The Senate recently passed H.R. 748 known as the “CARES Act.” Although this legislation still needs to be passed by the House on Friday and then signed by the President, it appears it will be enacted without change. Below is an initial summary of the legislation.
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
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
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
In a Qualified 401(k) plan, a participant must begin Required Minimum Distributions (RMD’s) in the year he or she reaches age 70 1/2. This rule also applies to Pre-tax IRA’s. However, there is an exception to this rule when it comes to Roth IRA’s. This provides for a