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OT salary level regs may affect 401(k), other plans

If you reclassified some exempt employees as nonexempt in the wake of the new overtime salary threshold rules that went onto effect Jan. 1, you should now check your health benefit and 401(k) plan documents.

Americans value retirement plans such as 401(k)s

Most Americans are confident that 401(k)s and other defined contribution retirement accounts can help people meet their retirement goals, according to a new study released by the Investment Company Institute.

What you missed when we were away

Although we took a vacation from writing for the last couple of weeks, we were diligently gathering stuff to write about. And that’s no joke. So, here’s the rundown.

New overtime regulations may affect 401(k) plans

If you reclassified some FLSA-exempt employees as nonexempt this year—thanks to the new overtime salary-level regulations that are scheduled to kick in Jan. 1—be aware that this could impact your 401(k) and health plans.

Half of us have raided our retirement accounts

Almost half of working Americans— 49%—have tapped their retirement savings to pay for things other than retirement, according to a new study by Bankrate.

What’s the new retirement plan designed for small New York employers?

Q. We are a small employer and don’t have a retirement savings plan. An employee just asked us about what he described as a new retirement plan that won’t cost us anything. What’s that all about?

Owners must pay millions to restore retirement plan

Two former owners of a media company will pay $7.8 million to settle federal charges that highly speculative investments cost their employees’ pension fund tens of millions of dollars.

Association retirement plans coming to small businesses

Small businesses will soon be able to offer retirement savings plans to their workers through association retirement plans under a final Department of Labor rule that will take effect Sept. 30.

SECURE Act retirement legislation stalls in Senate

A bill that would make it easier for more employers to set up 401(k) retirement plans for their employees, which easily passed the House of Representatives in May, is languishing in the Senate.

Small businesses can soon offer association retirement plans

According to a DOL statement, the rule enables small businesses to offer benefit packages comparable to those offered by large employers.