401k Advisors & Employee Benefit News
Benefit News by San Francisco 401(k) Advisors
Edward specializes in employee benefits and financial planning. He helps to create benefits programs that can deliver greater value for employees and employers alike.
Edward is a current member of the San Francisco chapter of the Financial Planning Association. Raised in the San Francisco Bay Area, Edward is committed to improving the lives of local residents. He enjoys volunteering, working with at-risk students through an educational non-profit organization.
Health Savings Accounts (HSA) can be used to pay for HSA qualified medical expenses, even if the expense is not covered by the high-deductible health plan. HSA funds can also be used to cover the costs of qualified expenses of out-of-network service providers, without having to obtain prior approval from your health insurance company. What exactly is an [...]
Business owners received a gift from the federal government recently: the temporary 0.2% Federal Unemployment Tax Act (FUTA) surtax expired June 30, 2011. The surtax was part of the 6.2% unemployment tax rate that employers pay to the IRS on the first $7,000 of wages paid annually to each employee. The 6.2% gross rate represented [...]
Today, the majority of 401k plans include provisions for a participant 401k loan. That means an employee can borrow money from his or her account and repay it through payroll deduction without incurring taxes or penalties. This article examines the details of 401k loans and discusses the pros and cons of taking a loan from retirement [...]
As a plan sponsor, have you ever wondered how long you should maintain various plan records? Are you running out of storage space for your existing records? When it comes to 401k record retention and document storage, remember that your number one goal should be to have materials preserved in a format that allows for quick [...]
FICA Limits 2012 — Likely To Increase Next Year 2011 saw temporary tax cuts for employees; there was a 2% reduction of FICA taxes for all employees. Typically, FICA taxes are collected on 7.65% of earnings. Prior to 2011, the rate has been 7.65% since the 1990s, but with the tax break, the 2011 FICA [...]
Depositing 401k contributions in a timely manner is an issue of extreme interest to the Department of Labor. For years, many 401k plan sponsors administered their plans under the assumption that they were allowed to transfer contributions and loan repayments up until the 15th business day of the month following the month in which payroll [...]
Both retirement plan sponsors and participants often have questions about 401k hardship withdrawals. The following guide provides you with (1) Plan Sponsor Summary and (2)Frequently Asked Questions which can be shared with participants. 401k Hardship Withdrawals: A Plan Sponsor Summary 401k Hardship Withdrawals: Required Documentation Most retirement plans allow for 401k hardship withdrawals, providing the hardship [...]
The 2012 HSA Limit refers to the Annual Contribution Limit for Health Savings Accounts (HSA) which is set every year by the IRS. The Internal Revenue Service has announced 2012 HSA Limits inflation adjusted deduction limitations for annual contributions made to a health savings account (HSA) under section 223. Health Savings Accounts are tax-favored accounts [...]
Most people are confused about what is a qualifying event. A qualifying event is important because it determines when you can make a change to your employee benefit elections outside of open enrollment. A good employee benefits broker will help you understand when you can or cannot make changes to your group health insurance. What is a [...]
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