05/10/2013
Help your employees jumpstart their retirement savings by pointing them toward a new planning toolkit prepared by the U.S. Department of Labor and the Certified Financial Planner Board of Standards.
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05/07/2013
When most employees change jobs, they either cash out previous 401(k) accounts (bad move) or roll them over into an IRA (better). Very few opt for what may be the very best money move: rolling retirement funds into a similar 401(k) plan at their new organization.
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04/23/2013
Before offering a retirement package that’s contingent on giving up the right to sue, make sure you comply with the Older Workers Benefit Protection Act (OWBPA) requirements. That includes giving the employee time to review the agreement and talk to a lawyer.
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04/16/2013
Employee participation rates in their employers' 401(k)s are up, according to a new survey by WorldatWork and the American Benefits Council. But fewer than 10% of employees contribute the maximum to their retirement plans.
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03/27/2013
Despite the tepid economy of the past five years, employers have remained committed to funding their employees’ 401(k) retirement benefits, according to a recent survey. Employee participation rates are up, and workers are relying less on their 401(k)s for emergency cash.
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03/05/2013
When the owner of Windswept Environmental Group died in November 2008, he left behind more than a business. The Bay Shore company’s 401(k) retirement plan was orphaned, too, since the owner was the plan’s only fiduciary. Now the DOL has asked a court to appoint a fiduciary for the plan.
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02/20/2013
Participants in Ameriprise’s 401(k) plan are suing the investment firm, claiming it operated the retirement program for its own benefit, not its employees and retirees.
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11/21/2012
The IRS has announced that the amount employees can defer on a pretax basis into 401(k) accounts goes up to $17,500 in 2013.
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11/01/2012
New rules require 401(k) plan service providers to disclose fees to plan administrators, who must, in turn, relay this information to employees. The disclosures are due to employees by Nov. 14.
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10/18/2012
A federal court has ordered the owner of Elmhurst-based ABD Tank & Pump Co. to repay $2.7 million that was illegally skimmed from the company’s 401(k) plan.
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10/16/2012
The Social Security Administration has announced that the 2013 taxable wage base for the Social Security portion of FICA increases to $113,700. That’s a 3.2% hike over the 2012 wage base of $110,100.
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08/31/2012
401(k) plans don’t have to allow employees to borrow from their vested account balances. But if they do, the news is grim. According to a recent survey, about 10% of employees who borrow from their 401(k) plans default. The default percentage skyrockets to 80% if employees terminate with outstanding loans.
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08/07/2012
Officers and owners of Columbus-based Clark Graphics must pay back more than half a million dollars to the company’s two pension plans after federal investigators found that the money went missing because of lax oversight.
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06/20/2012
Courts have spent considerable time sorting out the impact of Title VII on defined-benefit pension programs. Does an employer have to equalize the total amount male and female retirees receive? The answer is no.
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05/17/2012
Even if they’ve been diligently socking away money in their 401(k) plans, employees who are about to retire are no doubt nervous about their financial futures. The nagging question: Will their retirement savings last as long as they do? Believe it or not, the IRS wants to help.
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