Stay on Top of Retirement Tax Angles
Compounding of earnings and starting to save early have a tremendous positive effect on how much you accumulate for retirement. But to make the most of compounding, you also need to be smart about taxes.If you don’t plan ahead, the federal and state governments could collect a huge portion of your retirement savings. Uncle Sam can…
How Will Working after Retirement Affect Your Social Security Benefits?
In one survey, 79% of current workers stated they plan to work for pay after retiring.1 And that possibility raises an interesting question: How will working affect Social Security benefits? To answer that question requires an understanding of three key concepts: full-retirement age, the earnings test, and taxable benefits. Full Retirement Age Most workers don’t face an…
Becoming a Great Place to Work: It is Not About the Money
“It is easy to understand why companies have focused on… pay, parking, cafeteria discounts, etc.” when trying to attract, retain and motivate workers, stated Gallup in introducing its research on its Management Journal website. Why? Because it’s usually fairly easy to tinker with those variables. The problem is, “these factors do not really make a difference to the best,…
Go It Alone with a 401(k) Plan
If your business is essentially a one-person operation, there’s an option to help you save more money for retirement: The Solo 401(k) plan. Ordinarily, traditional defined contribution retirement plans allow annual contributions that are limited to either 25% of salary if you’re employed by your own S or C corporation or 20% of self-employment income if you operate…
Tuition Reimbursement: How to Prevent Fraud
Investing in employee education and training is crucial to the long-term success of most companies. In order to remain competitive, many employers offer tuition reimbursement programs to attract and retain talented employees. The programs also provide tax benefits. The vast majority of employees that participate in tuition reimbursement programs do so to comply with their companies’…
Small Employers: Should You Jump on the MEP Bandwagon?
Today, approximately 38 million private-sector employees in the United States lack access to a retirement savings plan through their employers. However, momentum is buildingin Washington, D.C., to remedy this situation by helping small employers take advantage of multiple employer defined contribution plans (MEPs). Could a MEP work for you and your workers? If the federal government…
Protect Your Company Retirement Plan from an IRS Attack
When your company sponsors a qualified retirement plan, you must comply with complex rules established by the IRS and the Department of Labor. Ignore the rules and your firm could face costly penalties from federal regulators — and plan participants might sue you for mishandling trust assets. This is no time to be a do-it-yourselfer. You…
Uncle Sam Wants to WARN Employers About a Layoff Law
If your business finds that it must lay off a large number of employees, make sure you are in compliance with a federal law that requires some employers to provide advance notification. This little-known law is called the Federal Worker Adjustment Retraining and Notification Act (WARN). Under the law, employers who are covered must give 60…
Prepare for the Changes Ahead with Employee Benefit Plan Audits and Avoid Common Mistakes
GRF’s experts in employee benefit and pension plan audits will provide participants with an overview of recent and proposed changes, as well as best practices to avoid common issues and errors. Slide Deck Click Here Recording Speakers Jackie Cardello, CPA | Nonprofit Audit Partner, Director of Employee Benefit Plan Audit and Firm Managing Partner Jennifer Arminger,…