Uncle Sam's 2014 budget: Will it cap retirement savings?

Recent FY2014 budget proposals by President Obama include a major change for retirement savers: A new $3 million limit would apply to assets in qualified retirement plans such as 401(k)plans, as well as defined-benefit pensions and IRAs.

Feds offer free toolkit to help employees plan for retirement

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.

Consider offering the best-ever retirement benefit


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.

Hasty retirement benefits offer may show retaliation

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.

401(k)s bounce back, but many workers still leave money on table

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.

401(k)s remain strong even after recession

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.

DOL asks court to appoint fiduciary for 'orphaned' 401(k)

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.

Ameriprise faces claims it cheated its own employees

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.

Employees can contribute $500 more to 401(k)s next year


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.

The deadline for 401(k) plan fee disclosures is this month

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.

Court: Elmhurst pumping firm drained workers' 401(k) funds

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.

FICA wage base increases to $113,700 for 2013

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.

Payback's a b&+%#! How to handle 401(k) plan loans


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.

Columbus graphics firm must return pension funds

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.

OK if retirement plan favors surviving spouses

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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