Since the passage of the Tax Reform Act of 1986, taxpayers have been required to withdraw previously untaxed dollars from their qualified plan and IRA accounts. These withdrawals are called Required Minimum Distributions or RMDs. Historically, those at and over the age of 70 ½ must take annual withdrawals from their tax deferred accounts including IRAs, SEP IRAs and 401(k) plans. An RMD is...
January 2022 31st: IRS Form 1099-R - Deadline to distribute Form 1099-R to participants and beneficiaries who received a distribution or a deemed distribution during the prior plan year. 31st: IRS Form 945 - Deadline to file IRS Form 945 to report income tax withheld from qualified plan distributions made during the prior plan year. The deadline may be extended to February 10th if taxes were...
Many retirement plans are adding collective investment trusts, or CITs, as a way to lower investment costs to participants. While these are not new investment vehicles, they are becoming more prominent in retirement plans. Check out our Frequently Asked Questions (FAQ) to learn more about these investments that may start showing up in your retirement plan. What are collective investment trusts,...
The Treasury Department has announced inflation-adjusted figures for retirement account savings for 2022. While contribution limits are up for workplace plans, contribution limits for Individual Retirement Accounts are stuck at 2019 levels. Inflation means you can—and probably should—contribute more to your workplace retirement account in 2022. Check out the new limits here. Disclosure: BFSG...
By: Paul Horn, CFP®, CPWA®, Senior Financial Planner For many individuals, their retirement account(s) is their largest asset outside of maybe their home. Over $500 billion is rolled over annually from workplace retirement plans to Individual Retirement Accounts(s) (IRAs). According to the Department of Labor (DOL), the decision to roll over assets from a workplace retirement plan to an IRA is...
BFSG is pleased to announce the nominations of 3 of our own to NAPA’s 2022 Top Young Retirement Plan Advisors list. We are so proud of @Darren Stewart, @Chad Noorani, and @Braden Priest for their dedication to serving retirement plan fiduciaries and being part of our amazing team! Vote now by clicking here. Disclaimer: Awards and recognitions by unaffiliated rating services, companies, and/or...
September 2021 15th: Required contribution to Money Purchase Pension Plans, Target Benefit Pension Plans, and Defined Benefit Plans. 15th: Contribution deadline for deducting 2020 employer contributions for those sponsors who filed a tax extension for Partnership or S-Corporation returns for the March 15, 2021 deadline. 30th: Deadline for certification of the Annual Funding Target Attainment...
A crucial requirement for 401(k) plans is that the plan must be designed so it does not unfairly favor highly compensated employees (HCEs) or key employees (such as owners) over non-highly compensated employees (NHCEs). To satisfy this requirement, the IRS requires that plans pass certain nondiscrimination tests each plan year. These tests analyze the rate at which HCE and key employees...
Most plan sponsors can relate to the trials and tribulations of having missing participants in their retirement plan. At times, it may feel like you are on the losing end of an intense game of hide-and-seek. Your opponents, the missing participants, may not have intended to pick the best hiding spots, but in many cases, they have surely succeeded. Now you are tasked with tracking them down...
U.S. stocks continued to rally during the second quarter with the S&P 500 Index returning 8.55% and ending the quarter at an all-time high. The equity markets benefited from strong economic growth, low interest rates, increasing company profits and substantial progress on the vaccine front in the developed markets. In a reversal of the trend last quarter, the equity markets rotated back to...
Our BFSG Summer Webinar Series is now available to watch on our YouTube channel “BFSG University”. This Summer Webinar Series focused on #retirementplanning around the following topics: Retirement Q&A: Ask the Experts – Hear the Certified Financial Planner™ professionals at BFSG answer #retirement related questions.Retirement Accounts: Traditional vs. Roth – Learn the typical ways to save in...
Most retirement savers assume they will be able to access Social Security and Medicare in retirement, but what if those options become unavailable? Join our webinar on July 29th at 10 am PST for an important discussion on the future of retirement in America and how you can prepare for potential changes to the retirement landscape. BFSG Wealth Manager Andrew Donahue, CFP®, MHA will be hosting the...
By: Tina Schackman, CFA®, Senior Retirement Plan Consultant According to a 2021 Retirement Confidence Survey by the Employee Benefit Research Institute (EBRI), U.S. workers preparing for retirement vary by age but there are signs that savings habits are starting to take place earlier than previously reported. In fact, 48% of respondents between the ages of 25 and 34 reported having savings...
By: Paul Horn, CFP®, CPWA®, Senior Financial Planner | Wealth Manager Understanding the Basics A Non-Qualified Deferred Compensation (NQDC) plan allows individuals to defer a portion of their income now and then withdrawal the money typically in retirement when their income is lower. Most of the time the amount of money deferred can be invested in stocks or bonds so the money can grow over...
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*Please Note: Limitations. The scope of services to be provided depends upon the terms of the engagement, and the specific requests and needs of the client. BFSG does not serve as an attorney, accountant, or insurance agent. BFSG does not prepare legal documents or tax returns, nor does it sell insurance products. Please Also Note: Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended and/or undertaken by BFSG) or any financial planning or consulting services, will be profitable, equal any historical performance level(s), or prove successful.
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