The sheer number of modest, inactive 401(k)s — along with the friction in the industry that makes it difficult to seamlessly transfer the balances from plan to plan as participants change jobs — is causing a lot of undue stress.
Workers should start shoring up their savings by chipping in as much as they reasonably can to their employer’s retirement plan, especially if it comes with a matching contribution.
In early 2016, employers with 50 or more full-time equivalent employees are required to submit new tax forms to employees and the IRS for the 2015 plan year. (Note that in December 2015, deadlines for 1095 employee distribution and 1094 filings were extended.*) In the video, Don Garlitz, Senior Vice President, bswift, answers key compliance questions including: Should taxpayers receive Form 1095 if they are not covered? What effects do employer wellness programs have on reporting plan affordability to the IRS? And more.
*Learn more about these changes from U.S. News and World Report.
The sheer number of modest, inactive 401(k)s — along with the friction in the industry that makes it difficult to seamlessly transfer the balances from plan to plan as participants change jobs — is causing a lot of undue stress.
Open enrollment is fast approaching, and even the most prepared benefits pros may be wondering if they've done everything possible to engage and prepare their employees.
As we roll full-speed ahead into Labor Day and the official start to fall, that can only mean one thing (no, not pumpkin spice season): the start to Annual Enrollment.
