Legislative News and Updates
SECURE 2.0 Act of 2022: On December 29, 2022 the president signed into law an omnibus funding bill that includes SECURE 2.0 Act of 2022. The new law contains 92 separate provisions that make changes to the laws governing employer plans and IRAs. For a summary of some of SECURE 2.0’s key provisions, click here.
Important Deadlines: January 31: Many recordkeepers require participant data for average deferral percentage (ADP)/average contribution percentage (ACP), top-heavy and 402(g) compliance testing to be returned by this date. February 14: Deadline for participant-directed DC plans to provide participants with quarterly disclosure statement and statement of plan expenses actually charged to individual plan accounts during Q4 of 2022. March 15: Deadline for distributing ADP/ACP refunds without incurring a 10% excise tax on the employer – i.e., due 2 1/2 months following plan year-end. Note: Not all deadlines mentioned above are required for each retirement program. Ask your Alliant Retirement Consultant today which ones apply to your Plan.
Click here for the 2023 ERISA Plan Compliance Calendar.
Participant News
Dollar Cost Averaging (DCA): One of the best ways to take advantage of turbulent times like these is to do what is called dollar cost averaging. Consistently buying your investments on a monthly basis helps avoid the pitfalls of economic downturns by buying at very low prices when the market is down. The trick is to keep buying/contributing during these downturns, so when the market rebounds, the investments you purchased through a recession will rebound with the market.
Financially Speaking
Each month we host a webinar designed to improve participant’s financial literacy and encourage financial wellness.
COMING NEXT:
- Jan 18: College and Beyond: Student Loans, 529’s and College Planning
- Feb 16: Navigating Tax Season
- Mar 16: Women’s Financial Wellness
Invitations will be sent to Plan Sponsors for distribution to your staff.
AlliantRetirementConsulting.com
For Informational Purposes Only. Not intended as Legal or Tax advice.
Advisory Services offered through Alliant Retirement Consulting, a federally Registered Investment Advisor.
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