The program offers participants one-on-one sessions with a financial planner to discuss their various distribution options.
Tag: retirement plan distributions
“There can be huge consequences from making the wrong decision, ranging from taxes and penalties to higher fees and risky or poor performing investments," says Ric Edelman, with Edelman Financial Engines.
Participants who were age 60 or older when they retired were more likely to keep assets in the plan if it permitted installment payments, according to Alight Solutions.
Users can now push their distribution data that was collected in Wolters Kluwer's Distribution Tracking Software into ftwilliam.com's 1099 software, which automatically populates the data appropriately into 1099 forms.
The tool includes accountability features and data collection options.
“If a plan sponsor can invest in an adviser or other person to provide direction for terminating or retiring employees, that would be extremely helpful,” Terry Dunne, from Millennium Trust Company, told 2018 PLANSPONSOR National Conference attendees.