Alison Mintzer of PLANADVISER illustrates two contrasting examples of living vs. not living within one's means and how it can impact your individual retirement outcomes.
Minneapolis, Minnesota —Jessica Ballin of 401k Plan Professionals recently participated as a delegate to the National Association of Plan Advisors’ (NAPA) Annual DC Fly-In Forum, an exclusive gathering of the nation’s leading retirement plan advisors.
Delegates to the NAPA DC Fly-In Forum converged in the nation’s capital to listen to and brief top congressional leaders about the impact and importance of the nation’s workplace retirement plans, and, as advocates for the employers and participants they work with, shared how proposed laws and regulations might impact American workers’ retirement security. Jessica Ballin, a member of NAPA, was one of approximately 200 delegates selected to participate in the sixth annual NAPA DC Fly-In Forum July 24-25.
This year NAPA DC Fly-In Forum delegates heard from Congressman Richie Neal (D-Massachusetts), and Senator Todd Young (R-Indiana), both of which have recently introduced legislation that would impact retirement plans, as well as Assistant Secretary of Labor Preston Rutledge and Securities and Exchange Commissioner Hester Peirce, key figures in recent developments regarding considerations regarding a fiduciary standard. Panel discussions with key Hill staffers shed light on prospects for legislative reforms, and delegates also gained insights on litigation trends and new retirement policy proposals, followed by a dinner keynote address featuring a perspective on the mid-term elections from CNN Chief National Correspondent John King.
On the second day of the forum, delegates met one-on-one with their respective congressional representatives on Capitol Hill to share insights from the experiences they have on a daily basis with business owners and plan participants – and to provide perspectives on proposed and current legislation.
In order to participate in the NAPA DC Fly-In Forum, delegates were required to be a NAPA member; to be responsible for $100M+ in plan assets, 10+ plans and 2,000+ participants; and to have at least five years of experience servicing retirement plans.
The National Association of Plan Advisors was created by and for retirement plan advisors. Membership is also open to other retirement industry professionals who support the interests of plan advisors. NAPA is the only advocacy group exclusively focused on the issues that matter to retirement plan advisors. NAPA is part of the American Retirement Association. The American Retirement Association, based in the Washington, D.C. area, is a non-profit professional organization established to educate all types of retirement plan professionals, and to preserve and enhance the employer-based retirement plan system as part of the development of a cohesive and coherent national retirement income policy.
More information about NAPA is available at napa-net.org.
Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Global Retirement Partners (GRP), a registered investment advisor and separate entity from LPL Financial.
Are you leaving or switching jobs? Jenna Witherbee explains your three options when you have retirement savings in your past-employer’s 401k plan.
You can watch the embedded youtube video below, by clicking the 'play' icon in the middle of the screen, or click here to view: https://youtu.be/gukWpcnnquw
Our 6th Annual Summit is right around the corner. We are excited to see our partners and clients and share with you what we’ve learned during the last 12 months.
If you are a plan sponsor or know of a plan sponsor who would like to attend, we would love to have more guests to connect and share with. If you do plan to attend the Summit, please RSVP to Jessica.email@example.com by September 27th, 2018. We can’t wait to see you in October!
Listen and follow-along with this 12 minute webinar to learn about hardship withdrawals.
Depending on your employer and the setup of your 401k plan, you may be able to tap into your savings ahead of retirement through the use of loans or hardship withdrawals.
Jenna Witherbee, of 401k Plan Professionals, walks you through the true cost of these options and how certain taxes or penalties may apply depending on the decision you make.
You can watch the embedded youtube video below, by clicking the 'play' icon in the middle of the screen, or click here to view: https://youtu.be/VxJbt6VFKOo
Jessica Ballin, principal at 401k Plan Professionals, earned a spot on NAPA's 2018 Top Retirement Plan Advisors Under 40 -- the "Young Guns". She is featured on pages 37-40 in the cover story, which you can read and view in the PDF below.
Did you know? NAPA stands for the National Association for Plan Advisors. It is a trade association for retirement plan advisors and NAPA lobbies at the capital to ensure Congress does not limit the ability for Americans to save for Retirement.
Note for viewing: You can enlarge the view to 'full screen' by clicking the square image that appears in the bottom right of the pane. You can also navigate left and right & zoom in and out as you move through the information.
Listen and follow-along with this 7 minute webinar to learn how to avoid these 10 common financial mistakes.
You can watch the embedded youtube video below, by clicking the 'play' icon in the middle of the screen, or click here to view: https://youtu.be/3i6UwuQeH4U
LPL Financial published their midyear 2018 Outlook. This contains digestible information regarding the markets and more.
The PDF below contains the full update. You can enlarge the view to 'full screen' by clicking the square image that appears in the bottom right of the pane. You can also navigate left and right & zoom in and out as you move through the information.
If you'd like the PDF for yourself, your plan participants, or someone else, please reach out and we will send it your way.
Jenna Witherbee is one of NAPA's Top Women Advisors of 2017 (along with Jessica Ballin and others). In this 4-minute interview, she shares her best day, the importance of having a heart to help people, and what she has learned during her 9 years as an advisor with 401k Plan Professionals in Minneapolis, Minnesota.
You can watch the embedded youtube video below, by clicking the 'play' icon in the middle of the screen, or click here to view: https://youtu.be/De7xkOvkWEE
Jessica Ballin shares her passion for helping people and why she started 401k Plan Professionals.
You can watch the embedded youtube video below, by clicking the 'play' icon in the middle of the screen, or click here to view: https://www.youtube.com/watch?v=ZIpa7PI_WPI&
Gina Buchholz shares, in two minutes or less, the tax benefits associated with having a 401k plan.
You can watch the embedded youtube video below, by clicking the 'play' icon in the middle of the screen, or click here to view: https://www.youtube.com/watch?v=y-eIWRKBmMg&
Jenna Witherbee shares a few ways to understand if you're on track for retirement in this 3 minute clip.
You can watch the embedded youtube video below, by clicking the 'play' icon in the middle of the screen, or click here to view: https://www.youtube.com/watch?v=fovX7ZC02z0&t=8s
Understanding what a 401k is can sometimes feel like trying to understand a big black box. Let Gina Buchholz, of 401k Plan Professionals, shed some light on this retirement savings vehicle.
You can watch the embedded youtube video below, by clicking the 'play' icon in the middle of the screen, or click here to view: https://www.youtube.com/watch?v=5JZR_bUwA3Q
Pictured: Jenna Witherbee, Jessica Ballin, Kristen Karlin, Gina Buchholz and Reilly Lee
Above is a short, fun video documenting our team's morning at Feed My Starving Children. You can watch it here or visit this link if you'd like to see: https://www.youtube.com/watch?v=qFJ0sLxnENI
For more information about the FMSC organization, visit their website here: https://www.fmsc.org/en
On December 22, 2017, House Resolution 1 (H.R. 1), titled “An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018,” was signed into law by President Trump. This new law amends the Internal Revenue Code (IRC) to reduce tax rates and modify policies, credits, and deductions for individuals and businesses.
Retirement-related provisions included in the Act apply to taxable years beginning after December 31, 2017, unless otherwise noted.
Specifics + Impact:
1. Repeal of special rule permitting recharacterization of Roth conversions
Effective for taxable years beginning after December 31, 2017, recharacterization of a qualified rollover contribution from a non-Roth account to a Roth IRA is no longer permitted. Conversions from a traditional IRA to a Roth IRA are still permitted, but they may no longer be recharacterized at a later date following the conversion.
2. Extended rollover period for plan loan offset amounts
Retirement plan loans may be offset against a participant’s account for a variety of reasons, including when a participant terminates employment or the plan terminates. When the loan is offset, the participant is taxed on the amount of the outstanding loan balance, unless the participant rolls over the offset amount to an IRA or another qualified plan within 60 days. Under the Act, when the loan offset is caused by termination of employment or plan termination, the period to roll over a qualified plan loan offset amount is being extended from 60 days to the individual’s tax return filing due date (including extensions) for the taxable year in which the offset amount is treated as a distribution from a qualified plan.
Please Note: This information was developed as a general guide to educate plan sponsors, but is not intended as authoritative guidance or tax or legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation. In no way does your advisor assure that, by using the information provided, plan sponsors will be in compliance with ERISA regulations.
Listen to this 10 minute recording to learn about the importance of establishing an Emergency Fund.
You can watch the embedded youtube video below, by clicking the 'play' icon in the middle of the screen, or click here to view: https://youtu.be/t2zktD5I-Bw