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Topic:
Business Owners
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Why Your Spouse May Like Your Company Retirement Plan More Than Your IRA
One important difference between IRAs and company retirement plans is spousal protection. Except for community property states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin), spouses of IRA owners do not have any rights to the account. By contrast, many corporate retirement plans must provide spouses at least some protection. In the…
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Why do experts call my 401k a “qualified plan”?
The quick answer is: A qualified plan is an employer-sponsored retirement plan that qualifies for special tax treatment under Section 401(a) of the Internal Revenue Code. Now for some not too detailed details… There are many different types of qualified plans, but they all fall into two categories. (1) Defined benefit plans (like a traditional…
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Understanding Fees on Qualified Retirement Plans
When it comes to paying fees to the professionals who help administer a company’s qualified plan, there are different options available to the plan trustees. Each method impacts the plan and its participants, and it is important for plan sponsors to understand their options so that they can make an informed decision. Professionals who are…
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What is a 401k Investment Fiduciary?
There are many different types of fiduciaries in the business world, and all of them are accountable to their clients in different ways. When it comes to qualified plans, such as a 401k, there are several professionals who are serving the plan in a fiduciary status. Several examples of those fiduciaries are record keeper, third…
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Business owners, if you offer a company 401(k), you should know the difference between 3(21) and 3(38) fiduciary services
In today’s evolving legal, regulatory, and litigation environments, it is vital for qualified retirement plan fiduciaries to understand their roles and responsibilities. The additional time and money needed to cover fiduciary duty may be hard to come by for business owners, who likely prefer to spend those resources growing their businesses rather than learning and…
