Decoding RMDs: A Guide to Understanding Required Minimum Distributions
WHAT ARE RMDs? Required Minimum Distributions (RMDs) are a gentle nudge from Uncle Sam. The government allowed individuals to sock away tax-deferred money through the years, and RMDs are a reminder to tap into those retirement accounts. These pre-tax accounts, such as traditional IRAs and 401(k)s, have been accumulating earnings tax-free over the years. But […]
From Every Direction
In a world where headlines bombard you from every angle, it is easy to feel overwhelmed. From multiple ongoing overseas conflicts, the federal deficit increasing, to inflation and interest rates, there is no shortage of complex issues vying for our attention. Not to mention it is an election year, which always adds an extra layer […]
The IT Crowd
In the modern world, personal information is an increasingly valuable asset. It is a key target for cybercriminals and hackers, who can use this information to commit identity theft, fraud, and other cybercrimes. With the rapid expansion of technology, most people now have access to computers in their workplaces. While these computers are essential for […]
Lifetime Income Disclosure Regulation
Your 401(k) plan statement will look different in the near future. Why? A new regulation included in theSECURE Act, which was passed in December 2019, amended Section 105 of the Employee RetirementIncome Security Act.
Retirement Plan Limits for 2022
Jana Samek, Retirement Services – Relationship Manager The Internal Revenue Service (IRS) has set inflation-adjusted limits for IRAs and company-sponsored retirement plans for 2022. While some of the contribution limits have remained the same, other limits have changed. The basic salary contribution limit for a 401(k) and similar company sponsored retirement plans went up to […]
What is a SIMPLE IRA Plan?
Shara Fischer, Wealth Management Officer Heartland Trust offers two of the most common types of employer-sponsored retirement plans: 401(k) and SIMPLEs. Both types of plans have many of the same features, but there are key differences that might make one a better fit for your business and employees. This article will cover the features of […]
401(k) Loans: How Do They Work?
By Jana Samek, Relationship Manager – Qualified Plans Having access to a 401(k) plan through your workplace is a wonderful thing. Over half (56%) of US employers offer this employee benefit. If you have a 401(k) plan and face a financial emergency, there may be an option you are unaware of. You may be able […]
Planning for Physicians: Managing Contributions Between a 401(k), 457(b)
As many of our readers likely know, the Federal government provides strong incentives for saving for retirement and other financial goals. You can break these down into three broad categories: tax deductibility (on contributions), tax-free distributions (i.e. withdrawals), and tax deferral (on growth). Many physicians can increase their tax deductions and benefit from tax deferral […]
Retirement Plan Restatement
Every six years the Internal Revenue Service (IRS) requires certain qualified retirement plans to be fully amended and restated to comply with law changes. The Cycle 3 Defined Contribution (DC) Plan Restatement period began on August 1, 2020, and plan sponsors of defined contributions plans (401(k), profit-sharing, and money purchase pension plans) will have until […]
Retirement Plan Limits for 2021
The Internal Revenue Service (IRS) has set inflation-adjusted limits for IRAs and company-sponsored retirement plans for 2021. While some of the contribution limits have remained the same, other limits important to determining the amount you can save have changed. The basic salary contribution limit for a 401(k) and similar company-sponsored retirement plans remains the same […]
