Kimberly Carolan

Timelines for establishing Safe Harbor 401(k)s under SECURE Act

Establishing new Safe Harbors for the current year has been updated in a significant way under the SECURE Act. We’ve outlined the deadlines below. As a reminder, this means that a Plan Document must be drafted, signed and plan accounts open to meet the deadline as shown below: 10/1/2020: Any […]

Paycheck Protection Program Flexibility Act of 2020 Major Provisions

With this new bill passing, we wanted to provide an update to the key provisions since some businesses are using retirement plan employer contributions for some of their expenses for forgiveness of the loans. The main features are (this come from the House version since we’re awaiting final text): To […]

Payroll Protection Program (PPP) updates as of today

Section §1102 of the CARES Act allowed for the PPP through the Small Business Administration (SBA) loan program. This week the application will be released regarding forgiveness for the loans taken. At this point, everyone taking a loan was somewhat familiar with the application, but the recent updates are as […]

More advocacy needed for retirement plans

The passage of the CARES Act was a huge step towards helping plans and participants but more is needed legislatively. Check out the link to our friends at the American Retirement Association (ARA) and their continued lobbying efforts for additional retirement plans protections: Please consider contacting your US Senators and […]

SIMPLE IRAs, SIMPLE 401(k)s and traditional 401(k)s: A comparison

These various plan types can be used for varying goals and stages within a business. For example, a business may start with one plan type and then evolve over time. Other times features of plan types may not be available. For a complete analysis, please contact us and we’d be […]

Common plan design considerations

When working with your financial advisor and third party administrator (TPA) to create a retirement plan, there are several considerations: What is the purpose of the plan? Tax savings Retirement readiness for owner(s) or other staff members Employee benefit Ideally, a retirement plan covers all three of the above goals, […]