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COVID-19 AND ITS IMPACT ON DIVORCE & RETIREMENT PLANS
I have read various articles about the impact that the Pandemic is having on married couples and divorce. Some articles suggest that with couples forced to spend more time together, that they have decided to hit the pause button on moving forward with their divorce....
THE CLOCK IS TICKING…
Most of the deadlines for various forms of relief provided by the Coronavirus, Aid, Relief and Economic Security (CARES) Act have passed. But not all. However, as we wait for this awful year to finally be over, there are deadlines looming wuth regards to utilizing...
COVID-19 vs. THE GREAT RECESSION of 2008-2009 – WHICH WAS WORSE?
Choosing which is worse, the COVID-19 pandemic or the Great Recession of 2008 is like being asked to choose between having a root canal or a colonoscopy. They are both awful but they are awful in different ways. In terms of retirement plans though, it is certainly...
WHERE’S MY DEDUCTION?
In the timeless children’s book Are You My Mother?, a baby bird goes in search of his mother. When a mother bird’s egg starts to jump, she hurries off to make sure she has something for her little one to eat. But as soon as she’s gone, out pops the baby bird. He...
DEMYSTIFYING HOW THE CARES ACT AND IRS HAVE CHANGED 2020 REQUIRED MINIMUM DISTRIBUTIONS (RMDs)
Congress often gets chided (and justifiably so) for moving at the speed of a glacier, but there are times when they do act with deliberate speed. The CARES Act was one of those times. They acted quickly to pass legislation that increased the size of loans that...
RETIREMENT – IS IT POSSIBLE IN A POST-COVID WORLD?
Tens of millions of Americans are out of work while the stock market’s wild swings are making you dizzy, and you wonder… what are the rules of retirement in this new world we now live in? Has there really been a shift in the tried and true rules to a secure...
DERAILED RETIREMENT STORIES – BAD PLANNING, BAD LUCK OR BOTH?
Every day, 10,000 Americans turn 65. Life spans are lengthening and the contingent medical bills that inevitably accompany old age rise as well. Half of American families in the 56 – 61 age bracket had less than $21,000 in retirement savings (based on a study by the...
3 Mistakes You May Be Making with Your Retirement Plan
With over 4 decades worth of retirement servicing experience, we have seen it all. Everything from unsigned plan documents to theft of an employee’s 401(k) plan. However, there are 3 common mistakes that are most consequential to your retirement plan. ...
Payroll Provider vs. Madison Pension
Have you ever wondered how your payroll provider stacks up to a professional service firm like Madison Pension? As you may be aware some payroll providers also offer retirement services. You may be with one right now! They lure you in with the promise of saving you...
When Does One-Year Equal Nine Months (Or Less)?
We know that the CARES Act doubled retirement plan loan limits for qualified individuals eligible for a Corona-Virus Related Distribution (CRD) to be the lesser of $100,000 or 100 percent of the participant's vested account balance. To qualify, the loan must be made...
UPDATE ON CORONA VIRUS RETIREMENT RELATED LEGISLATION
David I Gensler, MSPA, MAAA, ASEA I thought that the most important thing that I could do with this month’s newsletter is to provide you with an update of any retirement related legislation as it moves through Congress. Though negotiations are not over, on March 22nd...
THE FACE OF RETIREMENT IS CHANGING – AND EMPLOYERS & ADVISORS NEED TO CHANGE WITH IT
David I Gensler, MSPA, MAAA, ASEA We’ve seen these images and advertisements so many times that we don’t pay much attention to them anymore. They are on the booklets that the recordkeeping providers give out at enrollment meetings. They flash across the TV screen as...
Madison Pension Services is now known as Concierge Retirement Services.