By Stephen J Butler
The writer, cofounder of a third-party pension management company and public speaker, discusses how 401(k) plans paintings, the right way to verify the standard of a plan, and the way to revamp it to be higher. Of most probably curiosity to corporation decision-makers and energetic 401(k) plan individuals.
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Additional info for 401(k) today: designing, maintaining & maximizing your company's plan
Page 21 The Cost of Hardship Distributions. Many participants hear the word hardship and naturally assume that there are no penalties or taxes associated with the distribution. Not so! Participants taking a hardship distribution will pay taxes at their highest marginal tax rate, because this distribution will be over and above what they already earn. For most participants, the combined federal and state income tax rate will be about 34% at the margin. Then, there will be a federal penalty of 10% and typically a state penalty of about 2%.
Matching contributions are expensive, and vesting schedules do not reduce their cost significantly. Page 24 Vesting Schedules As a Creator of Problems. In fact, vesting schedules create problems. First, a matching provision with a vesting schedule is difficult to communicate to employees. In the middle of an otherwise great presentation to employees about saving taxes and saving money, it must be stated, We interrupt this great program to point out that you forfeit money if you don't stay with the company for a certain length of time.
Part Two of this book discusses the various kinds of costs incurred by plan participants and plan sponsors. But more than that, Part Two arms participants and plan sponsors with the knowledge to compare costs and negotiate successfully with the 401(k) vendor community. Remember, your interests may not be entirely in line with those of the financial institution operating your company's plan. So, to get the maximum benefit from your plan, it helps to understand the design decisions operating behind the scenes that can stand in the way of optimal results.
401(k) today: designing, maintaining & maximizing your company's plan by Stephen J Butler