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There are many ways to save for retirement, but a 401k plan through your employer is a great way to save for retirement. First Year of Retirement: 7 Money Moves You Absolutely Must MakeRelated: 3 Ways...
It dismissed the duty of loyalty claim because plaintiffs did not plead any facts giving rise to an inference that defendants engaged in self-dealing, faced conflicts of interest or sacrificed participants’ interests in favor of their own.
Section 303 of SECURE 2.0 requires Department of Labor in consultation with Department of the Treasury to create an online searchable lost and found database of retirement plans. The database will enable plan participants, who might have lost track of their retirement plan.
Cryptocurrency is notoriously volatile and, quite frankly, confusing for many investors and therefore doesn’t pair well with 401k retirement planning. Although nothing under ERISA or Internal Revenue Code prohibits cryptocurrency from being included as a 401k plan option.
cryptocurrency investments present significant risks and challenges to participants’ retirement accounts, including significant risks of fraud, theft, and loss. The Department expressed its serious concerns about the prudence of a fiduciary’s decision to expose a 401k plan.
cryptocurrency investments present significant risks and challenges to participants’ retirement accounts, including significant risks of fraud, theft, and loss. The Department expressed its serious concerns about the prudence of a fiduciary’s decision to expose a 401k plan.
Cryptocurrency in 401k plans may prove to be a loss for retirement security. DOL issued Compliance Assistance Release No. 2022-01 to caution plan fiduciaries to be careful before considering whether to include investment options like cryptocurrency as part of a 401k plan.
Recent internal audit guidance issued by the federal Department of Labor DOL, however, directs its investigators to verify the designation of a CISO when auditing retirement plans.
As the sponsor of a 401k plan, you have a fiduciary responsibility to timely deposit participant contributions in your plan’s trust or custodial account. Failing to do so is a fiduciary violation, and constitutes a prohibited transaction that subjects you to an excise tax.