By Stephen J Butler
The writer, cofounder of a third-party pension management company and public speaker, discusses how 401(k) plans paintings, the way to check the standard of a plan, and the way to revamp it to be greater. Of most probably curiosity to corporation decision-makers and energetic 401(k) plan members.
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Extra info for 401(k) today: designing, maintaining & maximizing your company's plan
With the portability of 401(k) plans and the flexibility to continue deferring taxes, the participant can enjoy tax-advantaged savings for long periods of time and accumulate a large pool of capital. Page 11 401(k) Plans Have a Relatively Simple Structure The structure of a 401(k) plan has the following building blocks: 1. A retirement plan trust 2. A plan document 3. A summary plan description for plan participants 4. The filing of an IRS form 5500 each year 5. S. Department of Labor regulation 404(c) 6.
For many of us, our 401(k) plan is the most valuable asset we have. A growing percentage of us are now 401(k) millionaires, according to The Wall Street Journal. 3 Substantial 401(k) account balances have changed many people's views of their work experience. There is definitely a feeling of smug satisfaction that can come from achieving financial security years before a normal retirement age. This book gives both plan sponsors and participants the basics of 401(k) operations as well as sophisticated techniques and strategies for designing the best possible 401(k) plan.
Loan Fees The cost of setting up a loan ranges from $75 to $100, plus $50 per year to administer it, and an additional $200 set-up fee if collateral other than the participant's vested account balance is involved. The borrower should pay these fees; this creates a better barrier to the excessive use of loans than limiting loans by dollar amounts or any other means. The Frequency of Loans In practice, about 30% of participants borrow money from their accounts, but these loans only amount to 34% of total plan assets.
401(k) today: designing, maintaining & maximizing your company's plan by Stephen J Butler