Many business owners and executives would like to save more money for retirement than they’re allowed to sock away in their 401(k) plan. For 2017, the annual elective deferral contribution limit for a 401(k) is just $18,000, or $24,000 if you’re 50 years of age or older. This represents a significantly lower percentage of the […]
Benefit Plans Plus LLC offers a full range of retirement plan services that include consulting resources to fix broken retirement plans, servicing Cafeteria/FSA plans and custom plan design and administration services for nearly 800 clients nationwide.
As you plan your estate, don’t overlook the generation-skipping transfer (GST) tax. Despite a generous $5.49 million GST tax exemption, complexities surrounding its allocation can create several tax traps for the unwary. GST basics The GST tax is a flat, 40 percent tax on transfers to “skip persons,” including grandchildren, other family members more than […]
The IRS has issued long-awaited guidance (Notice 2014–19) on the application of E.S. Windsor, SCt., 2013–2 ustc ¶50,400, to qualified retirement plans. The IRS reiterated that qualified retirement plan operations must reflect the outcome of Windsor and treat all same-sex couples, who were legally married in jurisdictions that recognize their marriages, the same as they treat […]
Have you factored Social Security benefits into your overall retirement strategy? Roy Kramer, CPA, CDFA, CDS, NSSA, a certified National Social Security Advisor and member, tax services at Brown Smith Wallace, discusses strategies that people often overlook when claiming Social Security benefits. PLUS: Click here to request a free copy of “10 Things You Should Know […]
New regulations have many executives wondering if their retirement plan is in compliance. Chances are you have a compliance violation. Patrick Shelton, Managing Member – Benefit Plans Plus, an affiliated company of Brown Smith Wallace, discusses retirement plan regulations and the critical importance of benchmarking. Many executives only think of their 401(k) when receiving a […]
During this recession, business owners are concerned with decreasing cash flows. As a result, many are scrutinizing their retirement plans to ensure that they’re spending wisely. This is an opportunity for plan sponsors to revisit their retirement plan to see if it still meets the original goals and whether any specific goals should change. “There’s […]