Contributing more than the minimum required for 2017 by the September 15 deadline will result in a higher deduction for plan sponsors, and continuing to accelerate funding in the future can minimize PBGC costs, improve funded status and mitigate higher required contributions in coming years.
Tag: Tax Cuts and Jobs Act
The new law extends the time a participant has to repay loans from 60 days after an offset to the date their tax return is due.
They have until mid-September to deduct pension plan contributions at the rate of 35%; after that, the lower 21% rate kicks in.
The National Tax-Deferred Savings Association updates its reference guide ‘The Source’ to reflect last year’s tax reform and the DOL fiduciary rule derailment.
A mere 29% know that they are vehicles for education savings, Edward Jones found in a survey
Of this group, 25% said they will increase their company match to the 401(k) plan.