Retirement

Hasty retirement benefits offer may show retaliation

04/23/2013

Before offering a retirement package that’s contingent on giving up the right to sue, make sure you comply with the Older Workers Benefit Protection Act (OWBPA) requirements. That includes giving the employee time to review the agreement and talk to a lawyer.

401(k)s bounce back, but many workers still leave money on table

04/16/2013

Employee participation rates in their employers’ 401(k)s are up, according to a new survey by WorldatWork and the American Benefits Council. But fewer than 10% of employees contribute the maximum to their retirement plans.

401(k)s remain strong even after recession

03/27/2013

Despite the tepid economy of the past five years, employers have remained committed to funding their employees’ 401(k) retirement benefits, according to a recent survey. Employee participation rates are up, and workers are relying less on their 401(k)s for emergency cash.

DOL asks court to appoint fiduciary for ‘orphaned’ 401(k)

03/05/2013

When the owner of Windswept Environmental Group died in November 2008, he left behind more than a business. The Bay Shore company’s 401(k) retirement plan was orphaned, too, since the owner was the plan’s only fiduciary. Now the DOL has asked a court to appoint a fiduciary for the plan.

Ameriprise faces claims it cheated its own employees

02/20/2013

Participants in Ameriprise’s 401(k) plan are suing the investment firm, claiming it operated the retirement program for its own benefit, not its employees and retirees.

Employees can contribute $500 more to 401(k)s next year

11/21/2012

The IRS has announced that the amount employees can defer on a pretax basis into 401(k) accounts goes up to $17,500 in 2013.

The deadline for 401(k) plan fee disclosures is this month

11/01/2012

New rules require 401(k) plan service providers to disclose fees to plan administrators, who must, in turn, relay this information to employees. The disclosures are due to employees by Nov. 14.

Court: Elmhurst pumping firm drained workers’ 401(k) funds

10/18/2012

A federal court has ordered the owner of Elmhurst-based ABD Tank & Pump Co. to repay $2.7 million that was illegally skimmed from the company’s 401(k) plan.

FICA wage base increases to $113,700 for 2013

10/16/2012

The Social Security Administration has announced that the 2013 taxable wage base for the Social Security portion of FICA increases to $113,700. That’s a 3.2% hike over the 2012 wage base of $110,100.

Payback’s a b&+%#! How to handle 401(k) plan loans

08/31/2012

401(k) plans don’t have to allow employees to borrow from their vested account balances. But if they do, the news is grim. According to a recent survey, about 10% of employees who borrow from their 401(k) plans default. The default percentage skyrockets to 80% if employees terminate with outstanding loans.