CARES Act RMD Waiver

The CARES Act (Coronavirus Aid, Relief, and Economic Security Act) provides for many types of relief to individuals and businesses. One such relief allows participants and beneficiaries to forego taking 2020 RMD’s (Required Minimum Distributions). RMD’s are generally requi
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Dollar Limitations on Benefits and Contributions

Please refer to the following chart for Contribution and Deduction limits for benefit plans. Notable changes: For 2020, you can contribute $500 more to your SIMPLE plans. 401(k) deferral limits also increased by $500, as did the 401(k) catch-up limit. Total defined contribution limits
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ATTENTION ILLINOIS EMPLOYERS!

Illinois Secure Choice retirement savings program is for Illinois employers who do not already offer an employer-sponsored retirement plan. It is intended to provide a simple way for employers to help employees save for retirement without any employer fees/ contributions. Employers wh
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Should I Cash Out My 401(k) or Roll it Over?

When a participant in a 401(k) Plan terminates employment, there are typically a few options they have regarding what to do with their plan. Take a cash distribution – This is a taxable event (assuming all funds are pre-tax funds). The plan will automatically withhold 20% for fe
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New Cost of Living Adjustments for 2019

The new Cost-Of-Living Adjustment (COLA) increases have come out for the year 2019. In the link below we have comparison of the 2019 and 2018 COLA dollar limitations on benefits and contributions. Notable Changes: For 2019, you can contribute $500 more to your IRA and SIMPLE plans. 40
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