Updated 2018 Retirement Plan Limits
The IRS has released the Cost of Living Adjustments (COLA) affecting dollar limitations for contributions to retirement plans in the 2018 tax year. Here's what you need to know.
Your 401(k) Plan To Do List for the New Year
By Mike Murphy Jan 1st 2018 2018 is upon us. It’s the time for New Year’s resolutions, new gym memberships, and the desire to start the year with a clean slate. For 401(k) plan sponsors, this can mean cleaning up those small outstanding items that have lingered throughout 2017. Here’s a checklist of items to [...]
Benefits to Aid Employment and Retention
By Mike Murphy 12/04/2017 As the U.S. economy continues to improve, so does the demand for labor. According to the Bureau of Labor Statistics, the current unemployment rate has edged down to 4.1 percent. Many economists maintain that demographic trends will continue to contribute to a greater shortage of qualified labor. Small business owners will [...]
Is Washington Meddling with Your 401(k)?
by Mike Murphy Nov 6th, 2017 Recently, there has been a lot of talk about potential changes to 401(k) plans. The chatter has ranged from reducing contribution limits to the "Rothification" of 401(k)s. Much of the conversation is due to the question of how to fund the tax plan recently proposed by the Trump administration. [...]
How the Recent Hurricanes Impacted 401(k)s
October 6, 2017 By Mike Murphy, FiduciaryShield - Many individuals and families are feeling the personal and financial impacts of hurricanes Harvey and Irma. In an effort to provide some relief, the IRS recently announced a ruling that will allow taxpayers in affected areas to access their 401(k) assets for hardships caused by hurricane damage. [...]
Are You Meeting the DOL Deposit Deadline for 401(k) Salary Deferrals?
By Mike Murphy, FiduciaryShield - “When is the deadline for depositing employee salary deferrals into my 401(k) plan?” This is a question I frequently hear from 401(k) plan sponsors. The confusion often stems from 2 factors: 1.The timing rules for depositing employee elective deferrals differ from the rules related to company contributions such as matching, profit-sharing contributions, or [...]
What Does a 401(k) Fiduciary Actually Do for Your Plan?
By Mike Murphy, FiduciaryShield — These days it’s hard to find a financial article that does not reference the term “Fiduciary.” This word is often used as a generic catch-all of responsibility. “Ask if they act as a fiduciary” is a common piece of financial advice, but this simple question isn’t quite enough. In 2017, [...]
What Ranks as the Top Retirement Worry for Participants?
Fully 32 percent of Americans said they were 'panicked' or 'very worried' about inflation overall Is ignorance fueling participants’ retirement paranoia? Americans rank inflation as their main economic worry, yet wildly overestimate the rate of inflation itself, according to a new survey from Allianz Life. Respondents predicted an average increase of 4.4 percent per year, [...]
Fiduciary Groundhog Day: What Just Happened?
Uncertainty has made it extremely hard for stakeholders to tell For 401k advisors, it’s the repetitive fiduciary frustration of Groundhog Day; except the part of Phil the weatherman will be played by Alexander Acosta. Constant DOL fiduciary rule delays, new attempts at repeal, and multiple comment periods are now the norm. On August 10, the [...]
5 Costly 401(k) Errors Employers Often Make
By Mike Murphy, FiduciaryShield — When a company offers a 401(k), the business owner inherits the roll of plan sponsor. With this role comes a fiduciary responsibility to the plan participants. If mistakes are made when managing the plan, it can result in a significant loss of time and money. Many smart business owners are [...]