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@pentegra-retirement-services
Pentegra offers a comprehensive array of Third Party Administrative (TPA) Services.
We offer clients the bench strength of a tenured and professionally credentialed team. Our expert team of ERISA attorneys, ASPPA-certified consultants and compliance specialists serves thousands of complex retirement plans nationwide, delivering among the highest level of expertise and technical support in the industry today.
Many financial organizations tout the benefits of their ERISA 3(16) fiduciary services and, frankly, many of these messages can sound irresistibly compelling. But buyer beware; not all 3(16) fiduciary services are created equal. In today’s increasingly litigious environment, it is imperative for plan sponsors to be educated consumers of 3(16) fiduciary services.
The Pentegra Benefits Financing Advantage is a benefit financing tool that uses BOLI to enhance earnings, restore existing retirement program shortfalls, and offset the costs of qualified retirement programs along with health and welfare and group life benefits.
Although the worst of the pandemic is hopefully behind us, the lifestyle disruption it caused has created a monumental shift in how people work. This disruption has affected nearly every industry and has caused many individuals to take a step back and reevaluate what their career means to them. According to the Bureau of Labor Statistics, a record 4.4 million people quit their jobs in September of 2021 alone.
Retirement Countdown Are All Systems Go
You’ve been saving money for retirement throughout your working years. And now that you’re close to retiring, it’s time to begin thinking about spending it. Retirement is a big life change. Planning ahead can help make the transition easier.
Not Rocket Science
Your retirement income will have to cover your basic living expenses, such as housing costs, food, utilities, taxes, insurance, transportation, and so on. By the time you retire, you may have paid off your mortgage and any home equity loans. However, you’ll still have to account for maintenance costs and property taxes in your budget. You’ll also want to have enough money for the things you would like to do in retirement, which might include traveling, pursuing hobbies, or maybe even relocating, so include those costs in your planning.
And remember that the cost of living generally rises over time, so don’t forget to factor inflation into your projections.
Income Trajectory
Now that you’ve thought about your expenses, you need to think about where the money will come from to pay them. Start by listing all projected sources of your retirement income, such as pensions, retirement plans, investments, individual retirement accounts (IRAs), and Social Security. Then estimate how much you can expect from each one. If there’s a shortfall, consider working longer or finding another way to increase your income.
The Health Care Galaxy
Health care costs can take a big chunk out of your retirement budget. So it’s essential to plan adequately. Medicare provides basic coverage but at a cost to you. Unless your employer offers comprehensive retiree health insurance, you may want to consider purchasing a supplemental policy (known as a Medigap policy) to pay costs that Medicare doesn’t cover.
Your Flight Plan
Your investments’ performance can affect how long your assets last. But the rate at which you withdraw assets from your accounts can also have a big impact. Choosing a rate that’s too high can quickly deplete your assets. Selecting a somewhat conservative withdrawal rate can help make your money last longer.
Mission Control
Smart tax management can help increase the amount of money that’s available to you in retirement. Where you hold various types of assets and the order in which you withdraw them can affect the taxes you pay. Consider withdrawing money from taxable accounts first and leaving assets in tax-qualified retirement plans and IRAs for as long as possible.
Splashdown
Throughout your investing life, the mix of stocks, bonds, and cash you hold in your portfolio will have an impact on your investment returns. Although stock volatility is always an issue, investing too conservatively may keep you from earning returns that will help you reach your goals. Consider leaving a portion of your portfolio invested in stocks, even after retirement, to provide growth potential.
Your situation is unique, so be sure to consult a professional before taking action.
Source: https://www.pentegra.com/wp-content/uploads/2019/11/Retirement-Countdown-Are-All-Systems-Go.pdf
Are All Systems Go? If you're close to retiring, it's time to begin thinking about spending your savings. Retirement is a big life change. Planning ahead can help make the transition easier
Executive benefit plans can be designed exclusively for key employees – providing an optimal solution to benefit limitation issues.
An executive benefit plan is a contractual commitment by an employer to a select group of employees to provide supplemental retirement benefits at a future date. Because there are no coverage, eligibility or participation requirements, an employer can decide to provide nonqualified deferred compensation benefits only to a select group of executive or highly compensated employees. This allows the employer to provide rewards and incentives based on an employee-by-employee approach, offering maximum design flexibility.
They are new for 2022—Groups of Plans (GoPs)—or as the Department of Labor (DOL) has begun to refer to them for reporting purposes, “Defined Contribution Group Plans.” The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, Pub. L. 116–94, created GoPs, effective for the 2022 plan year. Technically, it is a simplified mechanism for filing a single Form 5500 information return for a collection of defined contribution plans that have the same overall set up.
Pentegra offers a comprehensive array of Third Party Administrative (TPA) Services.
We offer clients the bench strength of a tenured and professionally credentialed team. Our expert team of ERISA attorneys, ASPPA-certified consultants and compliance specialists serves thousands of complex retirement plans nationwide, delivering among the highest level of expertise and technical support in the industry today.
With 2021 behind us, many business owners are discovering that, despite COVID-related challenges, they had a good year from a business perspective. That means it would be great to have additional tax deductions and credits to help reduce the business’s overall tax liability.
Fortunately, certain retirement plan-related deductions and credits are still available for 2021 – that’s right—after the fact—for establishing and funding qualified retirement plans they set up in 2022 for 2021. Let’s explore how business owners can potentially reduce their business’s tax bill with qualified plan deductions and credits.
Every New Year holds out the promise of new possibilities. Start 2022 by examining your financial situation and make sure you’re on track to a comfortable retirement. Learn more about financial resolutions you can make
In September, the U.S. Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC) jointly announced they were seeking public comments on proposed revisions to the Form 5500 Annual Return/Report filed by private-sector employee benefit plans – primarily those designed to implement provisions in the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The window for comments recently closed on November 1st.
How does one go about assessing a third-party fiduciary for a company’s retirement plan? I thought this might be a good time to revisit the issue, and to remind readers of what they should look for when considering an independent fiduciary.
Pentegra’s Retirement Plan Fiduciary services are designed to complement the unique value proposition and service delivery model that each advisor brings to the table. We tailor our solutions to meet your preferences.
A recent survey from TIAA shows that nearly half of Americans are worried about running out of money in retirement – while the remainder say they are more concerned about running out of the time they deem necessary to do what they would like to do in their golden years.
Being on the same page with your spouse about retirement is a goal worth pursuing, and right now may be a good time to discuss the future with each other. Expressing your retirement expectations early could allow you both to alter your savings strategy so you can align your retirement efforts with your goals
Newly released research has uncovered an unsurprising trend: The Covid-19 pandemic has affected many Americans’ approach to their retirement plans.
What is perhaps surprising, however, is how many people expect to retire earlier than they had originally planned.