Your Full-Service Accounting + Business Growth Advisory Partner

Tag: 401k

Update to Fiduciary Rule Improves Retirement Advice

By Wiss Associate You may assume that when a broker, advisor, insurance agent, or consultant makes recommendations about your retirement account, the advice is in your best interest. But that hasn’t always been the case. While the majority of advisers act in the best interest of their clients, not all have been legally required to do so, and some have been swayed by hidden fees or commissions to recommend investments that weren’t necessarily the best choice for their clients’ individual...

Continue reading

Borrowing from Your 401(k): What to Know Before Making the Decision

By Cindy Sandomenico Borrowing money from your 401(k) account can be tempting. You know the money is there, and it’s yours, so why not use it? Before you pull the trigger, however, consider the limitations and consequences. Here are some important points to keep in mind. Know the rules Generally, you can borrow from a 401(k) for any reason, such as paying educational expenses or buying a home for the first time — although employers are not required to offer a loan option within...

Continue reading

How to Minimize Your Fiduciary Liability

By Craig Erickson Updated 7/30/2019. Those with discretionary authority or administrative control over their organization’s retirement and 401(k) plan face significant risks. If fiduciaries make decisions that negatively affect plan participants or beneficiaries, they can be held personally liable for breaching their fiduciary duties, even if the action was unintentional. Although fiduciaries cannot entirely eliminate the risks associated with their role, there are several things...

Continue reading

What Type of 401(k) Plan Document Do I Have and When Do I Need to Update it?

By Craig Erickson When you establish your company’s 401(k) plan, you have to make a range of decisions, from the type of plan and investment tools you’ll offer to participation requirements and guidelines. Once you’ve done this, you need to put it in writing. This is your plan document, a mandatory part of your plan that details its provisions and clearly communicates them to participants. There are three levels of plan documents: Prototype. This off-the-shelf version of a plan...

Continue reading

Strengthening Millennials’ Financial Literacy: On the Road to Financial Success

By Connor Doyle Updated 7/30/2019. So, you’ve crash landed in the middle of a city. There’s a funky road going somewhere and a lot of people you don’t know around you are singing and dancing. You’re confused. Last you remember you were safe at home, warm in your bed with your family surrounding you. What happened? College happened – a tornado. Winds whipped around you, you meet some odd characters, got turned in every direction, and have trouble remembering some of the finer details....

Continue reading

When 401(k) Loans are Considered to be in Default

By Laura Zindel Taking out a 401(k) loan can seem like a relatively simple way to borrow money. It is a very common practice, but many employees who borrow from their plans aren’t prepared for the financial consequences of doing so if a loan ends up in default. The most common reason for defaulting on a 401(k) loan is the loss of a job. If the employee loses his or her job, the plan document rule requires that any outstanding loan balance must be repaid within a certain timeframe,...

Continue reading


Copyright 2019, Wiss & Company, LLP Accountants & Consultants. All rights reserved.