By Stephen J Butler
The writer, cofounder of a third-party pension management company and public speaker, discusses how 401(k) plans paintings, tips on how to investigate the standard of a plan, and the way to revamp it to be larger. Of most probably curiosity to corporation decision-makers and lively 401(k) plan members.
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Extra resources for 401(k) today: designing, maintaining & maximizing your company's plan
B. If over age 59 1/2, the participant will pay regular taxes on any money taken from the plan, but no penalties. 2. Leave the funds with the former employer's 401(k) plan, if the funds total at least $5,000. 3. Roll over the funds into an IRA or into the new employer's 401(k) plan. In options two and three, the tax obligation is further deferred, and earnings continue to build with no annual tax obligation. 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.
And, any money spent on compensation that employees don't recognize as being of value is just money wasted. At least a 401(k) matching contribution is guaranteed to be recognized and appreciated, because it is only received by employees contributing their own money to the plan. A matching contribution is probably the most cost-effective form of company contribution to a qualified retirement plan. The only retirement plan more cost-effective is a 401(k) plan with no company matching contribution.
Page x Costs In recent years, no subject related to 401(k) plans has received more media attention than the fees paid by plan participants and plan sponsors. There have been over 50 fee-related articles in consumer financial publications alone. Two articles by this author dealt with how vendors hide plan participant fees from plan sponsors, and how the combined costs for plan sponsors and plan participants can vary by as much as 600% from one vendor to the next. 6 billion per year. 2 This, collectively, means trillions of extra retirement dollars in people's accounts some thirty years from now.
401(k) today: designing, maintaining & maximizing your company's plan by Stephen J Butler