The New Fiduciary Rule is NOT the Masked Killer of Your 401(k) Plan Business

Halloween is here, and it seems everyone’s talking about spooky creatures, costumes, trick-or-treating and scary movies. However, if you ask a financial advisor who works with retirement plans what spooks them the most, they’ll probably mention the new Fiduciary Rule. Spooky Legislation The new regulations have understandably put many advisors on the edge of their…

Fiduciary Education 101

  As a compliance consulting and third party administration firm, we receive many inquiries from advisors and plan sponsors about their duty as a fiduciary. With recent rulings and news headlines relating to fiduciary requirements in regards to qualified retirement plans, plan sponsors and advisors are scrambling to ascertain whether they’re meeting their fiduciary responsibilities. Want…

Following Tibble vs. Edison, Next Steps for Plan Sponsors

On May 18th, the Supreme Court handed down a unanimous ruling in the case of Tibble vs. Edison International. While there is still much to unfold, what was made clear is that plan fiduciaries have an ongoing duty to monitor the investments offered in their defined contribution plans and remove imprudent investments. This duty is…

Retirement Plan Restatements

One of the requirements of maintaining a qualified retirement plan is that the plan is formally written and presented to employees. Having a written document is required because it outlines the plan’s terms, its description of benefits, and the criteria to be followed throughout the life of the plan. If the plan or any regulations surrounding the plan…

Shannon Edwards Retirement Plan Consultant

What is myRA?

In the 2014 State of the Union address, President Barack Obama proposed a new type of retirement savings account known as myRA or My Retirement Account. The idea of this new savings vehicle has stirred up waves of controversy. Although most Americans can agree that retirement readiness is an issue that needs to be addressed,…

December Newsletter, Down with DOMA

Signed into law in 1996, the federal Defense of Marriage Act (DOMA) is a small law that has caused big controversy. INTRODUCTION AND BACKGROUND DOMA is small in the sense that it consists of only three sentences, making it shorter to include the full text of the law here rather than attempting to explain it.…

IRS Announces 2014 Pension Plan Limitations

IRS Announces 2014 Pension Plan Limitations. IR-2013-86, Oct. 31, 2013 WASHINGTON — The Internal Revenue Service today announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2014. Some pension limitations such as those governing 401(k) plans and IRAs will remain unchanged because the increase in the Consumer Price…

Washington DC Capitol

Save My 401(k)

Shannon Edwards, President of TriStar and our office manager, Allyson Rentsch, are attending the annual ASPPA Conference in Washington D.C. this week. Much of the conference is focused on telling congress to keep their hands off of our 401(k)’s. Savemy401k.com writes, “Congress needs to reduce the deficit, and part of deficit reduction will most likely…

4 Big Proposed Changes to 401(k)s and IRAs in Obama’s 2014 Budget

We sourced this article from Benefits Pro. “Set aside for a moment the fight in Washington over raising the debt limit. In his budget blueprint for 2014, President Obama has proposed a number of tax and other reforms that would mean big changes in how retirement is financed. At some point after the debt crisis…

Proposed IRS Plan Limits for 2014

About this time in October the IRS will release its plan limits for the coming year.  With the government shutdown, this may delay some of that communication from the IRS.  In the meantime, the 401K help center recently compiled what it thinks will be the proposed contribution limits for 2014.   References: 401k help center…