By Stephen J Butler
The writer, cofounder of a third-party pension management enterprise and public speaker, discusses how 401(k) plans paintings, tips on how to determine the standard of a plan, and the way to revamp it to be greater. Of most likely curiosity to corporation decision-makers and lively 401(k) plan members.
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Extra info for 401(k) today: designing, maintaining & maximizing your company's plan
But, to the extent that their loans exceed 50% of their account balances, they need to collateralize any excess amounts (amounts over 50%) with houses, cars, or savings accounts. For example, a participant with an $8,000 account balance can borrow all $8,000, but $4,000 of the loan must be collateralized. Or, if a participant with a $10,000 account balance borrows $6,000, the first $5,000 (50% of $10,000) requires no collateral, but the remaining $1,000 of the $6,000 loan requires collateral. One thing to keep in mind: In any situation in which the loan balance is going to be more than 50% of the account balance, the maximum loan is $10,000.
And eyes would glaze over in a room full of typical employees if only a retirement plan were discussed. Many in the workplace need to save for their children's college educations and down payments for homes. Some may need to save just to have a financial cushion, if they work in a cyclical industry. For these people, the loan provision removes a psychological impediment to depositing money into what would otherwise be strictly a retirement plan. This barrier is why relatively few people use IRAs to the maximum degree.
Filing of IRS Form 5500 This is the annual report to the government that lets it keep tabs on the plan. The plan's balance sheet and income statement are reported on this form as well as the number of participants and other information regarding the plan's activity during the year. An IRS audit of the plan always centers on a review of the form 5500 for a specific year. S. Department of Labor 404(c) guidelines. Generally, these investments are mutual funds, which are selected by the trustees after obtaining advice from a variety of sources.