Mercer | https://goo.gl/rPDhV8 | Mercer Intellectual Capital Solutions Tax Reforms Changes to retirement defined contribution benefit Geoff Manville The 2018 retirement policy agenda has kicked off with a big sigh of relieve over what wasn’t included in the tax cuts and Jobs Act. We dodged proposals to cut tax incentives for savings and eliminate a non-qualified deferred compensation entirely. In the end, we wound up with relatively few changes although the new 21% corporate tax rate definitely raises some important implications for pension funding and risk transfer strategies that sponsors are going to need to look at right now. It’s also likely that many of the retirement proposals dropped from the final tax law will continue to be in play. As for revenue raisers this year we’re not expecting any serious consideration of major changes like limiting pre-tax contributions and mandating more Roth treatment of savings. But some more modest revenue raisers could be in play, like baring catch-up contributions for high-income folks and scaling back special contribution rules. for 403B and 457B plans there were also a lot of non-revenue related reforms in early versions of the tax law and that’s indicative of strong bipartisan interest in retirement policy. That’s going to continue this year. A handful of those provisions became law last week as part of the major budget bill, including eased rules on hardship distributions and on distributions for folks in California wildfire areas. Some other bigger, widely supported changes that weren’t candidates for inclusion in the new tax law but that could still see action this year includes things like allowing open defined contribution, multiple employer plans or MEPs. those would let otherwise unrelated small businesses band together and participate in a single plan encouraging more lifetime income options and DC plans is also a big goal. Facilitating electronic delivery of plan communications and creating a new alternative 401k safe harbor design that would use higher default contribution rates. Those are just a few of the changes defined. Benefit plans will also be a big focus this year. Maybe the biggest retirement news, last week’s budget bill, is that it creates a new House Senate committee charged with producing a plan to solve the multi-employer pension crisis by December. Many Democrats have signed onto the ideas I just mentioned earlier, but they’ve also been reluctant to help push them forward. Without action on multi-employer plans, so whatever this Joint Committee is able to do could help break the log jam and lead to action on single employer plans too bipartisan. House legislation, for example, would rollback single employer PBGC premiums. Our deep expertise, powerful insights, and real-world solutions help the people and organizations we serve take steps today to secure a better tomorrow. - - - - - - - Mercer Website: https://goo.gl/rPDhV8 Twitter: @mercer https://twitter.com/mercer Facebook: @MercerInsights https://www.facebook.com/MercerInsights/ YouTube: mercervideo https://youtube.com/mercervideo
Views: 73 Mercer
How defined contribution accounts work Defined contribution retirement plans are different from traditional defined benefit plans. In defined contribution plans, the worker or the company contribute a set amount to a tax sheltered retirement account. One worker's money is not pooled with another's money, and generally the individual can manage the assets in her account. The initial investment in the account is defined, but the ultimate value of the account at retirement is unknown. With traditional defined benefit plans the employer says, "Don't worry. We'll take care of you at retirement by giving you a known amount of money each month." These plans don't require the worker to do anything, but the worker has to hope that the employer lives up to the promise. With today's defined contribution savings plans, the employer says, "Here's some money to match what you've saved on your own. I hope it grows into a good nest egg." Now the worker has the responsibility of managing the money, but doesn't have to rely on the trustworthiness of the employer. Advantages of defined benefit programs As you can see, today's defined contribution plans shift responsibility to workers, and this may wind up being a good thing. Although the vast majority of traditional pension plans are well run, I've seen plenty of cases where workers were cheated. The plan is either raided by management or union bosses, or a worker is fired just before they qualify for benefits. I think it may be better to have your money, in your account, under your management than to count on someone else's promises. Types of defined contribution accounts When it comes to defined contribution accounts, there are a number of different types. And actually I think it's better to call these defined contribution and savings plans because the worker contributes the most through payroll savings, while the employer only contributes a matching amount in some cases. The most prevalent are 401(k) accounts which generally apply to workers in for-profit corporations. Another popular plan is the 403(b) account which is for nonprofit workers like teachers or hospital employees. Nonprofit organizations used to be limited to 403(b) plans, but recent tax law changes have opened up 401(k) accounts to nonprofits as well. State and local workers can use 457 plans, while federal government employees can utilize the Federal Thrift Savings Plan. Copyright 1997 by David Luhman http://moneyhop.com/scripts/retirement-planning/070-defined-contribution-and-savings-plans
Views: 386 MoneyHop.com
Go to http://goo.gl/9RRav8 to see Josh Rauh's new self-paced online course from the Stanford Graduate School of Business, Stocks and Bonds: Risk and Returns with Professor Josh Rauh. Instructional videos and exercises free online until April 2015.
Views: 20938 Stanford Graduate School of Business
How much of your money in a Pension, Provident or Retirement Annuity fund can you take as a lump sum at retirement?
Views: 42 Tony de Wijn
What are pensions vs 401ks – What is a pension vs 401k? 1-800-566-1002 http://www.RetireSharp.com . What are the best types of pensions vs best type of 401ks and learn how you can avoid the most common mistakes that individuals have made when looking into a pension vs 401k. The 401k Vs A Traditional Pension Plan - Which Is Best For You? The American Dream traditionally involved getting a job with a company for 40 years, building up a big pension and then retiring to enjoy your golden years on that pension. Sadly, this notion of the American Dream has become a fantasy for most Americans over the last 20 years. Although retiring and living comfortably is still an option, the 401k plan has surpassed the pension plan as the retirement vehicle of choice. Pensions When most people think of pensions, they are really thinking of retirement platforms known as defined benefit plans. These plans offer a guaranteed payout amount when one retires. The amount is determined by the years you work, amount contributed, salary and other factors that vary from plan to plan. When your grandfather worked for General Electric for 40 years, his pension was a defined benefit plan. 401k The 401k is a more modern retirement platform and one that has become increasingly popular with companies. Ready to be surprised? 401k plans have only existed since the 1980s and they weren't even intended to help the common worker when they were created. Instead, they were supposed to be used to provide added benefits to executives. Regardless, they are now used by companies as retirement vehicles for executives and employees alike. The modern 401k plan is really a defined contribution plan. This simply means that employees can contribute up to a certain amount when they choose to do so. Employers have the option, but not requirement, to also contribute to the employers account. Over time, the employer vests in the account and takes 100 percent ownership of the money in it although they can't withdraw it until the legal retirement age unless they want to pass very high tax rates. Control One of the major differences between 401ks and traditional pension plans is the issue of control. Specifically, who controls how the money is invested once it is in the plan? With the traditional pension plan, the trustee for the pension has control and tends to make very conservative investments so as to protect the pool of money. In a 401k, the employee usually has control over how the money will be invested. There may be limits on the type or number of investments he or she can pursue, but that is the only restriction. Which Is Best? The 401k would be the obvious answer if this question was asked five years ago. Since then, however, the Great Recession hit and a lot of employees realized that perhaps they weren't so great at picking stocks after all. The idea of having a stable, conservative investment like those found in pensions has started to seem a lot more attractive to such people than it did before the economic troubles came along. The real answer to this question, however, depends entirely on the views of the person considering the question. If one is comfortable with the investment world, than a 401k makes sense. If you would rather leave investment decisions to someone else, a pension plan may be the way to go. Personally, I prefer the 401k plan for a couple of reasons. The first is I want control of my investments. The second is I like the fact I can change the amount I can contribute to it each year. This gives me a certain amount of flexibility depending on how the economy is performing. Ultimately, you will have to make your own decision when it comes to this issue. Regardless of the direction you decide to go, make sure to maximize your retirement savings as much as possible to ensure a comfortable time in your golden years. Feel free to subscribe to our YouTube channel and receive instant access on different retirement related topics. Thanks for watching! Related Search terms: Pension vs 401 k Pensions vs 401k for retirement income Pension vs 401k explained Pension vs 401k reviews Pension vs 401k review What is the best fixed indexed annuity pension vs 401k vs the top immediate income pension vs 401k https://www.youtube.com/watch?v=L1QdfF4swX8
Views: 11317 retiresharp
Arizona corrections and detention officers hired on or after July 1, 2018, will have new retirement benefits. Watch this video to learn about the 401(a) retirement plan for Tier 3 members. Be aware that members will have a one-time opportunity when hired to elect to contribute as low as 5 percent of their salary to their 401(a) to as much as allowed under federal law.
Views: 651 ArizonaPSPRS
How will the new pension law that comes into effect on 1 March affect your retirement annuity? Retirement fund industry expert and CEO of 10X Investments, Steven Nathan provides clarity on the 2016 Retirement Reforms.
Views: 665 10X Investments
Mike Bernier, CFP® explains whether you should take the lump sum payout from your pension plan when you're retired in Pure Financial's Question of the Week. http://purefinancial.com IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, Inc. A Registered Investment Advisor. • Pure Financial Advisors Inc. does not offer tax or legal advice. Consult with their tax advisor or attorney regarding specific situations. • Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. • Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. • All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. • Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
Views: 6572 Pure Financial Advisors, Inc.
On the 1st October of this year, the government will give those who have contracted out of the state second pension greater control over planning for their retirement. What does this mean? Over the years many of us with pensions have opted out of S2P - or SERPS as it used to be known. This is the second part of the state pension into which our National Insurance contributions are made. The technical name for this is Protected Rights and until now where this money could be invested has been governed by strict rules. Now that the government has changed the rules, individuals have a much greater choice of where to invest their money. Vehicles now permitted include commercial property, Unit Trusts, Investment debentures and warrants - many of which have performed significantly better than the managed pension funds currently invested in. So what should you do on the 1st October? According to the results of a survey released by independent investment strategists Killik & Co, half of people with a pension never check its performance with even more having no idea of what they have in their fund. 78% of us have no kind of pension strategy yet this major change in the law could impact on how much money we have in retirement. Here to explain how the law will affect you and offer advice on where to invest your money, is pensions expert Hannah Edwards
Views: 274 BroadcastExchange
Pension protection act (ppa) document restatement faqs. Bush signed into law the pension protection act of 2006 (ppa). The pension protection act decreased retirement security nppc. Pension protection act (ppa). Googleusercontent searchthe pension benefit guaranty corporation (pbgc) is a federal created under the employee retirement income security act of 1974. 4, was signed into law by president bush on august 17, 2006, and became pubthis legislation 17 aug 2016 the pension protection act of 2006 has done little to protect retirement savings in the decade since its passage in august, with the signature of president bush, the pension protection act of 2006 (ppa) quietly became the most comprehensive pension reform package 17 aug 2006 the pension protection act is the most comprehensive reform of the nation's pension laws since the enactment of the employee retirement 27 jul 2016 on august 17, 2006, the president signed the pension protection act of 2006. Pension protection act this changes everything plansponsor. Re evaluating the pension protection act cfo. Here are four strategies to beat it when congress enacted the pension protection act of 2006 (ppa), its primary focus as title indicates was on defined benefit plans, type 25 aug 2016 ten years ago. Unforeseen consequences one legacy of the pension protection act. Operations are financed largely by insurance premiums paid companies that sponsor pension plans and investment returns protection act technical explanation of h. 17, 2006 president george w. It was hailed as the most significant change to 11 aug 2016 despite passing landmark legislation a decade ago, americans face looming retirement crisis. The statute enacted numerous changes to the tax law provisions 22 jun 2016 for all good pension protection act has done plan participants, there are some unfortunate unintended consequences of 28 may 2014 documents must be restated include language from (ppa), and amendments effective between 8 aug like many related laws, that passed a decade ago was designed address crisis. 30 mar 2016 in 2006, the pension protection act (ppa) was signed into law. Wikipedia wiki pension_protection_act_of_2006 url? Q webcache. The pension protection act 6 things to know after 10 years not enough for american retirements the and 401(k) wall street journal. Pension protection act of 2006 revises eo tax rules. Time for a pension protection act of 2016 17 marketwatchhr topics human resources. The ppa covers pensions, as the name implies, but it also a lot of pension protection act 2006, h. United states department of labor. Pension protection act of 2006 wikipedia. What is the pension protection act? Human resources mba. It was, according to a some have referred the pension protection act (ppa) as most significant legislation since employee retirement income security (erisa) of 2006 can rightly be described 'most sweeping changes america's laws in more than 30 years'. Pension protection act of 2006 ten years after,
Views: 49 Uno Uno
To ensure retirement plans comply with an ever-changing array of federal statutes and regulations and maintain their tax qualified status, the Internal Revenue Service has implemented a process for pre-approving plan documents prepared by law firms, brokerage firms, insurance companies, and other service providers on a six-year cycle. This latest cycle, which incorporates important document and language changes brought about primarily by the Pension Protection Act of 2006, has recently concluded. Beginning in May, employers who sponsor pre-approved plans will receive updated retirement plan documents from their document vendors with instructions to review and adopt them. The question frequently arises, "So if my plan is pre-approved, what should I be concerned about?" The answer: Plenty. The fact is, the employer is ultimately responsible for its plan, and mistakes in plan documentation can have costly consequences. During this one-hour complimentary webinar, employee benefits attorneys John Papahronis, Alison Patel and Jim Prince explain how the defined contribution retirement plan restatement cycle and pre-approval process works and what due diligence must be exercised by employer-sponsors before the IRS-imposed deadline. Specific topics covered include: • Key changes mandated by law • What a plan sponsor needs to look for in reviewing updated pre-approved plan documents • Considerations in comparing a plan's administrative practice with the provisions of the plan document. Do they match up? • Common costly mistakes • Key issues in agreements with service providers • Deadline for adopting pre-approved plan documents (Originally broadcast May 21, 2014) » Download presentation materials: http://employerlinc.com/revise-review-restate
Views: 115 EmployerLINC
Please watch: "March Madness Has Hit the Markets 😮 🏀" https://www.youtube.com/watch?v=70FjkhcQzao --~-- Although not a lot of changes there are a few. Each October, the Internal Revenue Service announces changes to annual contribution limits for IRAs and workplace retirement plans. Are any of these limits rising for 2017? Will IRA contribution limits go up? Unfortunately, no. Annual contributions for Roth and traditional IRAs remain capped at $5,500 for 2017, with an additional $1,000 catch-up contribution permitted for those 50 and older. This is the fifth consecutive year those limits have gone unchanged. The SIMPLE IRA contribution limit is the same in 2017 as well: $12,500 with a $3,000 catch-up permitted.1,2 There are some changes pertaining to IRAs. The limit on the employer contribution to a SEP-IRA rises $1,000 in 2017 to $54,000; this adjustment also applies for solo 401(k)s. The compensation limit applied to the savings calculation for SEP-IRAs and solo 401(k)s gets a $5,000 boost to $270,000 for 2017.1 Next year will bring an adjustment to IRA phase-out ranges. Your maximum 2017 contribution to a Roth IRA may be reduced if your modified adjusted gross income falls within these ranges, and prohibited if it exceeds them.1 *Single/head of household $118,000-133,000 ($1,000 higher than 2016) *Married couples $186,000-196,000 ($2,000 higher than 2016) If your MAGI falls within the applicable phase-out range below, you may claim a partial deduction for a traditional IRA contribution made in 2017. If it exceeds the top limit of the applicable phase-out range, you can’t claim a deduction.1 *Single or head of household, covered by workplace retirement plan $62,000-72,000 ($1,000 higher than 2016) *Married filing jointly, spouse making IRA contribution covered by workplace retirement plan $99,000-119,000 ($2,000 higher than 2016) *Married filing jointly, spouse making IRA contribution not covered by workplace retirement plan, other spouse is covered by one $186,000-196,000 ($2,000 higher than 2016) *Married filing separately, covered by workplace retirement plan $0-10,000 (unchanged) Will you be able to put a little more into your 401(k), 403(b), or 457 plan next year? No. The maximum yearly contribution limit for these plans stays at $18,000 for 2017. (That limit also applies to the Thrift Savings Plan for federal workers.) The additional catch-up contribution limit for plan participants 50 and older remains at $6,000.1 Are annual contribution limits on Health Savings Accounts rising? Just slightly. In 2017, the yearly limit on deductible HSA contributions stays at $6,750 for family coverage and increases $50 to $3,400 for individuals with self-only coverage. You must participate in a high-deductible health plan to make HSA contributions. The annual minimum deductible for an HDHP remains at $1,300 for self-only coverage and $2,600 for family coverage in 2017. Next year, the upper limit for out-of-pocket expenses stays at $6,550 for self-only coverage and $13,100 for family coverage. HSAs are sometimes called “backdoor IRAs” because they can essentially function as retirement accounts for people 65 and older; at that point, withdrawals from them can be used for any purpose.3,4 Make sure not to miss a single video from our Wealth and Wisdom Series! Click here to Subscribe Loftus Wealth Strategies Michael P. Loftus http://www.loftuswealthstrategies.com/ Check us out on social media! Facebook - https://www.facebook.com/loftuswealth... Twitter- https://twitter.com/mpllws LinkedIn - https://www.linkedin.com/in/mloftus28 Sign up for our weekly newsletter http://tinyurl.com/hooyujk
Views: 4944 Loftus Wealth Strategies
To know more: Defined Benefit Plans Under Your Control http://amzn.to/2CU5jKn The Retirement Plan Solution http://amzn.to/2CIJJvO A History of the United States in Five Crashes: Stock Market Meltdowns That Defined a Nation http://amzn.to/2CH63Wy The Secrets of the Federal Reserve http://amzn.to/2CTYVD0 ---------Cameras Used To Shoot This Video ------- Camera — Canon EOS 70D http://amzn.to/2CFLrOn Lens — Canon EF-S 10-22mm f/3.5-4.5 http://amzn.to/2CGedyb Tripod — Ravelli Light Weight Aluminum Tripod With Bag http://amzn.to/2lUFa69 Microphone — Rode VideoMic Pro Compact VMP Shotgun Microphone http://amzn.to/2lWFHp7 This VIDEO was EDITED with Adobe Premiere on a PC. http://amzn.to/2E7tvbP Subscribe to IamIndia Here: https://www.youtube.com/IamIndian DISCLAIMER: This video and description contains affiliate links, which means that if you click on one of the product links, I’ll receive a small commission. This helps support the channel and allows us to continue to make videos like this. Thank you for the support! About this video: How do I notify the IRS my address has changed? There are several ways to tell the IRS that your address has changed: IRS form :Use Form 8822, Change of Address or Form 8822-B, Change of Address or Responsible Party - Business Tax return Use your new address when you file Written statement Send a signed written statement with your: •full name •old address •new address •social security number (ITIN or EIN) Mail your signed statement to the address where you filed your last return.
Views: 201 Iam Indian
But what happens if you have to quit your job leave with an employer participating in the plan, will need make some decisions about pension overview. If you change jobs, 4 may 2011 pension benefits, especially defined pensions, encourage long term loyalty from employees. What will happen to my pension i'm leaving. Leaving your employer municipal pension plan. If you leave your employer or stop paying contributions to pension scheme, don't lose benefits. Leaving a job? Here's what to do with your pension julknow rights if you leave company commission des leaving scheme job options when employer essentials pensions and quitting i resign. What happens to my company pension now i've left job? As you've your job, the payments you and employer were making into this have stopped. Dealing with your pension on leaving employment. Pension if i quit my job? Your options considered. If you want any more information, can call us on 0800 145 5744 what happens if i'm quitting my job? Your scheme will have procedures in place allowing to get a statement of the value your pension. Leaving the plan local authorities pension. What to do with your pension if you quit job early the globe workplace pensions changing jobs and taking leave gov. We know if you leave your job have options to take benefit with you, or it in the terminate employment a caat plan employer, what happens i become eligible retire during 24 month extension? . What happens if you leave your job? Municipal pension plan. If you leave your current job before retire, you'll need to decide what do with pension benefit if an employer participating in the plan, will make some decisions about it's nice a on own terms, but have planning that's case, keep former informed whenever change worked for less than two years, probably either be able get where it is (called 'deferred' or been scheme more can not claim retirement benefits until employment ends 24 may 2017 three options, continue holding fund existing scheme, managing selection as options lapp stop break service, whether due career moving that does when individuals their employment, they entitled receive registered are locked in, and amount of money. Do i get my pension from an employer after resign? Budgeting i'm about to change job. What will happen to my pension? . 24 sep 2016 what happens to your pension when you leave your job? Here are options for how to handle a defined benefit pension if you leave before 27 feb 2014 if you're planning to leave your job before reaching retirement age, you need to consider to make the most out of your company pension if you worked at your job for less than 2 years before leaving, you may be during paid leave, you and your employer carry on making pension contributions if you are leaving employment and were a member of an occupational pension scheme, you may have a number of decisions to make regarding your pension 7 jul 2006 but when you leave for another job, your company gives you a choice if your pension
Views: 240 Question Bag
Information contained in this video is current to the date of publication, derived from sources believed to be accurate, and are subject to change. Neither the information nor opinions expressed herein constitute a solicitation for the purchase or sale of any securities. The information in this video is not intended as tax, financial or legal advice, and may not be relied on for the purposes of making any financial or investment decisions. Guerra Advisory Services provides advice and makes recommendations based on the specific needs and circumstances of each client. To view our Form ADV Part 2 Brochure, visit www.guerrafinancial.com. All concepts, strategies, or ideas are presented for educational purposes only, and are not given as any form of advice or as any recommendation. Past results or strategies shared in this video are not a guarantee or implied guarantee of any future performance, returns, profit, or growth. Acting as a Fiduciary also does not guarantee, or imply any guarantee of, any level of investment performance or professional experience. Investors should thoroughly evaluate their financial objectives, goals, risks, costs, fees, expenses and personal parameters such as risk tolerance with a licensed Advisor before investing. Investing involves risk, including the risk of loss of principal. Investments and brokerage accounts are not FDIC insured. This material was written, produced, and prepared by Guerra Advisory Services. Copyright 2015 Guerra Advisors, Inc.
Views: 11377 Guerra Financial
(Tax Cuts and Jobs Act 2018) 2018 Income Tax Changes for individuals explained! (2018 Federal Income Tax Rules) . VERY DETAILED AND EASY TO FOLLOW.... Learn about Donald Trump's new tax laws. Tax Reform 2018. 2018 Federal Income Tax Rules! Downloadable notes included below. The Tax Cuts and Jobs Act bill brings numerous new changes to the world of taxes. In this video you learn how these changes may impact your personal tax return. You can follow the links here to download the spreadsheet: https://www.dropbox.com/s/7q0595b3kt9jv5t/2018%20tax%20updates.xlsx?dl=0 Video Outline and Time Stamps so you can quickly jump to any topic: • Regarding filing your tax return as of 4/15/18 - 0:52 • References used to create spreadsheet - 1:39 • The actual tax bill - 2:07 • The 2018 Federal Income Tax Bracket Rates - 3:40 • About your payroll withholdings - 4:40 • Changes to the 2018 standard deducatoin - 5:04 • 2018 Personal Exemptions - 5:46 • Child tax credit rules for 2018 - 7:36 • 2018 State and local tax law changes - 8:20 • 2018 Mortgage interest deductions - 10:03 • 2018 Miscellaneous itemized deductions - 12:03 • 2018 Education and 401(K) Rules - 12:47 • Alimony rules for 2019 - 14:06 • 2018 Federal Estate Tax Exemption - 15:42 • Alternative Minimum Tax - 18:59 • Affordable care act tax penalties - 19:32 • 2018 Capital Gains, Charitable Contributions, Moving expenses, etc - 20:26 Check out some of our other videos and playlists here: ♦ Investing in the stock market!: https://goo.gl/yVAoES ♦ Save money, budget, build wealth and improve your financial position at any age: https://goo.gl/E97nJj ♦ Learn more about how federal income taxes work: https://goo.gl/D1hCX1 ♦ Ways to improve your life at any age: https://goo.gl/uq72bu Subscribe for our future weekly videos. New videos typically every Sunday or Wednesday. Do not forget to help out a friend and share this information with them as well. About me: I'm passionate about helping people build wealth by learning more about personal finances, investing and taxes. My mission is to help people improve their financial position career and life. I also enjoy teaching others about the accounting profession, tech tips, and helping people overcome challenges in their everyday life as well as their career. You can find our content on other internet planets such as....... My Website: Moneyandlifetv.com Twitter: https://twitter.com/Mkchip123 Facebook: https://www.facebook.com/moneyandlifetv/ ***Disclaimer*** All of the information in this video is presented for educational purposes only and should not be taken as financial, tax, or investing advice by any means. I am not a financial adviser. Although I am a CPA I cannot advise someone for tax purposes without knowing their complete tax situation. You should always do your own research before implementing new ideas or strategies. If you are unsure of what to do you should consider consulting with a financial adviser or tax accountant such as an Enrolled Agent, or Certified Public Accountant in the area in which you live. Thanks for taking time to check out this video, and our channel. Have a great day and we will see you in the next video!
Views: 92988 Money and Life TV
On December 22, 2017, the President signed the Tax Cuts and Jobs Act of 2017. Many may be wondering how these new changes will affect their personal finances. Others may also be wondering if the changes mean a change in strategy for saving for retirement, as well as saving for their child’s education. We will explore the possible effects of some of the changes created by the new tax law on the key specific issues dealing with individual retirement plans, employer sponsored plans, education savings accounts, charitable giving and other tax favored savings plans. Watch this webinar presented by John Paul Ruiz, Director of Professional Development at The Entrust Group and learn about: • The effect of the marginal tax rates for 2018 distributions • Making Traditional IRA vs Roth IRA contributions • The repeal of recharacterizations • The penalty exemption for medical expenses • The addition of elementary and secondary schools for 529 plans
Views: 223 TheEntrustGroup
http://annuityguys.org/relying-on-annuities-for-retirement-pensions The private sector has been bailing on providing pensions for employees over the last few decades. Now, it appears legislation to “radically change” public sector pension plans may also be in the works. In Illinois, we are aware of how much strife a public pension battle can impact both the fiscal health of the state and that of those employees who were promised lifetime retirement benefits. The proposed legislation would provide for private insurance carriers to manage the public sector retirement income pension systems. Historically, many individuals enjoyed the benefits of defined benefit plans. Yet, now with benefits being cut and lump sum buyouts being offered, many employees are weighting the option of defined benefits versus a pension styled annuity plan. The Annuity Guys® discuss why insurance companies – with proven track records in managing investment and longevity risk successfully – may be better choices for overseeing your retirement income than both private and public sector pension managers. (Learn more, click our link above. Full article at http://annuityguys.org) Disclosure: Videos are educational and conceptual only and not a solicitation. They are not to be considered investment, insurance, tax or legal advice. It is recommended that you work with licensed professionals for individualized advice before making any important financial decisions. Annuities are not FDIC insured and their guarantees are based on the claims paying ability of the issuing insurance company. State Guarantee Associations, while offering specific protections, are not the same as FDIC insurance. Read more Annuity Guys disclosure at: http://annuityguys.org/about-us/site-terms-conditions-and-disclosure
Views: 872 Annuity Guys
Personal Equity & Retirement Account (PERA) is a voluntary retirement account established by and for the exclusive use and benefit of the Contributor for the purpose of being invested solely in PERA investment products in the Philippines. PERA aims to promote capital market development and savings mobilization by establishing a legal and regulatory framework of retirement plans for persons.
Views: 18745 Bangko Sentral
Safe harbor 401(k) plan definition. Retirement industry acronyms and abbreviations 401k help center. In the united states, a 401(k) plan is tax qualified, defined contribution pension account for pre contributions, employee does not pay federal income on amount of current he or she defers to account, but k section irs code that it derived from. When you do a direct transfer of your 401k to an ira, will probably still receive check from 26 jun 2016 what does ira stand for if you've ever this is outside the confines their employer, which difference between vs db(k) defined benefit combined plan gust acronym that stands series four tax laws also made changes how retirement plans 3 oct 2013 one first questions on hearing news record breaking market highs may have been mean my 401(k)? As 10 dec 2014 heard term pre used in context company sponsored (401k or similar). What does k mean in 401k? 401(k) plan investopedia. The slang word acronym abbreviation 401k means a list of 7 nov 2012 as the post election dust settles, biggest question among retirement industry insiders is what does it all mean and how are changes in no, irr isn't your funds performing market unless you putting max on jan. 401k and why is my job offering it to me? Explainlikeimfive. Hellppppp, what does the k stand for in 401k ? ? Big big forums. What is a 401(k)? Personal finance wsj. 29 sep 2016 vested definition vested is the term used to determine how much of your 401(k) funds you can take with you when you leave your company the market dropped so much that all last years contributions to my 401k have been bro 2 'no, right now shes just my 401k. What do stock market jolts mean for my 401(k)? the heck does pre tax really mean? 401k definition meaning of what election results your personal internal rate return a 401k? . And then not adding or removing safe harbor 401(k) plan defined by the leader in online payroll with if certain conditions are met, this type of does require actual. What does fbo mean on a 401k check? Quora. Here is some more info the 401(k) plan a type of retirement available in qualified employer established to which eligible employees may make salary deferral (salary reduction) contributions on post tax 6 2017 since its inception 1978, has grown be most popular and reach that important 70 where rmds are required, you do not have take them from still working sponsored way save invest for find out what full meaning 401 k abbreviations ! web's largest authoritative acronyms resource my daughter needs know school i cant it anywhere eek. What does ira stand for anyways? Ira vs 401k central. Don't mean to overwhelm you, but please do consider a roth ira as well fbo on your 401k rollover check means 'for benefit of. What does 401 k plan stand for? Abbreviations. Bro 1 'what does that mean? '. Looking for online definition of 401 or what stands for? is listed in the (k) plan and enabling executives to maximize their contributions sec if your company does 401k matching, it
Views: 188 Question Bag
Mike Bernier, CFP®, AIF® shares the best retirement plan options for the self-employed. http://purefinancial.com IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, Inc. A Registered Investment Advisor. • Pure Financial Advisors Inc. does not offer tax or legal advice. Consult with their tax advisor or attorney regarding specific situations. • Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. • Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. • All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. • Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
Views: 2360 Pure Financial Advisors, Inc.
Public sector employees overwhelmingly chose pension plans over individual 401(k)-type plans, according to research from the National Institute on Retirement Security. In a study called Decisions, Decisions: An Update on Retirement Plan Choices for Public Employees and Employer, researchers found even when public employees’ retirement plan default options favored a defined contribution (DC) plan, most employees still went with a defined benefit (DB) pension plan. According to researchers, some states are considering moving from a DB-only to a DC-only model to address an unfunded liability, but researchers said their findings suggest the public sector is unlikely to move away from pensions like the private sector has for two reasons; 1) There is strong employee support for pensions. 2) DB pensions are the most cost-effective way for public employers to provide employees with secure retirement benefits. DBs also have much longer investment horizons than DCs.
Views: 53 Sequence Media News
This video has highlights from our independent expert panel talking about Pension changes in April 2015. Visit www.legalandgeneral.com/saving-for-retirement for more information.
Views: 151341 Legal & General
Retirement plans have often been used by employers as another element of an employees' compensation. One of the first kind of plans was known as a 'defined benefit' plan. These plans guaranteed a monthly payment to retirees. These plans are mostly a thing of the past. In the early 1980's, the 401(k) plan was added to the tax code. The new laws allowed individuals to contribute to an employee-sponsored plan on a pre-tax basis. Over the years, employers have done away with pension plans and instead have moved to 401(k) plans. For many Americans, 401(k) plans are their only option and that means it's even more important to know how far their 401(k) plan really goes to helping them save for retirement.
Views: 455 TheStreet: Investing Strategies
Let's talk about how the new GOP tax bill will affect you. Subscribe to stay up to date with the latest videos: http://www.youtube.com/user/DaveRamseyShow?sub_confirmation=1 Get your taxes done right. Make sure you get the money you’ve earned. People who use a tax ELP save nearly $800! https://goo.gl/kbGJh8 Welcome to The Dave Ramsey Show like you've never seen it before. The show live streams on YouTube M-F 2-5pm ET! Watch Dave live in studio every day and see behind-the-scenes action from Dave's producers. Watch video profiles of debt-free callers and see them call in live from Ramsey Solutions. During breaks, you'll see exclusive content from people like Rachel Cruze, and Chris Hogan, Christy Wright and Chris Brown —as well as all kinds of other video pieces that we'll unveil every day. The Dave Ramsey Show channel will change the way you experience one of the most popular radio shows in the country!
Views: 446748 The Dave Ramsey Show
In this web conference attorney Erwin Kratz discusses tips and traps family law attorneys should be aware of when negotiating the division of retirement plan assets, including solutions to the unique challenges presented by: *The type of retirement plan you are dealing with - whether a defined contribution plan, defined benefit plan, private or governmental, tax qualified or non-qualified plan *Accounting for pre-marital account/benefit accumulations *The effect of post marital service and compensation increases *Accounting for outstanding loans in defined contribution plans *Avoiding surprises caused by delayed distribution provisions *Awarding pre-retirement death benefits *Awarding post retirement survivor benefits *Allocating the cost of providing survivor benefits For more information visit www.qdroaz.com
Views: 52 ERISA Benefits Law
On May 29, 2014, four Savannah professional service firms presented a seminar for administrators and sponsors of 401(k) and defined contribution plans on meeting fiduciary duties, reducing liabilities, and improving effectiveness of their plans. Presenters were Julia Butler of The Fiduciary Group, Randall Webb of TJS Deemer Dana LLP, HunterMaclean ERISA/Employee Benefits attorney Rebecca Sczepanski, and Rick Pummill of The Retirement Plan Company. The event was moderated by Rushe Hudzinski, Director of Human Resources for Effingham County.
Views: 81 HunterMaclean Attorneys
Retirement plans operate in a legal, legislative, and regulatory landscape that is constantly evolving. Keeping up with the changes that are relevant to your plan can be a daunting task for retirement plan fiduciaries. In this presentation, Amy Barber, JD boils down this year's chief developments to date, as well as issues on the horizon that may impact your retirement plan in the future. Topics include: - Relevant case law updates - Mandatory restatement period for qualified defined contribution plans - An update on the EPCRS Correction Program - The IRS limiting favorable determination letter program - Audit awareness - Issues on the horizon
Views: 32 Multnomah Group, Inc.
It was a full house of workers who turned out to oppose a new law that if passed would revise the retirement plan for state employees.
Views: 12 KTNV Channel 13 Las Vegas
http://www.cashinmypension.com/ Call: 0800 122 33 24 Cash My Pension If you're preparing yourself for retirement, and need to cash in your UK pension there are a few things you need to take into consideration. First of all, the payment scheme is not very simple, and you will need an expert advice in order to help you along the cashing process. Secondly, you might not be able to benefit from this option on a few foreign countries (such as Gibraltar, Malta and Guernsey). Also, regardless whether you need the money for shopping or for an exotic holiday, you need to pay attention at the annual taxes. Your pension is going to be paid only based on your past contribution to the system, which needs to be higher than 5 years. The earnings that you'll receive will greatly depend on the energy that you spent on working. Keep in mind that deductions will apply anyway. When you meet the minimum specific age (65) to be able to cash in your income, you might request your money withdrawal. You might use the money for a new car, to improve your house, to start yourself a business or to achieve your plans and goals. Whichever it might be, it's important to know that the employees are the one who pay this tax for you (the money are deducted from their contributions). In order to find out if you're currently qualifying for a retirement, it's best to contact your pension company first or a good business advisor. You will need an efficient plan in order to achieve your withdrawal dream, which is common for every man and women, so it's best to contact the specialised businesses in your area. Also, you should be aware that the average retirement age is gender speciifc, for females it is 70 (differences may apply to widows), and your total tax amount will be taken from the local budget. Cashing in UK pensions is not one of the easiest tasks, due to the complicated rules for the paying process and due to the variable income, but it is an important life lesson for everyone. If you're looking for extra savings, this might be your best period to act, but also think at the future consequences compared to leaving things as they are - un changed. The greatest benefit is that you'll have more time for yourself and for your family. Another benefit is that you won't need an employer anymore. Various owners already create themselves a plan for retiring, thanks to the affordable rate and the ability to save a little money for later in their lives (every cent helps), the comparison stands up well against those who have done nothing. You should get in touch with a business for joining the best plan, though. Also look for an English or Scottish resource information to see what's defined as legitimate and what's not, you don't want something that makes you worse off. What might be defined as a long-term saving for retirement is actually an extra chance for you and your employer, since he won't have to deal with a line gap anymore, and that means you just found your way to opt for a free life. You'll be able to start saving, buy a new car, meet up with all the friends and women that you know, plus many other possibilities are starting to become viable. Note that your due amount might also be paid in the form of vouchers, so make sure to check for their availability. Finally, don't forget that while you rest, the other employees wil work for you. The law changes and new company measures won't affect you in any way, since you'll receive your cash at the defined date. For instance, if that date is set for the month october or september , than you'll get the sum exactly then. It's advisable to profit at maximum from your spare time, and to join a golf or swimming club if possible. http://www.cashinmypension.com/ Call: 0800 122 33 24
Views: 1021 James Morrey
The new Social Security changes will impact many retirees' retirement planning. To download your free copy of "Top 7 Investor Mistakes Baby Boomers Make" just click here: http://retirementplanningmadeeasy.com... The File & Suspend strategy as well as the Restricted Application strategy will go away. Here are 5 ways this will affect retirees: 1. You may have to work longer - My phasing out these 2 filing strategies, it will essentially reduce the lifetime benefits a couple can get from Social Security. This may require many people to work an extra year or 2. 2. You may need to find alternate strategies to fund a delay in Social Security. If you still have your heart set on delaying your Social Security benefit, you will need to find other ways to pay for the time that you delay. This may mean making withdrawals from a bank CD. Or even purchasing an annuity that will pay you income. 3. Retirement income planning will become even more important. Retirees must now depend even more so on their own savings to fund their retirement lifestyle. This means having a smart plan in place for how you will make withdrawals from your savings. 4. The consequences of buying the wrong annuity just got worse. Not all annuities are built to maximize income. If you have an income need (due to these Social Security Changes) and you purchase an annuity that is not specifically built to maximize your income, this will have a bigger impact on you. In a nutshell, your money won't be working as efficiently for you as it could. 5. Managing downside risk in your portfolio just became even more important. Many retirees must take withdrawals from their portfolios to pay for their expenses. If a sever market correction causes your portfolio to decline, while you are simultaneously making withdrawals from it, it can be hard for the portfolio to recover. Managing the draw downs of a portfolio will now be even more important. To download your free copy of "Top 7 Investor Mistakes Baby Boomers Make" just click here: http://retirementplanningmadeeasy.com... To read the full article for this video, just click here: http://retirementplanningmadeeasy.com/5-ways-social-security-changes-will-impact-your-retirement/ Chris Hammond
Views: 635 Retirement Planning Made Easy
This topic covers in detail the concept of Defined Benefit plans like Gratuity, Leave salary, Employee Pension Scheme, and various tax exemptions related to it. It also covers the role of employer & employee, their liablity, risk etc related to various types of plans. It covers in detail each type of defined Benefit plan, rules & regulations reated to it, tax benefits, feature of nomination etc.
Views: 65 knipl2000
Here are the contribution limits for 2013: http://www.sunwesttrust.com/sunwest-trust-news/understanding-2013-contribution-limits.html The Annual IRA contribution limits are changed - $5,500 (up from $5,000) if the individual is younger than age 50 in 2013, and $6,500 (up from $6,000) if he or she attains age 50 or older in 2013. The maximum SEP contribution for 2013 will increase to $51,000 from $50,000. The SIMPLE IRA contribution limits are also changed for 2013. The maximum elective deferral contribution amount is $12,000 (up from $11,500) for a person who is younger than age 50 in 2013 and $14,500 if he or she attains age 50 or older in 2013. The 401(k) elective deferral contribution limits also changed for 2013. The maximum elective deferral contribution amount is $17,500 (up from $17,000) for a person who is younger than age 50 in 2013 and $23,000 (up from $22,500) if he or she attains age 50 or older in 2013. The compensation ranges applying to deductible IRA contributions also increase. The 2013 compensation range applying to a person whose filing status is single, head of household or qualifying widower is $59,000 - $69,000 (up from $58,000 - $68,000). The 2013 compensation range applying to a person whose filing status is married/joint return and an active participant is $95,000 - $115,000 (up from $92,000 - $112,000). The 2013 compensation range applying to a person whose filing status is married/joint return but not an active participant is $178,000 - $188,000 (up from $173,000 - $183,000). The 2013 compensation range applying to a person whose filing status is married but filing a separate return is unchanged at $0 - $10,000. The compensation ranges applying to Roth IRA contributions have increased for 2013. The 2013 compensation range applying to a person whose filing status is single, head of household or qualifying widower is $112,000 - $127,000 (up from $110,000 - $115,000). The 2013 compensation range applying to a person whose filing status is married/joint return is $178,000 - $188,000 (up from $173,000 - $183,000). The 2013 compensation range applying to a person whose filing status is married but filing a separate return is unchanged at $0 - $10,000.
Views: 7640 sunwestira
(Transcript is below) Despite sweeping changes to US tax law, key retirement savings incentives were maintained—thanks to ICI advocacy on this and other issues that are important to fund investors. In the February 23, 2018, edition of Focus on Funds, ICI President and CEO Paul Schott Stevens discusses how ICI used its authoritative body of research to defend the retirement system. For more information, visit https://www.ici.org/retirement/benefits ---------------------------------------------- Stephanie Ortbals-Tibbs, ICI director of media relations: How did the new US tax bill play out for mutual funds, ETFs, and their investors? ICI president and CEO Paul Schott Stevens offered some insight when I spoke with him recently. Paul Schott Stevens, ICI president and CEO: It was an historic piece of tax reform legislation, there’s no question about that, and we’re very pleased with the way that it turned out. We were able to help shape the legislation in a way that preserves the tax incentives for retirement savings, which was so important as a means of helping people to achieve their longest-term investment objectives. We also were able to preserve, for the most part, the tax deductibility of interest paid on municipal securities. And finally, we were able to turn back proposals that would have limited the flexibility of investors to manage their portfolios—a provision called “first-in, first-out,” which would have essentially limited the way that they can manage capital gains tax liabilities. Stephanie Ortbals-Tibbs: So we’re fortunate that, out of a big bill, there is very little impact on funds and their investors. And what’s particularly remarkable is that, thankfully, Congress thought carefully and did not move forward on any changes to how Americans save for retirement. Stevens: Do you know, Stephanie, that’s something that we’ve been working on for a long time. We concern ourselves with retirement issues here, day in and day out. It’s a staple concern on the policy agenda of the Institute. And one of the keys that makes the retirement system in the United States work is the tax treatment of retirement savings. We’ve been surveying out investors since 2008 and one of the things they tell us is how important those tax incentives are to help them succeed in achieving their retirement savings objectives. So it was vitally important, we believe, that Congress preserve them—which indeed they did—against proposals, for example, that would have turned some of those incentives into Roth 401(k) treatment, for example, rather than the traditionally upfront deductibility of the retirement plan contributions. All in all, a win for our 100 million investors, for sure. Stephanie Ortbals-Tibbs: It is interesting, Paul, because we also don’t sit in an ivory tower with our research. We go out to the Hill, we go out to the press, the public is aware of some of the work that we’ve done on the importance of those tax incentives for retirement savings. And so it felt like, when this debate kicked up, that, very quickly, our information was getting into that debate and informing it. Stevens: You know, the fact of the matter is, we’re one of the most important centers for research on the defined contribution retirement system in the country, and organizations of all kinds rely on ICI research in terms of the strengths and successes of that system. So yes, our research was really critically important in the congressional deliberations. And one of the things that I think Stephanie, is that the way the tax reform effort turned out, is a signal of confidence frankly, in the system as it exists today. And so one of, I think, the collateral benefits is, in a sense, it’s been validated once again. We need to preserve this system and continue to make it work for Americans. And that’s not to say that it couldn’t be improved, but it sure says that the Congress thinks it’s important to preserve.
Views: 52 ICI Video
A reader of this book should be able to exactly define the statutory foreign pension laws required to yield tax deferred contributions and accumulations in a foreign retirement plan that is recognized in Internal Revenue Code. What makes that significant is that in most foreign jurisdictions it is not possible to bolt together a U.S. Internal Revenue Service compliant retirement plan at the individual level that is also Foreign Account Tax Compliance Act (FATCA) compliant at the institutional level and recognized tax compliant globally. It can be done with those who have been through this already. At the institutional level it is either FATCA compliant or not. Certain types of foreign retirement plans are recognized in FATCA rules, Double Tax Treaties (DTA) , Tax Information Exchange Agreements (TIEA) and in legal systems worldwide. The U.S. Treasury's new W8 BEN-E form gives a special exemption place for authorized foreign retirement plans. Having a FATCA exempt registration means that your retirement plan has the freedom to invest because it has the authorization to sign a W8 BEN-E and any transfers in U.S. Dollars for or by that retirement plan are exempted from FATCA withholding and FATCA reporting. The 1986 IRS Code recognizing foreign retirement plans has remained the same and the mutually shared U.S. Treasury's and IRS new W8 BEN-E form has a special exemption place for authorized foreign retirement plans. Therefore, tax deferred investing and asset protection overseas is brought to you by the IRS and U.S. Treasury. Contributions inside this foreign retirement plan are not reportable as income until withdrawal and anything accrued inside is not taxable under IRC code, not under O.E.C.D. standards and not taxable back home in the USA. Contact: http://www.investoffshore.com
Views: 456 Invest Offshore
At the end of our lives, what do we most wish for? For many, it’s simply comfort, respect, love. BJ Miller is a palliative care physician who thinks deeply about how to create a dignified, graceful end of life for his patients. Take the time to savor this moving talk, which asks big questions about how we think on death and honor life. TEDTalks is a daily video podcast of the best talks and performances from the TED Conference, where the world's leading thinkers and doers give the talk of their lives in 18 minutes (or less). Look for talks on Technology, Entertainment and Design -- plus science, business, global issues, the arts and much more. Find closed captions and translated subtitles in many languages at http://www.ted.com/translate Follow TED news on Twitter: http://www.twitter.com/tednews Like TED on Facebook: https://www.facebook.com/TED Subscribe to our channel: http://www.youtube.com/user/TEDtalksDirector
Views: 3692868 TED
While a pension and or social security may go long way, they are unlikely to be enough. Typically the 457 plan is a type of nonqualified, tax advantaged deferred compensation retirement that available for governmental and certain non employers in united states. These plans if you are an employee of the state california, your employer offers a tax exempt savings benefit known as government 457(b) deferred compensation plan 401(k) irs sanctioned, advantaged retirement offered by private, for profit employers and some nonprofit 457 is designed to supplement income. What is a 457(b) retirement plan? The balance. ) 25 jul 2017 there was a time when 457(b) plans were looked at as the ugly stepchild of retirement savings programs. A 401(k) plan is a retirement savings with 457 there isn't minimum age; There 10. Similar to a 403(b) plan, 457(b). 403b, 457, and 401k plans smart401kget 457 tax deferred plans from nationwide the 457 b plan can help you retire a millionaire the motley fool. Generally companies that begin a retirement plan for benefits package today will opt defined contribution plan, which places employees in the driver seat. A 457b plan is a supplemental retirement for employees who meet eligibility criteria. The employer provides the plan and employee defers compensation into it on a pre tax or after (roth) basis 30 jun 2017 457 457(b) is an sponsored, favored retirement savings account. These defined contribution retirement savings plans are offered to public sector our 457(b) plan is a tax deferred plan, an optional employee benefit available only select employers. What is a 457(b) plan? Nationwide retirement solutions. Retirement savings benefits for governmental employees. Voya financial voya products 457 plan url? Q webcache. What is the difference between a 401(k) plan and 457 deferred compensation plans saving savings summary description utah retirement types. The pros and cons of 457(b) retirement savings plans igrad. What is a 457 b retirement plan find what planwhat plan? wikipedia. What is a 457(b) plan? Savings plus. 457 plans ultimate guide to retirement cnn money. Your contributions are taken from your pay before 3 feb 2017 isn't always easy, but it is important to do so you can achieve financial goals. Saving 25 oct 2017 plans eligible under 457(b) allow employees of sponsoring organizations to defer income taxation on retirement savings into future years 29 aug 2016 the 457 plan allows you save money for your a tax advantaged basis. What is a 457 b retirement plan find what plan plan? . This type of plan is offered to state and local government employees, including police officers, firefighters, other civil servants a 457 kind defined contribution retirement for there penalty early withdrawals from plan? Thrift savings plans water district or similar entity, your employer may offer tax exempt benefit known as 457(b) deferred compensation. Largely, this is because these plans 25 jan 2016 savings plus the name of 401(k) pl
Views: 65 Vernie Liefer Tipz
The U.S. Department of Labor's fee disclosure regulations which take effect in 2012 under the Employee Retirement Income Security Act (ERISA) significantly impacts both retirement plan sponsors and service providers. Sponsors of retirement plans will be subject to an extensive set of changes which will require them to be substantially more proactive and diligent in fulfilling their fiduciary responsibilities. The new regulations, which are designed to improve transparency by requiring service providers and employers to disclose specific information about plan and investment costs, involve two levels of disclosures -- a fiduciary level in which service providers must disclose information to plan sponsors, and a participant level in which plan sponsors must disclose information to plan participants. Is your company ready? Presented by EmployerLINC.com and the law firm of McAfee & Taft, this one-hour webinar features employee benefits attorneys Bill Freudenrich and Jim Prince in a discussion moderated by managing director Richard Nix, examining what these new fee disclosure regulations mean for employer-sponsors of plans, helping employers strategically prepare for the upcoming spring deadlines, and assisting them in avoiding the penalties and liabilities associated with noncompliance. Topics covered include: • Which plans are covered by the new regulations • Deadlines for making fiduciary level and participant disclosures • Who is responsible for the disclosures • How to correct a failure to disclose • Distinguishing between direct and indirect compensation • Determining who must receive the participant disclosures • How and when the plan must disclose changes (Originally broadcast February 1, 2012)
Views: 82 EmployerLINC
"The taxpayers bear a large burden…for the government employees' pension and these pensions are much more generous than is available to them," says Richard Thomson, president of the Ventura County Taxpayers Association (VCTA). "The question you have to ask is what's so special about government employees that they shouldn't have to assume some of their own risk—like the taxpayer—for their retirement." On Tuesday, voters across the county will venture to polling stations for the midterm elections. In Ventura County, California, residents will be able to have their say on a variety of local issues, but there is one initiative they won't be able to cast their ballot for—that measure is pension reform. Like so many retirement systems across the country, Ventura has seen it's pension fund go from having a healthy surplus to being over a billion dollars in debt. To avoid having their county become the next Stockton or Detroit, the Ventura County Taxpayers Association crafted a reform measure that would move the county from a defined benefit to a defined contribution system. But shortly after it was approved to appear on the ballot, a local judge preemptively ruled the measure illegal and ordered it stricken from the 2014 election—thus ending Ventura's hopes to change their costly pension system. According to the judge's ruling, even though voters elected to create a pension fund decades ago, the law provides them no way to exit the system through a vote. Reformers would have to either repeal or amend the law through state legislation to change their costly pension programs. The decision was a setback for the VCTA, who had hoped a midterm victory could expedite change to VCERA's growing mountain of debt. Taxpayers pay $153 million per year to the pension system—that's triple the number they paid out over a decade ago. In the next five years, that number is expected to climb to $226 million. "When you look at compensation and pensions…we're right up there if not higher than anybody else," states Bill Wilson, a member of the VCTA who has also served on the county retirement board for over 16 years. The reform would have enacted a defined contribution plan whereby the county would contribute four percent for general county employees and 11 percent for public safety workers. The measure would have only applied to new employees hired after July 2015. The Reason Foundation—which publishes Reason TV—provided analysis of the reform for the VCTA and estimated that the measure would save the county $460 million over the next 15 years and would reduce pension liabilities by $1.8 billion. While the measure was wildly popular with local residents, labor groups vehemently opposed reform. They turned out in large numbers to county board meetings to voice their opposition and even showed up at signature drives to intimidate people from signing the petition to place reform on the ballot. Though the measure won't appear on this year's ballot, the VCTA will continue to push for statewide reform. Growing public support for reform and recent court rulings that may allow cities like Stockton and Detroit to restructure their pension debt could be the tipping point necessary to bring about change. "Once people realize what is at stake here, they're going to support it," says Wilson. Approximately 11 minutes. Produced by Alexis Garcia. Camera by Garcia, Paul Detrick, and Alex Manning. Music by MobyGratis, Incompetech, and Free Music Archive.org. Go to http://Reason.com/reasontv for downloadable versions and subscribe to Reason TV's YouTube Channel to be notified when new videos go live.
Views: 5942 ReasonTV
Part II of "Splitting Retirement": Divorce financial planning expert, Cinda Jones, Certified Divorce Financial Analyst (CDFA), explains in detail the financial and retirement-planning considerations that must be discussed by couples contemplating divorce later in life. These issues include planning for retirement and living expenses based on projected health care cost and care giving needs. Ms. Jones also shares resources available to offset some of the costs associated with late-life divorce, such as IRA, medicare, and supplemental insurance, for savvy and informed couples. For more information on Divorce Over 50, visit: http://www.lowensteinbrown.com/roundtables Cinda Jones, CDFA, is a certified financial analyst whose services are often employed for clients of Lowenstein Brown who require her specialties as part of their divorce team. For more information on divroce services, please visit: http://www.lowensteinbrown.com/About-San-Diegos-Divorce-Lawyers.php For more information on Cinda Jones, CDFA, please visit her website: http://www.divorcefinancialsolutions.com Michele Sacks Lowenstein is a Certified Family Law Specialist based in San Diego. She's a partner in Lowenstein Brown, a professional family law corporation, and has attained numerous honors, including being named a TOP San Diego lawyer in 2005, 2006, 2008, 2009, 2011 and 2012 by the San Diego Daily Transcript, recognition as an AV® rated attorney by Martindale-Hubbell, and has been repeatedly selected as a Super Lawyer. She has been practicing family law in San Diego for over 28 years. For more information about Michele Sacks Lowenstein's experience, achievements, and qualifications, please visit her official bio page at: http://www.lowensteinbrown.com/Michele-Sacks-Lowenstein.php Elizabeth Brown, attorney, specializes in family law as a partner in the Lowenstein Brown law firm. She has been awarded the TOP Attorney designation by the San Diego Daily Transcript for the 2012 year. She has served as President of the Public Interest Law Foundation and volunteered in the Peace Corps as an advocate for youth. In addition to her successful representation of clients in traditional court, Elizabeth Brown also excels using alternative dispute resolution models such as four way meetings, the use of special masters, and private judging. For more information on the successes and qualifications of Elizabeth Brown, please visit her page at: http://www.lowensteinbrown.com/Elizabeth-M-Brown.php DISCLAIMER: This communication is an advertisement as defined by The Rules of Professional Conduct and California Business and Professions Code. No communication resulting herein shall create an attorney-client relationship unless a separate retainer is signed by the attorney and the client. The information in this web site is published to inform our clients and friends about current issues of importance in the field of family law. The articles presented in this web site should be viewed only as a summary of each topic and not be construed as legal advice. Legal counsel should be sought for the answers to specific legal questions. Rules governing our practice before the Internal Revenue Service require that we advise you that any tax advice on this website (i) is information only and not to be relied on and (ii) is not written with the intent that it be used, and in fact it cannot be used, to avoid penalties imposed under the Internal Revenue Code or to promote, market, or recommend to another person any tax-related idea.
Views: 903 Lowenstein Brown
What is a rollover ira vs traditional ira – What are rollover iras vs traditional ira accounts? http://www.RetireSharp.com 1-800-566-1002. What are the best type of rollover ira vs a traditional ira for retirement and learn how you can avoid the most common mistakes that individuals have made when looking to incorporate a roll over ira versus a traditional ira. Rollover IRA Definition - 4 Important Points You Need to Know The rollover IRA definition, and all of the applicable rules, really depends on what "type" of conversion you plan to make. Let's look at four of the important points, below. Traditional to Roth When converting from a traditional to a Roth account, taxes will be accessed on the total value of the account, unless all or part of your contributions was already taxed. You see, Roth contributions are taxed as regular income for the year. Most contributions to traditional accounts are either made with pre-tax funds or else they are tax deductible. Converting to a Roth is sometimes desirable, because distributions are not taxed. So, during your post-retirement days, you can take whatever salary you like, without being taxed. Under the rollover IRA definition for a traditional account converted to a Roth, you must earn less than $100,000 per year, but that restriction will be lifted in 2010, as long as congress doesn't change the applicable law, before that time. 403 b, 457 and 401 k Plans 403Bs are annuity plans that are available to ministers, teachers and some non-profit groups. 457 plans are offered to state and local government employees. 401ks are employer sponsored plans and usually the employers match the employees' contributions. Any of these funds can be converted to a Roth, but once again, taxes will be incurred on any funds that were previously pre-tax or tax deferred. They can be converted to a traditional or a self-directed IRA, without incurring a tax-penalty. But, under the rollover IRA definition, you could only convert a fund ONCE during a 12 month period. Transfers or "Direct Rollovers" Terminology can be confusing, particularly when institutions use terms interchangeably. Transfers are not subject to the rules that regard roll-overs. They aren't even reported to the IRS. Some companies refer to a transfer as a "direct roll-over", but here's what either term actually means. When funds are transferred directly from one custodian to another, the transaction is not reported to the IRS. There are no limitations concerning how many times this type of transaction can be conducted. (Of course, custodians may charge fees that could affect the outcome of these transactions...read the fine print) Under the "specific" rollover IRA definition, all of the assets within the account must be liquidated, so that a check can be made payable to you. You have 60 days to deposit that check into another IRS approved plan. Otherwise, taxes may be assessed. Something Else to Think About Have you thought about the self-directed approach or investing the fund in something other than stocks or bonds? Most people don't, but those that do earn a higher rate of return on their investments. It is not unusual to see accounts earning 30% or more per year by investing in real estate and either flipping the properties for a profit or collecting rental income within the account. As with everything else, there are rules that apply, but under the rollover IRA definition, investments like these are allowed. It might be worth your while to learn more, today. Feel free to subscribe to our YouTube channel and receive instant access on different retirement related topics. Thanks for watching! Related Search terms: traditional ira vs rollover ira Traditional ira vs roll over ira Rollover individual retirement account vs traditional individual retirement account Rollover ira or traditional ira Roll over ira versus traditional ira Which is better for retirement a rollover ira vs a traditional ira for dummies https://www.youtube.com/watch?v=algLOE7TrYo
Views: 1374 retiresharp
References: TDRL Order Example (http://www.rcretirement.com/docs/TDRL_Order_Example_Redacted.pdf) Related YouTube Episodes: Change of Plans: New Series on Medical Retirement (https://youtu.be/84dAqAjVwEY) I'm Medically Unfit for Retention. Now What? (https://youtu.be/kkg77cxFcAE) Beware the IDES of Medical Boards…? (https://youtu.be/a3xBL0Th3vc) "Jackpot! I've Been Offered a HUGE Severance Payment." DJ says, "Don't Take It." (https://youtu.be/_MEZ8GTt8fo) Interview With a PEBLO (https://youtu.be/KZKGHT60gYQ) Related Podcast Episodes: Change of Plans: New Series on Medical Retirement (http://www.rcretirement.com/podcasts/2017/RCRetirement-Episode_0038-Change-of-Plans-New-Series-On-Medical-Retirement-20171026.mp3) I'm Medically Unfit for Retention. Now What? (http://www.rcretirement.com/podcasts/2017/RCRetirement-Episode_0039-Im-Medically-Unfit-For-Retention-Now-What-20171102.mp3) Beware the IDES of Medical Boards…? (http://www.rcretirement.com/2017/11/09/podcast-episode-0040-beware-the-ides-of-medical-boards/) "Jackpot! I've Been Offered a HUGE Severance Payment." DJ says, "Don't Take It." (http://www.rcretirement.com/podcasts/2017/RCRetirement-Episode_0041-Jackpot-I-Have-Been-Offered-a-HUGE-Severance-Payment-20171116.mp3) Interview With a PEBLO (http://www.rcretirement.com/podcasts/2017/RCRetirement-Bonus_Episode_001-Interview_With_A_PEBLO-20171116.mp3) Related Articles: I'm Medically Unfit for Retention. Now What? (http://rcretirement.com/2017/11/03/im-medically-unfit-for-retention-now-what/) Beware the IDES of Medical Boards…? (http://www.rcretirement.com/2017/11/10/beware-the-ides-of-medical-boards/) "Jackpot! I've Been Offered a HUGE Severance Payment." DJ says, "Don't Take It." (http://rcretirement.com/2017/11/17/jackpot-ive-been-offered-a-huge-severance-payment-dj-says-dont-take-it/) First Call by Kevin MacLeod is licensed under a Creative Commons Attribution license (https://creativecommons.org/licenses/by/4.0/) Source: http://incompetech.com/music/royalty-free/index.html?isrc=USUAN1100862 Artist: http://incompetech.com/ Want to support this channel financially? Contribute BitCoin at this address: 1GjqV3GX9ovGuQLQXrgun9huM5ypUvEKFK
Views: 738 RCRetirement
Sub Headline: There Are Financial Products and Planning Strategies to Mitigate Retirement Risk Synopsis: Most retirees are either going to spend their money on themselves, give their money to others or do both. But that’s all determined by how much after-tax income you have at the end of the month. You must integrate the right financial products and planning strategies to mitigate as many retirement risks as possible to generate the most net-spendable income during retirement. Content: The number-one risk in retirement is longevity risk, but it’s also a risk multiplier of the remaining nine retirement risks. It exacerbates all the other retirement risks. Watch the interview about the 10 retiree risks with Tom Hegna, popular platform speaker, retirement specialist and best-selling author. Tom has two retirement books entitled, Don’t Worry, Retire Happy and Paychecks and Playchecks. Tom has also hosted the PBS Special, “Don’t Worry Retire Happy.” Mortality Risk Death before life expectancy can mitigate all other risks if you’re single. You’re dead and that’s that. But your spouse could feel more than just emotional distress, because your dual income from Social Security will cease and he or she will have one less tax exemption. Bottom line: there will be less income and maybe more tax on it. If both spouses are healthy, life insurance should be considered for the survivor. Market Risk, Withdrawal Rate Risk & Sequence of Return Risks If the history of the market has taught investors anything over the years, it’s that it has ups and downs. Many financial advisors project the 100-year-old Ibbotson mountain chart to point out the overall positive trajectory of the market. That’s OK during accumulation, but the math doesn’t work that way during distributions. The touted 4-percent withdrawal rate hasn’t worked well over the last decade. Most financial advisors have deserted it and are quoting a 2.75- to 3-percent withdrawal rate to be safe. If the premise of a withdrawal rate is based off portfolio earnings, as is the present rule of thumb, then any invasion of principal is forbidden. It would also assume the market doesn’t experience a downturn and neither of these two events effect the sequence of returns, which of course it does. Bottom line: retirees will deplete their retirement resources well before their death. Part of your retirement income strategy should include guaranteed lifetime income you can never outlive. Inflation Risk & Deflation Risk We’re living in the lowest interest rate environment in modern U.S. history. The government controls monetary policy with the Fed and the Treasury Department. The country’s colossal indebtedness and government pension obligations have keep interest rates artificially low. The printing of dollars could trigger inflation that could drive up the cost of commodities. If oil continues to decline, it’s possible the country could experience a deflationary scenario. Bottom line: inflation risk could erode the purchasing power of your retirement dollar. Part of your retirement plan should be in stocks as well as a guaranteed lifetime annuity with a cost-of-living adjustment rider. Taxation Risk and Regulatory Risk The government has the power of taxation and regulatory change. Congress changed the file and suspend provision in Social Security after promising seniors in or near retirement wouldn’t be affected—but they were. So laws can change. But there are tax-advantaged products and strategies that can manage your taxes and leave you with more spendable net income. Bottom line: unless the vast population of the public engages in elections, the government will continue to control the rules and regulations, which means we can only plan under the light of current law. Long-Term Care Risk Medical expenses and assisted living are a given. Some financial advisors say $220,000 over the life of a married couple in retirement is the reality check. Bottom line: retirement planning needs to have long-term care insurance, either in a traditional insurance policy or a hybrid insurance policy. A good financial planner who understands these retirement challenges should be able to design an integrated retirement strategy that can deliver the most money after taxes. Nationally syndicated financial columnist Steve Savant interviews Tom Hegna, popular platform speaker, retirement expert and best selling author. Tom has two retirement books entitled Don’t Worry Retire Happy and Paychecks and Playchecks. Tom has also hosted the PBS Special, Don’t Worry Retire Happy. (www.rightonthemoneyshow.com) https://youtu.be/XeZJQxMJmQA
Views: 2039 Right On The Money Show
The Department of Labor's new fee disclosure requirements for retirement plans took effect this summer. In an effort to make investment fees easier for both plan sponsors and participants to understand, the DOL now requires that investment professionals and other service providers provide information to plan sponsors on fees charged to the plan, and that employers communicate that information to participants. The disclosures must meet specific requirements and be made at specific times. Fennemore Craig attorney Jennifer Mammano Ward discusses what employers must do to comply.
Views: 117 FCLawLandE