Tag: 401k

Delay RMDs by rolling IRAs and prior 401(k) balances into current employer’s plan

Rolling over of IRAs (and prior employer's 401(k) retirement plans) into a current employer’s 401k plan may be a way for those who are subject to required minimum distributions (RMDs) and who are still working to delay having to take...

Guest Author Dan Bolda: New legislative changes to 401(k) provisions offers COVID-19 relief

The $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes a host of provisions providing relief for both individuals and businesses with respect to retirement plans, including expanded availability of hardship withdrawals and plan loans.  Plan sponsors must...

Understanding the key elements of the SECURE Act

Recently signed into law, the Setting Every Community Up for Retirement Enhancement (SECURE) Act is landmark legislation that may affect how you plan for your retirement. Many of the provisions go into effect in 2020, which means now is the...

New limitations for retirement plan funding

The IRS recently announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019.  The IRS today issued technical guidance detailing these items in Notice 2018-83. Highlights of changes for 2019 The contribution...

IRS announces 2018 pension plan limitations

The Internal Revenue Service issued the annual cost of living adjustments Thursday for 401(k) contributions, pension plans and other retirement-related matters. The contribution limit for workers who are enrolled in 401(k), 403(b), most 457 plans, and the federal government’s Thrift...

Guest Author Lisa Zimmer: The final fiduciary rule has arrived . . . finally

The Department of Labor (DOL) on April 6, 2016, issued the highly anticipated final fiduciary rule. While the essence of the final rule remains the same as the rule proposed last year, it has been tweaked to address, or eliminate,...

IRS increases 401(k) contributions for 2015

The Internal Revenue Service recently announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. This includes an increase in the elective deferral limits for 401(k) contributions and catch up contribution limits. Below...

Special Guest Author Victor Hicks: A checklist for plan sponsors to ensure 401(k) plan compliance and optimization

By: Victor H. Hicks II, CFP®, AIF® Owner, Managing Principal, Lumin Financial, LLC An Independent Registered Investment Adviser vhicks@luminfinancial.com Once a retirement savings plan has been approved and is in place, it’s tempting to sit back and adopt an “I’m...

SR Client Question: Can I withdraw from my IRA to cover medical expenses?

Typically, withdrawing from your IRA or 401(k) early means big penalty charges.  However, there are two medical exceptions to the “early distribution penalty” (10% penalty for early distributions from an IRA, or other qualified pension plan):  1.      Distributions due to...

Special Guest Author Victor Hicks II, CFP: 401(k) Fee Regs Burden Small-Mid Size Business

Victor Hicks II, CFP®, AIF® is a 401(k) Advisor and owner of Lumin Financial LLC, an independent Registered Investment Adviser that specializes in 401(k) advisory services in Southfield, Michigan. He can be reached at (248) 936-9480, or vhicks@luminfinancial.com. If you’re...