All employees would have 6% of their income contributed to a workplace retirement plan and have these contributions automatically escalated each year.
Tag: defined contribution plan
The American Retirement Association says that by lowering small business income tax rates to 27% but not applying that to taxes on 401(k) withdrawals for small business owners from the 35% individual tax rate, this creates a disincentive for small business owners to contribute to their retirement plan, or even offer one to their employees.
The consultancy issued a white paper redefined DC plan-related terminology.
Facing several uncertainties in the health care industry, organizations are looking to revamp their retirement plans to attract talent.
The guidance for ERISA retirement and health plans follows relief provided by the IRS.
A report from the NIRS argues how DB plans create more savings and retirement income for teachers than DC plans.
Participants allege the company should have allowed a single recordkeeper to service its traditional DC plan and its 403(b) plan—and that it permitted excessive fees by paying for distinct administrative services for each.
A lawsuit alleges that asset-based fees led to the plan paying $1,819 per participant for recordkeeping services in 2015.