May 3, 2022
Last month, Benefit Equity Inc. hosted the firm’s sixth annual golf tournament, where over 15 sponsors and 60 players (that included 40 financial advisors), enjoyed a great day of sport, catching up with friends, and networking. 100% of all the proceeds went to benefit Council on Aging—Southern California.
A major bill regarding retirement plan legislation passed the House of Representatives on Tuesday, March 29, 2022, by a vote of 414 to five. We are referring to this legislation as SECURE 2.0, considering it is an enhanced version of the provisions in the SECURE Act of 2019.
• The bill would require defined contribution plans to deliver at least one, paper benefit statement per year (one every three years for defined benefit plans beginning in 2024), unless a participant affirmatively requests electronic delivery. In addition to summarizing the participant’s benefits, the paper statement would contain information on how participants can opt out of receiving the paper disclosure, or request delivery of some or all disclosures on paper for no additional cost.
• The three governmental agencies that are responsible for retirement plan compliance and enforcement—IRS, DOL, and the PBGC—would have to review how to consolidate and simplify their reporting and disclosure requirements.
• Starting in 2023, defined contribution plans would only have to provide an annual reminder notice to employees who chose not to participate and who have no account balance.
December 14, 2021
As an employer with a retirement plan, did you know there are certain annual forms that if not filed in a timely way can cost you a bundle in penalties? Form 5500 or Annual/Return Report of Employee Benefit Plan is one of those forms and it literally pays to better understand.
September 21, 2021
What is a Lifetime Income Illustration? Every year, Vanguard’s Institutional Investor Group analyzes account data from five million retirement accounts. Across these accounts, the typical balance varies widely depending upon the method used for calculation. The average 401(k) savings balance is $129,157. However, the median account balance is only $33,472, according to Vanguard's latest data. This amount of retirement funds is not enough money for most people to live on for the rest of their lives.