PERSONAL NEWS
While the tax rates are projected to
remain essentially the same for the
next two years, some important
things did change for 2011.
Most notably, the special rules
governing the conversion from a
traditional IRA to a Roth IRA have
reverted to pre-2010. In other
words, if you did not take advantage
of the conversion in 2010, you will
not be eligible for the suspension of
the gross income exemption and
delayed liability payment schedule.
If you did take advantage, there are
still things you need to be aware of.
The most important item is your
ability to undo the Roth conversion.
There are still rules in place that
will allow you time to assess your
true tax liability and revert back to
a traditional IRA.
This is a useful planning tool but,
comes with another time limit. In
most cases, you will have until
October of 2011 to change your
mind. After then, the conversion
stays permanent.
Keep in mind, as with all things, it
comes down to properly analyzing
the details of your personal
situation. Give us a call at 978-
509-2941 and let us help.
| BUSINESS NEWS
Many employers still provide of
pension plan for their employees.
Whether it be a 401k, 403b or some
other profit sharing plan.
As the employer, you have made
this benefit available to help your
employees save for retirement and
may even contribute on some
matching fund basis.
Unfortunately, your benevolence
may come back to haunt you.
In a landmark case settled in 2008,
the court ruled employers can be
held liable for virtually any and all
ERISA violations, even those
perpetrated by your TPA!
Even arbitrary items such as
dissatisfaction with asset
performance or a relationship with
your broker that is perceived as too
cozy are causes for this new round
of class action lawsuits.
Who is at risk? Everyone from
major retailers such as, WalMart to
plans with under $20 million in
assets, all are being targeted.
Disgruntled employees come in
many forms. Your most at risk
employees are likely those that have
served you the longest. They are,
those that are approaching
retirement. Retirees want to retire
on time, not work longer because
their 401k lost too much money.
There are several areas you must
improve upon to help mitigate your
potential losses. Most are low cost
or no cost to you and can be
implemented in house.
The cost of doing nothing could be
devastating.
To request you complimentary
presentation outlining what your
risks and solutions are, please call
978-509-2941 or click here and
reference "Pension Problems
Presentation" in your message. | |
