. What is a 401(k)? Do employers have to offer a 401(k) to employees?

Does Bitcoin belong to 401(K) plans?

HR Digest

An increasing number of employees now have access to cryptocurrencies like Bitcoin in their 401(k) plans. The digital currency revolution has been happening for years now, but many people still don’t know what Bitcoin is or how it should be handled in their 401k plan.

Roth vs Traditional 401K – Which is Best?

Stratus.HR

Did you know your 401K account offers two distinct ways to save? Traditional 401K. A Traditional 401K is sometimes referred to as the pre-tax option. What you won’t know is how much future tax you’ll have to pay on the dollars invested in a Traditional 401K. Roth 401K.

A Better 401(K) Is the Top Reason Why Workers Switch Jobs

HR Digest

To provide financial support, many employers think about 401K retirement plans a nd student loans. The post A Better 401(K) Is the Top Reason Why Workers Switch Jobs appeared first on The HR Digest.

Retirement Savings? HSA, IRA or 401(k)

Benefit Resource Inc.

Make sure you are getting the 401(k) match. Many employers will offer a 401(k) match up to a certain percentage. Additionally, contributions to a 401(k) are made will pre-tax dollars, so you save on taxes as well. Just like 401k matching programs, more employers are offering HSA matching programs. Finally, fill your 401(k) and IRA buckets. For 2019, you can contribute up to $19,000 annually to a 401(k ).

Sweeping Changes Coming to Employer-Funded 401(k) Plans

Griffin Benefits

Historically speaking, retirees have typically relied on three primary tools to help them prepare for retirement: pension plans, Social Security, and defined contribution plans, like 401(k) plans. Here’s a look at how 401(k) plans may soon change as part of the SECURE 2.0

The DOL makes 401(K) cybersecurity recommendations

Business Management Daily

Last year, the Department of Labor released a trio of documents advising employers with 401(k) plans about cybersecurity. The post The DOL makes 401(K) cybersecurity recommendations appeared first on Business Management Daily.

Ninth Circuit Revives Fee Challenge to Salesforce.com 401(k) Plan

Proskauer's Employee Benefits & Executive Compensa

On Friday, the Ninth Circuit became the first circuit court to rule in a 401(k) plan fee and investment litigation following the Supreme Court’s January 2022 decision in Hughes v. 401(k) Plans 403(b) Plans Defined Contribution Plan Investment Litigation Fiduciary Fiduciary Breach

Safe harbor 401(k) vs. traditional 401(k): What’s the difference?

Genesis HR Solutions

If you’re a small business owner interested in starting a 401(k) plan for your employees, you already understand how they will benefit, but you should also understand how the plan will affect you. The Problem With Traditional 401(k) Plans. Traditional 401(k).

Pep Talk for 401(k) Administrators

HR Professionals Magazine

As a young, passionate financial advisor in the 401(k) industry, one of my main focuses is to change my community one participant contribution increase at a time. The post Pep Talk for 401(k) Administrators appeared first on HRProfessionalsMagazine. By Jim Trujillo.

District Court Rejects Demand for Jury Trial in 401(k) Investment Litigation

Proskauer's Employee Benefits & Executive Compensa

Plaintiffs were participants in Centerra’s 401(k) plan who alleged that the defendants breached their fiduciary duties in connection with the monitoring of various investment options that had excessive fees and underperformed.

District Court Declines to Dismiss 401(k) Fee Litigation Case in First Decision Post-Hughes

Proskauer's Employee Benefits & Executive Compensa

24, 2022) (discussed further here ), a Georgia federal district court held in favor of plaintiffs and declined to dismiss allegations that defendant’s 401(k) plan included costly and underperforming funds and charged excessive recordkeeping fees.

Fidelity’s Bitcoin 401(k) Makes the Labor Department Frown. Hard.

HR Digest

A Bitcoin 401(k). recently revealed that they plan to offer investors the option to put bitcoin in their 401(k)s by the end of this year. It appears a Bitcoin 401(k) is not such an impossible dream after all.

Cryptocurrency in 401(k) Plans? Might be More Like “Crypto-nite,” Says the DOL in Its Latest Release

Proskauer's Employee Benefits & Executive Compensa

Department of Labor Employee Benefits Security Administration (“DOL”), cryptocurrency might carry similar dangers for otherwise strong and healthy 401(k) plan accounts. Finally, the Release specifically focuses solely on 401(k) plan investments in cryptocurrencies and related products.

Key Changes to 2021 401(k) Contribution Caps | BerniePortal

BerniePortal

In October 2020, the IRS announced key updates to 401(k) contribution limits for 2021, including changes to catch-up contributions and employer contributions.

401(k) litigation — 2 cases employers must follow

Business Management Daily

If you think you’re immune from an employee lawsuit alleging a breach of fiduciary duty over the investment choices you offer in your 401(k) plan, think again. The takeaway: Defined contribution plans such as 403(b) plans and 401(k) plans don’t run on autopilot.

What Are the Different Types of 401(k) Plans to Choose from?

Patriot Software

As an employer, you can offer small business retirement options, like 401(k) plans, to your employees. But when it comes to 401(k) options, it isn’t just a one and done type of deal. There are a few different types of 401(k) plans to choose from.

What you should know about the House’s new 401(k) legislation

Business Management Daily

Figuring that defined-contribution plans such as 401(k)s weren’t nearly secure as they should be after the passage of the Setting Every Community Up for Retirement Enhancement Act of 2019, Congress is taking another stab at it with the Securing a Strong Retirement Act of 2021 (H.R.

What Employers Should Know About 401(k) Plans | BerniePortal

BerniePortal

A 401(k) is a tax-free retirement savings account that many employers offer to employees as an employee benefit. These accounts allow employees to deposit pre-tax income into a savings account that can only be used once an employee has reached the age of retirement. Many employers choose to contribute to these plans depending on the employee's contributions. HR Benefits & Healthcare

Why a 401(k) & HSA make the perfect power couple

Benefit Resource Inc.

If you’ve already finished the first season of Bridgerton on Netflix and are looking for another love story to dive into, we’re here to tell you about a love story for the ages: a 401(k) & HSA. 401(k) + HSA =. The goal of a 401(k), like any retirement account, is to help you save for those expenses in retirement. Depending on how your 401(k) is set up, you may be able to use funds in your account for emergencies.

Small Business 401K: Considerations for choosing your plan type & match strategy

Genesis HR Solutions

If you’re looking for the best and brightest talent, it’s smart to consider your 401(k) options. A retirement assistance plan, like a 401(k) plan, ranks #4 of 54 benefits and has the highest correlation with employee satisfaction. But maybe you’re wondering what’s required for small business 401(k) plans, or are looking for some tips on choosing the strategy that best fits your company. Understand that traditional 401(k) plans are tested annually.

What an Early 401K Withdrawal Costs Amidst the Great Resignation

HR Digest

A third of employed workers say they expect to seek a new job this year, and many of them are likely to withdraw money out of their 401(k), something financial planners never recommend. Cashing out of a 401(k) a little too early may cause that day to come late for many.

How much can a business owner contribute to a 401k? 4 rules to know

Genesis HR Solutions

Small business owners often want to start a 401(k) plan to attract and retain talent, as well as to plan for their own retirement. If you run a small business, at some point you’ve probably found yourself weighing the pros and cons of starting a 401(k) plan. If so, you may be wondering, “How much can a business owner contribute to a 401(k)?”. The Internal Revenue Service (IRS) is responsible for setting 401(k) contribution limits.

Check W-2, Box 12 Code D to ensure 401(k) compliance

Business Management Daily

The IRS uses those codes to determine compliance with other sections of the tax code, like 401(k) compliance and teasing out employees who earn too much to make tax-deductible IRA contributions. W-2 coding for 401(k) contributions.

District Court Partially Dismisses ERISA 401(k) Fee and Performance Claims for Lack of Standing

Proskauer's Employee Benefits & Executive Compensa

s (“Omnicom’s”) motion to dismiss, for lack of Article III standing, claims challenging the offering of investment options in Omnicom’s 401(k) plan in which the plaintiff participants did not invest. 401(k) Plans Standing 401(k) Article IIIA federal district court in New York recently granted Omnicom Group Inc.’s

The feds want your opinion on climate change and 401(k)s

Business Management Daily

To bring stability to 401(k) investment options, proposed regulations issued last October would permanently remove these IBs and would also allow employers to consider environmental factors as part of their fiduciary duty when picking funds.

District Court Dismisses Investment and Recordkeeping Claims Against 401(k) Plan Fiduciaries

Proskauer's Employee Benefits & Executive Compensa

A Kentucky federal district court ruled that a participant in CommonSpirit Health’s 401(k) plan failed to state plausible claims for breach of fiduciary duty related to the fees and performance of actively managed target date funds and recordkeeping fees. 401(k) Plans Fiduciary Breach

COVID-19: IRS Eases Limits on Early 401(k) Withdrawals | BerniePortal

BerniePortal

With the economy still struggling to return to normal during the coronavirus pandemic, the Internal Revenue Service (IRS) recently announced that it had expanded early 401(k) and IRA withdrawal eligibility for qualified individuals. Find out what you need to know—and how it may impact your workplace. HR COVID-19

2022 IRS HSA, FSA and 401(k) Limits [A Complete Guide]

Griffin Benefits

Together, these combined announcements by the IRS detail 2022 adjusted limits to the amounts employees can tuck away pretax into Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), transportation benefits, and retirement plans such as 401(k)s.

Time is Running out for IRS ‘Pre-Approved’ 401(k)/Defined Contribution Plan Sponsors to Meet the July 31, 2022 ‘Cycle 3’ Deadline

Benefits Notes

Employers sponsoring 401(k) or other types of defined contribution plans “pre-approved” by the Internal Revenue Service (IRS) should be aware that the restatement deadline is quickly approaching.

Retirement Concerns: Is Financial Literacy the Solution?

Best Money Moves

Those workers that do have a 401k aren’t saving enough to cover expenses in retirement, even when employers match contributions. Four researchers at Kellogg School of Management at Northwestern University recently found three-fourths of American workers with defined contribution plans like 401(k)s aren’t saving enough to maintain their standard of living later in life. For Employers 401(k) financial literacy financial stress financial wellness retirement

Thinking Outside the 401(K): Three Financial Wellness Benefits to Build Resilience Post-Pandemic

Nava Benefits

Retirement planning is a huge part of long-term personal finance — but what happens between now and then? These three financial wellness benefits address many of the short- and long-term financial concerns your employees may face

Recruiting college grads? Focus on the 401(k)

BerniePortal

Why a 401(k) is part of a competitive recruitment strategy. In particular, if your clients aren’t providing and funding a 401(k), they are likely losing out on valuable talent. Check out this column in BenefitsPro : Many small and mid-sized employers have recruiting on the brain. With a low national unemployment rate and new college graduates flooding the job market, your clients are likely turning their attention to their recruitment strategy.

Proposed IRS RMD Regulations Present Challenges, Risks for 403(b) Plans

McDermott Will & Emery Employee Benefits

However, the IRS’s efforts to streamline the required minimum distribution (RMD) requirements for Internal Revenue Code (IRC) Section 403(b) plans with Section 401(a) qualified plans, […].

Cryptocurrency for Employee Benefits Lawyers: What You Need to Know

McDermott Will & Emery Employee Benefits

Employee Benefits Fiduciary and Investment Issues Retirement Plans 401(k) bitcoin blockchain cryptocurrency DOL Employee Retirement Income Security Act of 1974 ERISA Ethereum I.R.C. §