The American Rescue Plan Act of 2021 (commonly referred to as the $1.9 trillion coronavirus aid package) includes a provision that will double the number of the highest-paid executives whose compensation in excess of $1 million…
Read More IRC 162(m) | Executive Pay Limits Included In Covid Stimulus Package
COVID-19 Relief Bill Corrects Statutory Interest Rates for New Life Insurance Policies Consolidated Appropriations Act, 2021 included an update to Internal Revenue Code Section 7702 (definition of life insurance for tax purposes) interest rates…
Into the twelfth year of historically low-interest rates, and with the Federal Reserve announcing rates will not move until 2023, several headwinds continue to put a damper on bank earnings. While rates remain too low to generate meaningful return…
Are Nonqualified Deferred Compensation Plans the Best Way to Pay for College? In the Winter 2020 edition of Defined Contribution Insights (available here) Plan Sponsor Council of America (PSCA) published the first of a two-part…
Today’s economic environment and health concerns have many thinking differently about their financial plans. Life insurance has taken on a renewed prominence at the forefront of American’s lives, while providers have been innovating…
A $55 million settlement after 13 years in litigation in the case of Tussey vs. ABB, illustrates the dangers of bundling qualified and non-qualified plans with the same recordkeeper. In an effort to maximize cost efficiency,…
Read More Risks When Bundling Qualified And Nonqualified Plan Recordkeeping
The COVID-19 pandemic has had profound impacts on the day to day business of most American companies. Shelter in place orders and social distancing recommendations, while necessary, also mean that customers are less frequent…
Read More Use Deferred Compensation Plans In Place Of Salary Reductions
Consider the Impact of COVID-19 on Higher 401(k) Refunds The economic impact of the COVID-19 pandemic has likely reduced 401(k) contributions this year. And as a result, the ERISA required nondiscrimination testing that occurs…
Peter Mullin cautions that “it is a risky strategy to plan for necessary retirement finances only up to an ‘average’ life expectancy” in his article on the Milken Institute’s website – Center for the Future of Aging.
Read More Financial Security In Retirement, Requires Rethinking Needs
With interest rates at historically low levels, and the Federal Reserve recently indicating rates will remain at these levels through 2024 in their September policy statement, plan sponsors have begun to question what effect this may have…
Read More Should You Have A Fixed Crediting Rate Option In Your Deferred Compensation Plan?