The IRS and DOL are instructed to modify guidelines by 12/29/2024 to allow a defined contribution plan to consolidate certain required plan notices.Applicable plans: ERISA 401(k), and 403(b) plans
Robert Loeb
Asset Allocation Funds Performance Benchmarks
This provision orders the Labor Secretary to revise DOL regulations so that when an investment uses mixed asset classes it can be measured alongside a blend of broad-based securities market indices, provided that: The index blend: Relatively equals the fund’s asset...
Lost and Found Retirement Savings
In 2021, nearly 25 million 401(k) accounts with funds valued at approximately $1.35 trillion were lost.[1] To help this issue, a database will be built and managed at the Department of Labor (DOL), allowing retirement plan participants to search for the contact...
The Hidden Costs of Borrowing from Your401(k) Retirement Plan
Written by: Jeff Feld, CPA and Principal Taking a loan from your 401(k) retirement plan may seem like an attractive option because you are borrowing from yourself. However, a closer look exposes the potential drawbacks and hidden costs associated with this decision....
Retirement and Workforce Facts: Did You Know?
An average of 67 million Americans per month will earn Social Security benefits in 2023, averaging over one trillion dollars in benefits paid. (Reference: Social Security Administration) Only 60% of workers ages 55 and older have attempted to estimate the amount of...
Required Minimum Distribution (RMD) Changes
The SECURE 2.0 Act raised the age for taking RMDs from 72 to 73 effective January 1, 2023. To clarify the distinction regarding when an account holder should begin taking RMDs, those who turned 72: In 2022, must take their distribution no later than April 1, 2023. In...
Employer Contributions Can Now Be Treated as Roth Contributions
Effective in 2023, the SECURE 2.0 Act, now allows participants in a 401(a) qualified plan (such as a 401(k) or profit sharing plan), 403(b) plan, or governmental 457(b) plan to designate employer matching or nonelective contributions as Roth contributions, if...
Penalty Free Early Withdrawals for Qualified Public Safety Employees
The Defending Public Safety Employees' Retirement Act of 2015 revised the Internal Revenue Code of 1986 to re-define the description of “qualified public safety employees” to include Federal law enforcement officers, Federal firefighters, customs and border protection...
Modified Retirement Plan Notices to Unenrolled Participants
The SECURE 2.0 Act raised the age for taking RMDs from 72 to 73 effective January 1, 2023. To clarify the distinction regarding when an account holder should begin taking RMDs, those who turned 72: In 2022, must take their distribution no later than April 1, 2023. In...
Family Focus Dream Builder Dinner
Alliance Pension Consultants, LLC attended the Family Focus Dream Builder Dinner. Alliance Pension Consultants has been providing retirement plan services to Family Focus (previously Chicago Child Care Society) for nearly 10 years and is proud to have been a sponsor...