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Pension Linked Emergency Savings Accounts

Facing a future emergency? Two new tax provisions may soon provide relief

401K, Employees, Highly Compensated Employees, IRA, Pension benefit, Small Business Tips, The Secure Act 2.0 /

Perhaps you’ve been in this situation before You have a financial emergency and need to get your hands on some cash. You consider taking money out of a traditional IRA or 401(k) account but if you’re under age 59½, such distributions are not only taxable but also are generally subject to a 10% penalty tax. […]

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Planning ahead for 2024: Should your 401(k) help employees with emergencies?

401K, 403 (b), 457 (b) (2), Employees, Setting Every Community Up for Retirement Enhancement (SECURE) Act, The SECURE Act /

The SECURE 2.0 law, which was enacted last year, contains wide-ranging changes to retirement plans. One provision in the law is that eligible employers will soon be able to provide more help to staff members facing emergencies. This will be done through what the law calls “pension-linked emergency savings accounts.” Effective for plan years beginning

Planning ahead for 2024: Should your 401(k) help employees with emergencies? Read More »