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We work with payroll companies, both large and small, throughout the country. These companies help employers manage their payroll with great tools and resources. However, they are not retirement plan experts. So, before employers jump in with a payroll provider for retirement plan administration, it’s important to consider all the facts.  In this post, we’ll...
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If you live in California or Illinois, you might be very familiar with state-sponsored retirement plans. In fact, many other states have also implemented these programs and several others are contemplating jumping on the bandwagon.  Why do these programs exist? Why are they growing in popularity? What other options do employers have for retirement plans?...
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The SECURE Act was signed into law at the end of 2019. Among its many provisions was the ability to adopt a new profit sharing or defined benefit plan (including a cash balance plan) after the end of the plan year. The deadline to adopt a 401(k) feature did not change.Before 2020, an employer had...
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The SECURE Act includes a new rule that will dramatically affect eligibility for 401(k) plans. Under this new rule, beginning in 2024, any eligible employee who works at least 500 hours in three consecutive years must be permitted to make 401(k) salary deferral contributions into the plan.   Currently, a 401(k) plan can restrict eligibility to...
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The hardship withdrawal rules have changed dramatically in recent years. The below FAQ addresses questions and answers based on the rules that are applicable now, in 2020.  What is a hardship distribution? A hardship distribution is an optional triggering event a plan sponsor can make available to plan participants who are still employed. Hardship withdrawals...
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