Now, thanks to the SECURE 2.0 Act, there's a new opportunity for employees who are burdened with student loans. Starting with plan years beginning in 2024, employers can choose to make matching contributions to their retirement plan on behalf of employees who are making student loan payments, treating those payments as if they were salary deferrals.

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A Retirement Plan Design Isn't Just About Checking Boxes

What is your company’s current approach to providing a great retirement plan that benefits both your employees and your company’s bottom line? When it comes to securing the financial future of your employees and ensuring the success of your business, the design of your retirement plan plays a critical role. A well-thought-out retirement plan can attract and retain top talent, reduce employee turnover, and enhance overall job satisfaction. At the heart of a successful retirement plan is the alignment of the plan’s design with your company’s goals, balanced with the needs of your employees.

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Employers recognizing they lack the knowledge necessary to manage 401(k) plans outsource their plan to professionals. We are known as Third Party Administrators or TPAs. The retirement plan industry has investment companies, benefits companies, actuaries, accountants, lawyers, third party administrators, banks, and trust companies providing services to 401(k) sponsors (employers). As a group, providers of retirement plan services are referred to as “providers”.

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The IRS and Treasury Department have released new guidelines to help people understand when they can take money from their retirement accounts early, but without paying an extra 10% tax. These exceptions apply to situations like personal emergencies and domestic abuse.  

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Clarifying the unique relationship between a cash balance and defined benefit plan

A Cash Balance Plan is a type of defined benefit plan that defines the benefit in terms that are more characteristic of a defined contribution plan, such as 401k. A cash balance plan defines the promised benefit in terms of a stated account balance.

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