[caption id="attachment_1730" align="alignright" width="315"] From McKinsey Global Institute, Independent work: Choice, necessity, and the gig economy[/caption] According to the most recent information from the McKinsey Global Institute's studies of the Gig Economy, up to 68 million people participate, in some form or fashion, in independent work...
Top 4 Reasons to Outsource Your 401(k) Administration Plan Sponsors are recognizing potential opportunities for outsourcing 401(k) administration not only because they want to stay on the right side of government agencies such as ERISA and the IRS, but also because they see big benefits, such...
No founder ever started a business so they could administer a 401(k) plan. The 401(k) plan, if one exists, was likely started as a recruiting and retention tool and to assist employees in planning for retirement. In a large company the 401(k) is usually administered by...
There are several common myths around retirement plans that prevent small businesses from offering these benefits, but the facts can help small business owners understand the value of 401(k)s and how they can build upon business success.
About the Gig Economy:
The US Department of Labor and Statistics classifies a “gig” worker as a contingent worker or independent contractor. According to the statistics cited by any number of surveys and from any random think tank, the number of gig workers might surpass 40% of the workforce in the next couple of years.
Tisue’s statement to the subcommittee focused on TAG Resources’ retirement program, Open MEP®. In 2004, TAG first provided professional plan fiduciary service and aggregation of plan investments for small and medium 401(k) plan sponsors through use of the multiple employer plan (MEP) model, where unrelated employers could establish and co-sponsor a more robust single retirement plan. Then, TAG created the Open MEP® concept to leverage cost, provide a better service model, and provide fiduciary protection.
“There are a number of designs under which the Open MEP® structure could be used for the gig economy; these are only the most obvious examples. Permitting Open MEPs would enable the innovativeness of the marketplace to design MEPs which could accommodate most circumstances, while providing the independent worker both ERISA protections as well as institutional pricing which would not otherwise be available to her or him,” said Tisue. "TAG Resources has for many years been in the marketplace as the country’s leading aggregator of plan services for both closed MEPs and for those employers who would otherwise benefit from changes which would permit Open MEPs.”
Other participants in the subcommittee hearing included Camille Olson, of Chicago, representing The U.S. Chamber Of Commerce; Vikki Nunn, CPA and Shareholder of
the accounting firm of Porter, Muirhead, Cornia & Howard, of Casper, WY; and Monique Morrissey, an Economist with the Economic Policy Institute in Washington, DC.
Some business owners hesitate to begin a 401(k) Plan for their employees because of the cost associated with Startup Plans. The IRS has a tax credit in place to offset up to 50% of these cost for most plans. Below is an introduction to the credit...
In 2017 TAG Resources announced the addition to the TAG Retirement Program of the 403(b) Retirement Solution as an expansion to support the tax-deferred retirement savings offered to employees of nonprofit or 501 (c)(3) organizations, including public schools, hospitals, museums, churches and charitable organizations. The addition...
2018 2017 Retirement Plan Limits Deferral Limit [402(g)(1)] $18,500 $18,000 Catch-up Contribution Limits [415(v)(2)(B)(i)] $6,000 $6,000 DC Annual Addition Limit [415(c)(1)(A)] $55,000 $54,000 Annual Compensation Cap [401(a)(17)] $275,000 $270,000 Taxable Wage Base $128,700 $127,200 DB Annual Limit [415(b)(1)(A)] $220,000 $215,000 457(b) Contribution Limit [457(e)(15)] $18,500 $18,000 HCE Threshold [414(q)(1)(B)] $120,000 $120,000 SIMPLE 401(k) Limit [408(p)(2)(E)] $12,500 $12,500 SIMPLE 401(k) Catch-up [414()2)(B)(ii)] $3,000 $3,000 Maximum ESOP Account Balance [409(o)(1)(C)] $1,105,000 $1,080,000 ESOP 5-year Distribution Period Limit $220,000 $215,000 Key Employee [416(i)(1)(A)(i)] $175,000 $175,000 QLAC [1.401(a)(9)-6] $130,000 $125,000 ...
Military Principles Applied to Financial Organizations Remember and Apply the Commander’s Intent I continue to believe that certain aspects of military good order and discipline are extremely applicable to any high-performing organization. The past two years we at TAG Resources have implemented several different facets of the...
401k Averages Book's Free Infographic Illustrates the Fees for Two $5 Million 401(k) Plans Baltimore, MD (PRWEB) September 27, 2017 -- Using fee data from the 401k Averages Book, a new infographic "Are All $5,000,000 401(k) Plans Created Equal?" illustrates the difference between a plan with $5,000,000 in...