Many people talk about vision and why you need to have a vision. In fact, many people would say that you must have a vision larger than yourself…. much larger! So how do we create a vision for ourselves and how do we make those visions become realities? Vision is extremely important in so [...]
This week I want to talk about belonging. I say frequently that being part of my group “feeds my soul”. Several times this year I have spent time with a group of girlfriends (even though I never feel I get to spend enough time with them)! Just being with these gals and hanging out [...]
Recently my firm of 25 years (Sunwest Pensions) merged with July Business Services. My response to this transaction has been very favorable with my friends and colleagues. It really has been an amazing experience and now allows me to continue to live my dream and make an impact on others. I want to spend [...]
My final post relating to Secure 2.0 is about the expansion of what can be self-corrected in retirement plans. What we are talking about when we talk about self-correction is things that happen in the day to day administration of a retirement plan. We all know that mistakes happen and that retirement plans continue [...]
There are 2 provisions that are part of Secure 2.0 that I am calling “in case of emergency”. I think both are interesting provisions that should be considered from both a positive and a negative standpoint.First is the provision of penalty free distributions in case of domestic abuse. This provision is effective for 2024 but [...]
So, there are two changes in Secure 2.0 relating to Roth contributions that I will cover.First effective January 1, 2024, it will be required for all catch-up contributions to be Roth for participants who earn more than $145,000 per year. In my opinion this will be very difficult for plan sponsors to administer…and they need [...]
There are a few “miscellaneous changes” that happened in the Secure 2.0 act that I will cover briefly here. As always, reach out to me for more information on any of these topics that I have covered. First Required Minimum Distributions (RMD’s) under Secure 2.0. The RMD age was 70 ½ for as long [...]
LTPT??? What does that mean and why is it something we now need to worry about in our retirement plan?? First of all, it means Long Term Part Time employees. The worry and the reason for the addition is that there may be employees that have worked for an employer as a part time [...]
This week I am going to talk about tax credits available for tax credits available for retirement plans as part of Secure 2.0. I am going to break it down into the two types of tax credits that are available which are the plan expense tax credit and the plan contribution tax credit. But [...]
Let’s talk about one of my favorite topics, auto enrollment. Auto enrollment has been around since 1998 (Revenue Ruling 98-30) but has only been widely used since the Pension Protection Act of 2006. Secure 2.0 made it so that plans adopted after 12/29/2022 will be required to automatically enroll eligible participants at a default [...]
