Three Reasons Why You Need to Participate in Your Company’s 401k Plan
In 1970 more than 45% of all private sector employees in the United States were covered by some kind of pension plan. As of 2022, that number is around 4%. What does this dramatic difference mean for the present-day worker? Well, the truth is, the next generation of retirees will rely on their own savings […]
Everything Millennials Should Know About Starting a 401(k)
Saving for retirement is one of the most important things that a millennial can do for their future. Even though retirement is years away, saving should start as early as possible. Early retirement without the worry of money may be ideal, but the truth is it takes hard work and a lot of time. Having […]
Rolling Over an Old 401(k) – Beyond the Transfer
One great thing about employer retirement accounts is they are portable when you transition to a new employer or retire. But understanding the factors you need to be aware of and deciding what you should do with an old 401(k) is important. Below, we will identify your options for old accounts, address the reasons to […]
The 401(k) True Up: Are you losing thousands in employer 401(k) matching?
Some 401k participants are missing out on employer 401k matching contributions without even realizing it. This happens when the employer does not have a True Up feature in the 401k plan and the employee:
1. Does not maximize the employer match every pay period, or…
CARES Act Part IV: COVID-19-Related Distributions & Loans
The CARES Act creates distribution and loan opportunities of up to $100,000 from IRAs, employer sponsored retirement plans, or a combination of both for those impacted by COVID-19. Distributions It appears the intent was to make this provision broadly available. To qualify for a Coronavirus-related distribution you must have been impacted in one of the […]
Teamwork is at the Heart of All Great Achievements
It is fitting as we close the year to reflect on some of our accomplishments and experiences from 2019. In November, HFG Trust was nominated for the prestigious Wealth Management Thrive Award, recognizing the fastest growing advisory firms in the nation as calculated by McKinsey & Company’s PriceMetrix. We were fortunate and humbled to be […]
Tax Tips: 3 Reasons to Consider Adding an HSA to Your Tax Planning Strategy
Most employers require you to select your benefits package during an open enrollment period each fall, and this is a key opportunity to make some tax saving decisions. Most W-2 wage employees are aware of the importance of contributing to their 401(k) plan each year, but are they missing out on an even better tax […]
The Switch: SIMPLE IRA to a 401(k) Plan
7 Things to Consider Before Switching from a SIMPLE IRA to a 401(k) Plan Many businesses looking to start a retirement plan for their employees choose to utilize the SIMPLE IRA plan. There are several reasons business owners make this decision, including the low administration burden and reduced cost. However, as a company grows it […]
Hiring the Right Advisor for Your 401(k) Retirement Plan
From managing growth opportunities and hiring the right people, to navigating laws set forth by the Department of Labor and maintaining employee engagement, it is clear that small business owners have a lot on their plate. With so many irons in the fire, oversight of the company 401(k) retirement is an area that often suffers. […]
Distinction of the Section 3(38) Investment Fiduciary
Retirement plan sponsors should carefully consider their own fiduciary duties as well as the responsibilities of third-party advisors hired to help manage plan assets. The Employee Retirement Income Security Act of 19974 (ERISA) sets out comprehensive standards of conduct for those who manage an employee benefit plan. Depending on their authority and responsibilities, many of […]
