Business owners and other Highly Compensated Employees (HCE’s) really benefit from a Safe Harbor 401(k) Plan. They can maximize their deferral contributions to the plan regardless of the level of participation by the Non-HCE’s. That maximum for 2020 is $19,500 plus a $6,50
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
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