When Are Cryptocurrencies Appropriate Investments for Retirement Plans and IRAs?

McDermott Will & Emery Employee Benefits

The US Department of Labor (DOL) recently issued guidance for the first time on the investment of retirement plan assets in cryptocurrencies. The post When Are Cryptocurrencies Appropriate Investments for Retirement Plans and IRAs?

Homework and Deadlines Matter: New IRS Pre-Audit Compliance Program for Retirement Plans

McDermott Will & Emery Employee Benefits

Retirement plan sponsors should be aware of a new Internal Revenue Service (IRS) pilot program, which permits plan sponsors to conduct a pre-examination “check-up” of retirement plan administration before the IRS begins a plan examination.

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What Is a Qualified Retirement Plan?

HR Lineup

There are several ways individuals contribute to their retirement benefits. Some of these plans have an advantage when it comes to taxes. Types of Qualified Retirement Plans. There are three classes of qualified retirement plans, namely: 1. Hybrid plan.

5 Best Retirement Planning Tools and Software 2022

HR Lineup

Retirement planning can be challenging considering that you need to predict what’s to come in the future and assume various factors. Unfortunately, this has led to many individuals failing to take the necessary steps in building and protecting their retirement nest egg.

Rolling the Dice on Crypto in Retirement Plan

HR Professionals Magazine

Instead of trying to throw a retirement savings lifeline saying, “I can save you! In the DOL’s guidance, they acknowledge the wave of enthusiasm around crypto and the potential for them to become investment options in 401(k) plans. By Jim Trujillo.

Using A PEO Retirement Plan: Is It Worth It?

Genesis HR Solutions

When we talk to prospective clients about our PEO’s retirement plans, they’re sometimes skeptical about the value of using them, especially if they already have their own plans in place. They wonder: Is switching to a PEO’s retirement plan worth it?

How Competitive is Your Company’s Retirement Plan?

HR Professionals Magazine

The post How Competitive is Your Company’s Retirement Plan? appeared first on HRProfessionalsMagazine. Employee Benefits March 2022

IRS Unveils New Pre-Examination Compliance Pilot Program for Retirement Plans

Proskauer's Employee Benefits & Executive Compensa

Or at the very least, predict the timing of a retirement plan audit? Last Friday, the IRS Employee Plans division announced a new pilot program whereby it will notify retirement plan sponsors 90 days in advance that their plan has been selected for upcoming examination.

University of Lincoln supports staff with retirement planning

Employee Benefits

The university acknowledges that in academia, people can, and often do, work into their later years, and often receives requests from staff to either retire fully, or work part time and take flexible retirement.

403(b) Retirement Plan: Option for Nonprofits

Patriot Software

Offering employees the opportunity to contribute to a retirement plan is a benefit many for-profit businesses provide. If you run a nonprofit with 501(c)(3) status, you can offer your employees a 403(b) retirement plan. So, what is a 403(b) plan?

7 essential retirement plan questions

Insperity

It’s no secret that current and prospective employees want their employer to offer a retirement plan. Whether your company is looking for a new retirement plan provider or reviewing your current retirement benefits, the first thing you need to understand is one size does not fit all.

What is a State-Sponsored Retirement Plan? | BerniePortal

BerniePortal

employees are on the verge of a retirement crisis. working adult population has nothing saved for retirement and only Social Security to look forward to.” As a result, states are stepping in to provide state-sponsored retirement plans. Many U.S.

How CARES Act Affects Employee Retirement Plan Distributions

Health Consultants Group

How CARES Act Affects Employee Retirement Plan Distributions. That includes compliance with CARES Act Section 2202 , Special Rules For Use of Retirement Funds. CARES Act Retirement Plan Rules.

To the Moon After All? DOL Targets Cryptocurrency in Retirement Plans

Snell & Wilmer Benefits

2022-01 (the “Release”), the Department of Labor (the “Department”) signaled its intention to scrutinize inclusion of cryptocurrency assets and crypto-derivative products as investments in ERISA-covered retirement plans. In particular, the Release articulates the Department’s view that offering exposure to this asset class – either in a plan’s investment lineup or via a brokerage window – may run contrary to ERISA’s fiduciary principles. In Compliance Assistance Release No.

New IRS SECURE Act Guidelines for Retirement Plans | BerniePortal

BerniePortal

The IRS announced new SECURE Act guidance in early September 2020 to expand retirement savings access and eligibility for part-time workers and new parents. Find out what you need to know and how these changes could impact your workplace. HR Compliance

EPCRS Update Offers New Tools to Correct Retirement Plan Errors

Proskauer's Employee Benefits & Executive Compensa

The IRS recently updated its “Employee Plans Compliance Resolution System” (EPCRS). By way of background, EPCRS is a correction program administered by the IRS for plan sponsors to correct certain retirement plan errors. Plan sponsors and administrators should familiarize themselves with the EPCRS changes, which are generally effective July 16, 2021. New Flexibility to Correct Retirement Plan Overpayments.

Americans don’t have access to retirement plans

HR Digest

For the first time, Americans as a whole aren’t saving nearly enough for retirement. According to data from Northwestern Mutual’s 2019 Planning & Progress Study, fifteen percent Americans have no retirement savings at all. For both Gen X-ers and baby boomers, 14% of survey respondents in each group have absolutely nothing put away for retirement years. Furthermore, only 10% of respondents are confident that they’ll have enough earmarked for retirement.

Employee Well-being Needs to Include Retirement Plans

HR Bartender

He’s responsible for leading the retirement, investment counseling, and risk management teams in the U.S. Aloise] Actuarial science, particularly as it relates to valuing the liabilities of a pension plan, is a critical need in managing the retirement benefit programs for many organizations that sponsor a defined benefit pension plan. You mentioned defined benefits plans. I know one of your areas of expertise is in the area of retirement planning.

Aiding Employees With Retirement Planning Boosts Retention

Hppy

Retirement doesn’t feel like a realistic goal for many employees today. workers, 79 percent expect they will need to supplement retirement income by working. Workers of all generations now push their retirement date farther away, and the outlook isn’t promising for millennials and future generations. Helping employees plan for their retirement relieves a major burden and will keep them around in the long-term. Address Employee Financial and Retirement Concerns.

New IRS SECURE Act Guidelines for Retirement Plans | BerniePortal

BerniePortal

The IRS announced new SECURE Act guidance in early September 2020 to expand retirement savings access and eligibility for part-time workers and new parents. Find out what you need to know and how these changes could impact your workplace. HR Compliance

Ensure employees know of retirement plan rollover rules change

Business Management Daily

As a result of a provision in the Tax Cuts and Jobs Act, the rollover distribution rules are now more relaxed for rollovers of defaulted loans resulting from plan terminations or a participant’s failure to repay a loan upon severance from employment. The post Ensure employees know of retirement plan rollover rules change appeared first on Business Management Daily.

Think Your Retirement Plan Is Bad? Just Talk to a Teacher

The Teacher's Advocate

"Schoolteachers and others who pursue careers of service in exchange for modest paychecks get lightly regulated retirement plans that often charge excessive fees." 21, 2016 Think Your Retirement Plan Is Bad?

Proposed Minimum Distribution Regulations Prompt Concerns

McDermott Will & Emery Employee Benefits

According to this Tax Notes article, the proposed regulations would make determining the RMDs during the plan participant’s lifetime and the designated beneficiary more challenging for plan sponsors, IRA trustees and custodians, and third-party administrators.

Taxes 60

The Fiduciary Duties of 457(b) Plans and How to Mitigate Potential Risks

McDermott Will & Emery Employee Benefits

Fiduciaries of 403(b), 401(a) and 457(b) retirement plans have come under increased scrutiny in recent years, in part due to participant lawsuits filed against plan sponsors and the resulting media attention.

A Running Start: IRS Pilots New Pre-Examination Program

Snell & Wilmer Benefits

The Employee Plans Office of the Internal Revenue Service (the “IRS”) announced a new pre-examination program for retirement plans to begin as of June 2022. The pilot program is designed to reduce the amount of time and resources the IRS expends on plan audits, while affording plan sponsors the opportunity to identify and correct errors. The plan sponsor is permitted 90 days to self-audit its plan documents and operations.

Mature ESOPs: Remodeling the House You Own

McDermott Will & Emery Employee Benefits

Her presentation focused on the traits of a sustainable employee stock ownership plan (ESOP), common concerns of a mature ESOP and other ESOP-specific investment issues.

Environmental, Social and Governance (ESG) Investing for Retirement Plans: Where We’ve Been, and Where We Are Now

McDermott Will & Emery Employee Benefits

The post Environmental, Social and Governance (ESG) Investing for Retirement Plans: Where We’ve Been, and Where We Are Now appeared first on EMPLOYEE BENEFITS BLOG. Over the past year, the regulatory backdrop around environmental, social and governance (ESG) investing has shifted.

Understanding a Trustee’s Role in Management Incentive Plans

McDermott Will & Emery Employee Benefits

On May 5, 2022, McDermott Partner Erin Turley delivered a presentation during the 2022 TEA National Conference titled “Understanding a Trustee’s Role in Management Incentive Plans.”

ERISA Litigation: What Have We Learned?

McDermott Will & Emery Employee Benefits

Earlier this spring, McDermott Partner Erin Turley delivered a presentation about the impacts of recent Employee Retirement Income Security Act of 1974 (ERISA) litigation.

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

Lessons from Recent ESOP Litigation

McDermott Will & Emery Employee Benefits

What are some recent trends in employee stock ownership plan (ESOP) litigation? In these slides, McDermott’s Ted Becker and Allison Egan offer insight into what plan fiduciaries need to know.

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

McDermott Will & Emery Employee Benefits

The Internal Revenue Service (IRS) is strategically working to execute the statutory changes that were outlined by the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) of 2019. Employee Benefits Employment Fiduciary and Investment Issues Retirement Plans 29 C.F.R.

INFOGRAPHIC: 2020 Indexed Figures for Qualified Retirement Plans

benefitexpress

Qualified Retirement Plans must take various dollar limits into consideration. The IRS has released benefit plan limits for the New Year. We've created an infographic including the 2020 indexed figures for retirement limits, flexible benefit related limits, and transportation benefits. Since some of these are indexed they are subject to change on occasion.

Cryptocurrency for Employee Benefits Lawyers: What You Need to Know

McDermott Will & Emery Employee Benefits

McDermott Partners Andrew Liazos, Andrea Kramer and Brian Tiemann recently offered their perspectives about cryptocurrencies and how they relate to Employee Retirement Income Security Act of 1974 (ERISA) plans, individual retirement accounts (IRAs) and […].

Four Mistakes Clients Make with Roth IRAs and Their Estate

McDermott Will & Emery Employee Benefits

Fiduciary and Investment Issues Retirement Plans beneficiaries estate planning required minimum distributions Roth IRA SECURE Act tax-free income trustsThe Roth IRA is a powerful and popular tool for all investors.

Inflation and ERISA Penalties: Hand in Hand for 2022

McDermott Will & Emery Employee Benefits

The Federal Civil Penalties Inflation Adjustment Act of 2015 directs the US Department of Labor (DOL) to make annual inflation adjustments to specified Employee Retirement Income Security Act (ERISA) violations.

Internal Trustee Fiduciary Liability

McDermott Will & Emery Employee Benefits

What are an employee stock ownership plan’s (ESOP) internal trustee’s fiduciary duties? What are some of the most common liability areas for trustees? And how can trustees prevent common liability pitfalls? In this presentation, McDermott Partner J.