More Bottom Line, Less Problems – Plan Sponsor Magazine – Winter 2023
tscconsutlants2024-01-04T21:30:18+00:00
January 2024
Goals!
tscconsutlants2024-01-02T15:30:03+00:00Set goals for different areas of your life, write down, prioritize and start small I don’t know about you, but I have a love/hate relationship with “resolutions”. So, for the next three weeks as we start 2024, I am going to challenge you to set a GOAL that you want to achieve this year. [...]
December 2023
People Are People – Being Authentic
tscconsutlants2023-12-20T15:15:40+00:00So, for my final blog post of the year, I am want to talk about being authentic. For those of you who know me, you know that I am very vocal, can get very excited about things and have a laugh that most people will recognize. That is me being authentic. Do any of [...]
People Are People – Fit
tscconsutlants2023-12-12T16:02:28+00:00This week I want to talk about “fit”. But I’m not talking about being physically fit (although that is also important in life). I am talking about philosophical, and personality fit when it comes to your work life. So, let’s start with philosophical fit. Philosophical fit refers to the alignment of an individual’s values, [...]
People Are People – Emotions
tscconsutlants2023-12-06T15:29:17+00:00Are emotions important when it comes to our success? Emotions play an important role in how you think and behave and can come in many forms as they can be the annoyance you have with a co-worker which is typically short-lived or more long-lasting like when you have sadness over the loss of a [...]
November 2023
People Are People – Desire
tscconsutlants2023-11-29T15:20:13+00:00What do we desire and how do we get there? And I know you might be thinking is desire really something that we should be concerned about when it comes to our life. The answer is absolutely YES. Desire is important because it gives us inspiration and energy. Desire motivates us and without it, [...]
People Are People – Purpose
tscconsutlants2023-11-21T15:02:50+00:00What is your purpose and why is it important to everyone? The dictionary defines purpose as the reason for which something exists or is done. But YOUR purpose is so much more than that! First of all, purpose is something you should “live into”. Purpose is a belief that life matters and that you [...]
People Are People – Vision
tscconsutlants2023-11-15T15:18:18+00:00Many 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 [...]
People Are People – Belonging
tscconsutlants2023-11-08T15:14:46+00:00This 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 [...]
People Are People – Culture
tscconsutlants2023-11-01T14:41:26+00:00Recently 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 [...]
September 2023
SECURE 2.0 – Self Correction of retirement plans
tscconsutlants2023-09-14T16:16:50+00:00My 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 [...]
SECURE 2.0 – In Case Of Emergency
tscconsutlants2023-09-07T15:40:21+00:00There 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 [...]
August 2023
SECURE 2.0 – ROTH
tscconsutlants2023-08-31T19:07:13+00:00So, 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 [...]
SECURE 2.0 MISCELLANEOUS CHANGES
tscconsutlants2023-08-17T20:26:01+00:00There 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 [...]
SECURE 2.0 LTPT
tscconsutlants2023-08-08T15:09:15+00:00LTPT??? 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 [...]
SECURE 2.0 TAX CREDITS
tscconsutlants2023-08-01T19:26:56+00:00This 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 [...]
July 2023
SECURE 2.0 Auto Enrollment
tscconsutlants2023-07-24T20:18:37+00:00Let’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 [...]
SECURE 2.0 STUDENT LOAN DEBT
tscconsutlants2023-07-12T20:46:14+00:00So, we all know that SECURE 2.0 contained a TON of updates relating to retirement plans (92 to be exact). I will spend a few blog posts talking about provisions that will truly affect our plan sponsors and changes they might consider relating to their qualified retirement plans. Before I start talking about the good [...]
SECURE 2.0 SELF CERTIFICATION OF HARDSHIPS
tscconsutlants2023-07-12T21:00:09+00:00Let’s continue talking about the provision in SECURE 2.0 that will truly affect our plan sponsors and the changes they might consider relating to their qualified retirement plans. First up, the self-certification of hardship distributions. Most plans allow active participants to take a hardship distribution in the case of an immediate and heavy financial [...]
May 2022
NEXT CHAPTER
tscconsutlants2024-12-10T14:46:06+00:00In 2022, Theresa became a certified life coach and business consultant – something she has always wanted to do. Upon selling her business in 2023 Theresa was already planning for her next chapter – and unsurprisingly that is not retirement. Theresa is continuing all of her retirement industry involvement – including speaking engagements, writing articles [...]