An expected tax raid by Phillip Hammond in the Budget will widen the gap between the retirement funds of public and private sector workers, a report has warned. Analysis for the Telegraph found stripping back tax relief on money saved into pensions would hit private sector workers significantly harder than their public sector equivalents, who already enjoy far more generous arrangements. At present workers receive tax relief on pension contributions at their marginal rate (20 per cent for basic rate taxpayers and 40 per cent for higher rate payers), but the Chancellor is said to be planning to reduce this to help fund the NHS. The cuts are most likely to be targeted at higher earners who... To continue reading this article Start your free trial of Premium Access all Premium articles Subscriber-only events Cancel any time Free for 30 days then only £2 per week Try Premium Access one Premium article per week Register for … [Read more...] about Phillip Hammond’s pension tax raid will widen the gap between the retirement funds of public and private sector workers
Massmutual 401k retirement login
Anyone dealing with a retirement account probably has heard the term "rollover," (or as a verb, "roll over"). An individual who has left employment and moved a 401k account balance to a new retirement plan or an individual retirement account (IRA) has engaged in the rollover of an account. There are several kinds of transfers of retirement accounts and IRAs that commonly are referred to as rollovers. This summary describes the various types of transfers that fall under the term "rollover."Rollover by Account OwnerA distribution of all or a portion of the balance to the credit of an employee in a retirement plan can be rolled over to another qualified plan or an IRA. The rollover must be made within 60 days. The IRS can waive the 60-day requirement for good cause. A rollover is not available for amounts required to be distributed under the minimum distribution rules or payments being received under a form of elected annuity distribution.Strictly speaking, a rollover indicates an actual … [Read more...] about Retirement Account Rollovers
By Letters To The Editor | Bay Area News Group PUBLISHED: July 26, 2018 at 7:51 am | UPDATED: July 26, 2018 at 7:51 am Who’ll enter public serviceif retirement are attacked? Re: “Teachers fare better than many on Social Security” (Letters to the Editor, July 24): The Center on Wages and Employment Dynamics at the University of California, Berkeley’s Institute for Research on Labor and Employment published a 2010 study in which they compared total compensation — wages, benefits while working, pensions or 401Ks, and benefits in retirement — between private and pubic-sector workers. Private-sector workers had higher wages than public sector workers. However, the researchers concluded that when taking into account the more generous benefits of government employees, there is no significant difference in the level of total compensation between the two sectors. Most taxpayers mistakenly believe that public sector pensions are … [Read more...] about Letter: Who’ll enter public service if retirement are attacked?
Laura Seitz, Deseret News FILE - Orem Mayor Richard Brunst speaks at a ground breaking ceremony at University Place in Orem on Thursday, Feb. 5, 2015. OREM — Orem's mayor is under investigation for allegedly making unauthorized withdrawals from his city retirement account, the City Council said Thursday. The city began looking into Mayor Richard Brunst in May after irregularities were discovered in forms he used to make withdrawals, according to city spokesman Steven Downs. Brunst is accused of changing dates associated with his signature and the signatures of city employees, submitting the same signed forms for reimbursement requests multiple times, and submitting reimbursement requests more frequently than is permitted under his retirement plan. The council brought in a third party to investigate the irregularities, and after discussing the situation in closed sessions decided this week to send the case to the Orem Police Department for an investigation, Downs said. The … [Read more...] about Orem mayor under investigation for misuse of retirement funds
In Golden Star Inc. v. MassMutual Life Ins. Co., 2014 WL 2117511 (D. Mass. May 20, 2014), a district court addressed two issues that have become hotly contested in 401(k) plan fee litigation: (1) whether and when a plan provider’s possession or exercise of discretion over fees confers fiduciary status; and (2) whether, to be a fiduciary with respect to plan investments, a plan provider must not only possess, but actually exercise discretion over the investment options offered by the plan.MassMutual offered plaintiff Golden Star (the plan sponsor and named fiduciary) recordkeeping and other services for its 401(K) plan. MassMutual defined the menu of investment options offered, and Golden Star selected the options to be offered in its plan from that menu. The mechanism for these investments was separate accounts owned by MassMutual as an insurer; MassMutual would pool the investments of several 401(K) plans investments into these separate accounts and then invest the accounts … [Read more...] about The Debate Continues Over The Fiduciary Status of 401(k) Plan Service Providers