Blog

Tuesday, July 14, 2020

Once upon a time there was vanilla, chocolate, and maybe strawberry ice cream. As a kid growing up, we had a choice of the above flavors or sometimes vanilla fudge. As we all know now there are almost as many different flavor/topping...

 

Monday, June 22, 2020

The IRS recently announced it will be extending relief for the CARES Act for participants in a plan to include a spouse who was laid off. A ‘qualified individual’ definition now includes reductions in pay, recession of job...

 

Monday, June 15, 2020

Certain (not all) retirement plans require a spouse to consent in writing to a plan distribution and/or loan. In ‘normal’ times this meant the spouse taking the paperwork to their local notary, or their bank if those...

 

Friday, March 27, 2020

The Senate’s $2 trillion stimulus package has been sent to the House. Listed below are a summary of the bill’s provisions that impact retirement plans. Note that this has not been finalized by the House nor signed into law...

 

Tuesday, March 24, 2020

On March 21, 2020, the Treasury Department and Internal Revenue Service announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax...

 

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Monday, December 9, 2019

As the year end approaches, we are working with financial advisors to help pass-through entities (S-Corporations, Sole Proprietorships and Partnerships) use employer contributions to qualified retirement plans in order to take...

 

Monday, November 11, 2019

Cost-of-Living-Adjustments for 2020: Changes to Some Limits. The Social Security Administration recently announced Cost-of-Living-Adjustments (COLA) for 2020. Changes are bolded below. Health Savings Account (HSA) and High Deductible...

 

Monday, October 14, 2019

Tycor Benefit Administrators, Inc.® works with financial advisors and a variety of record keepers to help design effective retirement programs. A recent case that chose to work with Tycor, also chose Nationwide as their record...

 

Tuesday, August 6, 2019

Where oh where did the summer go? As I write this, we’re amid another heat wave, but I’m sure by the time you read this, summer will be over and you’ll be deluged with deadlines for everything from your child’s...

 

Sunday, June 23, 2019

Just when you wrapped your head around what a hardship was per the IRS definition, comes new compliance changes. Many of us were aware these changes were coming but kept mum since we had no official guidance. Any plan, beginning after...

 

Monday, May 13, 2019

One of the 401(k) plan complaints I have heard in my career from plan sponsors is that they don’t like to have to take, or give refunds of salary deferral contributions to their Highly Compensated Employees (HCE). Usually, if a...

 

Thursday, March 21, 2019

If any of your clients sponsor a Savings Incentive Match Plan for Employees (SIMPLE) and have not had the misfortune of undergoing an IRS audit, consider this a wakeup call! Recently, we consulted with a client who sponsored a SIMPLE...

 

Monday, February 25, 2019

As an Advisor, your goal is to help your clients maximize their retirement plan savings. Did you know that even with the best Profit Sharing Plan, you can help your client save even more for retirement by adding a Cash Balance Plan?...

 

Monday, January 28, 2019

res-o-lu-tion rezəˈlo͞oSH(ə)n noun firm decision to do or not do something the action of solving a problem, dispute or contentious matter By now you have made (or even broken) a resolution or two. I will eat better (right after I...

 

Monday, April 30, 2018

Financial Advisors: Are you looking to launch, grow and improve your 401(k) business? Learn more about the 401(k) Sales Champion Workshop. This is a complete sales development program for advisors who wish to expand their business by...