He is able to call the EAP support line and start speaking with a financial specialist to come up with a plan for Aaron to pay off his debts and also start saving for his child’s education. Family SupportAlex just started a new job at an entry-level position but they have an ailing...
Finally, just as with 401(k) and 403(b) plans, you must start taking required minimum distributions (RMDs) from your 457(b) on April 1 following the calendar year you turn 73. An exception: You don't need to take RMDs if you're still working for the plan sponsor.It...
Your wife is the owner and annuitant of an "immediate annuity" contract. The majority of immediate annuities are set up to makes payments in one of the following four ways. Let's explore which description best fits your wife's new annuity: 1. Single Life Only or Joint Life Only Annuity ...
It makes perfect sense that Lucent's subsidized annuity will pay you more per month than the amount you would get if you applied the $437k premium to an insurance company annuity. Here's why: For the past 40 years, since ERISA was enacted in 1974, the vast majority of retirees who ...
Of course, no two retirements look alike. One person’s idea of a “dream retirement”—and the associated costs—may be very different from someone else’s. That’s why it’s essential to plan ahead, with an eye toward your unique lifestyle preferences and spending needs. To explore thi...
This means that whether you’ve used up your total deductible in the past year or not, at the start of next year, the amount will restart to what is stated in the plan. To better comprehend what a deductible is and how it works, let’s take a look at an example. ...
This type of provisions is usually seen in a “top hat” nonqualified deferred compensation plan or an ERISA-covered severance plan. However, ERISA does not preempt federal laws. The FTC rule and comments do not address if the ban would have any effect on the validity or enforcement of ...
Would the ban apply to non-compete provisions in ERISA-covered employee benefit plans? ERISA preempts state laws that “relate” to any employee benefit plan. Based on this preemption, regardless of any state law prohibition, employers could add a non-compete restrictive covenant to an ERISA-co...
A pension plan is an employee benefit that makes regular payments to the employee in retirement. There are defined-benefit and defined-contribution pension plans.
several provisions were included to encourage employers to offer their employees annuities as part of their 401(k) retirement options. These provisions include establishing an ERISA fiduciary safe harbor, which provides certain liability protections to plan fiduciaries who offer annuities inside their 401...