Retirement

The DOL Fiduciary Rule and Erisa-Covered Retirement Plans

[Source: R. David Wentz, J.D., CHFC, Tax Favored Benefits, Inc., 07.2016 | Keywords: DOL, Employee Benefits, Retirement] On April 6, 2016 the Department of Labor released a new regulation generally referred to as the “Fiduciary Rule” which, under Employee Retirement Income Security Act of 1974, as amended (“ERISA”), will serve to significantly expand the activities which determine whether one is considered a Fiduciary by providing “investment advice” with the resulting duties and responsibilities. The final rule is not applicable until April 10, 2017 with a transitional period for full compliance running until January 1, 2018. The Fiduciary Rule applies to all ERISA-covered… Read More »

But, it’s MY Money! Hardship Withdrawals from Retirement Plans

[Author: Lesley Sifers, Tax Favored Benefits, Inc., 2010; R-2013 | Keywords: Human Resources, Retirement] There’s no doubt, times are tough and a lot of people, even those with steady jobs, are having trouble paying the bills. Perhaps a spouse has lost his/her job so the household income is lower. In general, things like gas and groceries are more expensive than they were a year or so ago. For many, wage increases haven’t kept up with inflation, but at least they still have a job. Then comes the unexpected. The car needs repaired or someone in the family gets sick and there is… Read More »