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 2022. The Barron’s listing can be seen here. “BFSG serves as a fiduciary with every client and provides written acknowledgement of our fiduciary status....
By: Crystal Kessler, CFP®, Wealth Advisor/Financial Planner There is a lot of confusion when it comes to In-Plan Roth’s (i.e., Roth 401k or Roth 403b) and a Roth IRA. Throughout this article we will refer to just Roth 401ks but know the rules we refer to for Roth 401ks apply to other In-Plan Roth’s like 403bs. It is important to realize that these are two completely different investment...
What is the rule of 55? How does it work? Are there any catches? The rule of 55 allows those looking to retire earlier than normal or those who need the cash flow, a way to take distributions from their retirement plans sooner than is typically allowed. This quick 3-minute video gives the details with BFSG's own, Tina Schackman, CFA®, CFP®. Watch here for more. Disclosure: BFSG does not make any...
The year began on a promising note with low levels of inflation, low interest rates, and the anticipation of the vaccine rollout, which was going to put an end to the COVID-19 pandemic. What a difference a year can make! By the end of 2021, inflation was raging at around 7%, long term interest rates jumped up 0.50% and the emergence of the Omicron variant resulted in caseloads and...
Each year, those in the retirement community collect, analyze and calculate data to ensure plan compliance with the laws that govern qualified retirement plans. The calendar of deadlines repeats each year, challenging plan sponsors and service providers to focus on the current plan compliance along with the myriad of changes that have come into effect in the last few years. In addition, the...
Historically, 401(k) plans could exclude individuals who worked less than 1,000 hours in the plan year. However, in its effort to expand access to employer retirement plans, the Setting Every Community Up for Retirement Enhancement (SECURE) Act introduced the concept of a “long-term, part-time employee” (LTPT). The Act requires that starting in 2024, 401(k) plans permit LTPTs the...
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...
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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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