Posts Tagged ‘financial planning’

December Checklist

Friday, November 30th, 2018

FMI December financial checklist

  • Prepare to send year-end payroll and updated census data to the plan’s recordkeeper in January for year-end compliance testing (calendar-year plans).
  • Verify that participants who terminated during the second half of the year selected a distribution option for their account balance and returned the necessary
  • Review plan operations to determine if any ERISA or tax- qualification violations occurred during the year and if using an IRS or DOL self-correction program would be

Consult your plan’s financial, legal or tax advisor regarding these and other items that may apply to your plan.

Planning Finances As A Single Parent

Tuesday, November 27th, 2018
FMI planning finances as a single parent

 

[Written by Carla Seely]

Organizing and planning for your family’s financial well-being can be challenging at the best of times. However, there are many challenges involved in managing and maintaining a household as a single parent. Being a single parent means you have less money to spare, and there is a pressing need to have a solid long-term financial plan because in most cases there are no alternative sources of income. (more…)

November Checklist

Friday, October 26th, 2018

  • Prepare to issue a payroll stuffer or other announcement to employees to publicize the plan’s advantages and benefits, and any plan changes becoming effective in January.
  • Conduct a campaign to encourage participants to review and, if necessary, update their mailing addresses to ensure their receipt of Form 1099-R to be mailed in January for reportable plan transactions in 2018.
  • Check current editions of enrollment materials, fund prospectuses and other plan information that is available to employees to ensure that they are up to date.

Are You Considering Auto-Enrollment for Your Company’s 401(k) plan?

Monday, July 23rd, 2018

The upside of using auto-enrollment (and auto-escalation) features in a 401(k) plan are considerable. Participants in plans that use auto-enrollment seldom opt out, even when they are enrolled at 6% to 10% of pay. This has resulted in many new participants saving for their futures. Recently, though, a study was done that suggests people who are automatically enrolled in their plan may take on more debt than they would have otherwise.

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Halfway Through The Year

Thursday, July 12th, 2018

As featured Bernews.com.

In our home, July marks our ‘check-in’ chats: discussions on any travel plans for the remainder of the year, whether we should upgrade any furniture or get a newer car, and so on. But our biggest and sometimes most ‘heated’ chat is regarding the semi-annual review of our finances and update of our ‘net worth statement’.

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Overcoming the Lag In Womens’ Retirement

Monday, April 30th, 2018

In general, women need more and save less money for retirement than do men. Overall, women accumulate less money for retirement than men, yet because they have a longer lifespan, the need for savings is greater. And because men die earlier, women may live out the end of life in a single income household.

The reasons women save less may be that they go in and out of the workforce to care for a family, work part time, and work in jobs that are more flexible and often, therefore, pay less. A study (Planning and Financial Literacy: How Do Women Fare?, Annamaria Lusardi and Olivia S. Mitchell, National Bureau Of Economic Research, January 2008) found there is also a difference in financial knowledge between the sexes, which can result in a too-conservative approach to investing. (more…)