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...
The SECURE Act of 2019 provided some much needed legislation to help improve coverage in retirement plans, incentives for small businesses, and additional safe harbors for retirement plan fiduciaries. One area that deserves a closer look is the newly created Section 404(e) of ERISA which provides safe harbor relief for the selection of lifetime income providers.
Back by popular demand….BFSG’s Summer Webinar Series! BFSG is bringing together our CERTIFIED FINANCIAL PLANNERS™ and other subject matter experts in a series of thought-provoking retirement webinars to give you the tools to help you boost your financial literacy and help you make smarter financial decisions. Register today and feel free to share this unique opportunity with friends and family....
The first quarter of 2021 marked the 4th straight quarter of positive returns for the equity markets. The end of the first quarter of 2021 was met with more fiscal relief as the $1.9 trillion American Rescue Plan (ARP) was passed. Massive fiscal stimulus, the anticipation of pent-up consumer demand leading to a strengthening economy, and improved COVID-19 numbers have all led to...
Some would say that retirement plan administration is a team sport! Putting together technical and compliance competence with ongoing investment and fiduciary expertise is key to keeping your plan healthy and participants happy. So, what roles and responsibilities should you look to fill for your firm to have a successful and compliant plan? The first and most important role is you, the...
So, you’ve sold your business and now you’re asking the question “What happens to the retirement plan?” You are not alone. In the world of mergers and acquisitions, it is not uncommon for retirement plans to be overlooked in the process. The options available depend upon the type of transaction taking place and the timing, that is — has the transaction already occurred, or is it set for a...
On April 14, 2021, the DOL’s Employee Benefits Security Administration (EBSA) issued long-awaited guidance designed to protect participants from both internal and external cybersecurity threats. The guidance is far-reaching and is directed at plan sponsors, plan fiduciaries, recordkeepers, and plan participants. This is the first time the DOL has issued guidance on cybersecurity for...
May 2021 15th: Quarterly Benefit Statement – Deadline for participant-directed plans to supply participants with the quarterly benefit/disclosure statement including a statement of plan fees and expenses charged to individual plan accounts during the first quarter of this year. Note that May 15th falls on a weekend in 2021. No clear guidance allows extending the deadline to the next business...
Benefit Financial Services Group (BFSG), a multi-faceted registered investment advisory firm serving both institutional and individual clients, is pleased to announce it has been ranked in Barron’s “Top 100 Institutional Consulting Teams” for 2021. The Barron’s listing can be seen here. “BFSG serves as a fiduciary with every client and provides written acknowledgement of our fiduciary status....
NAPA released the list of its Top DC Advisor Teams with Benefit Financial Services Group and many other individual office teams among the nation’s leading retirement plan advisor firms. Congrats BFSG for making the list for the 2nd year in a row! Click here to read the press release and here for NAPA's list. Disclaimer: Awards and recognitions by unaffiliated rating services, companies, and/or...
February is behind us as we now enter March. This time last year was one for the record books and look at the economic summary below to better understand what transpired over the last month. As always, if you have any questions or want to discuss more in-depth do not hesitate to give us a call! Sources: Sources: J.P. Morgan Asset Management – Economic Update; Bureau of Economic Analysis...
On December 27, 2020, the Consolidated Appropriations Act, 2021 was signed into law. The Act combines the $1.4 trillion omnibus federal spending package for the 2021 fiscal year and a $900 billion COVID-19 stimulus package that enhances and expands certain provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. In addition to direct stimulus payments, extending unemployment...
Proper handling of employee 401(k) deferral contributions and loan repayments is one of the most important responsibilities a plan sponsor undertakes. Failure to timely deposit employee deferrals and participant loan repayments is considered by many service providers to be one of the most commonly made retirement plan errors. Although it may be a common error, the IRS and DOL consider timely...
February 2021 1st: 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. 1st: 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...
When 2020 began, there was optimism for the new year and equity markets were setting the stage for record highs due to strong economic fundamentals. No one could have foreseen the events that would take place during this extraordinary year, nor could they have predicted the markets would end even higher. The global pandemic has changed our lives in many ways and forced us to adapt to a “new...
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