As an example, if a plan sponsor has not yet started tracking part-time employees to see whether they accumulate 500 hours of service in 2021, they should begin doing so immediately.
Since winning the 2019 PLANSPONSOR Retirement Plan Adviser Mega Team of the Year award, Bukaty Companies Financial Services was acquired by employee benefits giant OneDigital, greatly expanding the services it can now offer clients.
The firm says the new PEP features higher contribution limits relative to CalSavers.
But there are some options employers have with respect to enforcing this, such as allowing part-time employees to make their own contributions.
Commenters at a Senate Finance Committee hearing held Wednesday sure hoped so—and they had a lot of ambitious ideas.
A Q&A addresses the auto-enrollment cap and safe harbor notice requirements.
The two items that may require an amendment relate to difficulty of care payments treated as compensation for 415 limits, and the application of cooperative and small employer charity pension plan rules.
One retirement plan industry executive says his conversations with members of the U.S. House and Senate make him optimistic that Congress could act sooner rather than later on the new legislation.
With its PEP, the firm plans to simplify plan administration and reduce fiduciary risk to help more businesses offer a retirement plan.
Financial advisers can help part-time employees who will be newly eligible for retirement plans under the SECURE Act get familiar with savings concepts.
The bipartisan piece of legislation includes provisions that have long been popular among retirement industry stakeholders, including the elimination of barriers to allow greater use of lifetime income products.