by David Gensler | Apr 18, 2023 | article
Check your former employees’ balances. You may find there are people you could not roll out before, but now you can. SECURE 2.0 has raised the mandatory rollover limit from $5K to $7K as of 2024. This means that if an employee has a vested balance of less than $7K you...
by David Gensler | Apr 11, 2023 | article
Retirement plans are described as “top-heavy” when business owners have more than 60% of the overall balance. And this meant many companies were faced with the following dilemma: Do I set the waiting period for my plan to one-year and make my new employees unhappy, or...
by David Gensler | Apr 4, 2023 | article
Get this! A rule on the books stated that if a married couple had two completely separate businesses and they had a minor child, those business would be considered linked for retirement plan purposes. If they did not have a minor child, those businesses would not be...
by David Gensler | Mar 28, 2023 | article
Megan, The HR Director of one of our client companies called to discuss one of their low-income employees. She wanted to see if there was any way to maximize their benefits short of giving them a fat raise. “Savers credit is a little-known and underutilized credit for...
by David Gensler | Mar 21, 2023 | article
James, an HR director, called me with a serious question. “I have a few employees who I think have fallen on hard times. They haven’t told me what’s going on but they’re asking questions about what the penalties are for withdrawing money from their retirement plans,...
by David Gensler | Mar 14, 2023 | article
Juan called me the other day with an interesting problem: “We’ve been hiring a lot of young people right out of college,” he explained. “We try to set them up with our company retirement plan but they’re all drowning in debt. They’re declining to participate because...
