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secure 2.0 - new law may allow new plans to start up for 'free' - this is a big deal

2/16/2023

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On December 29, 2022, President Biden signed the SECURE 2.0 Act which has many changes and options for retirement plans. Among them is the following:

New plans for employers with under 50 employees who have not had an existing plan in the prior 3 taxable years, including SIMPLE or SEP, may get a 100% tax credit for eligible start up costs.

Such new plans may even get up to 100% of a tax credit for employer contributions (match or profit sharing) for the 1st two years, with partial credit for the next 3 years.

As always, there are many details about this, so please contact me for additional information and to make sure your potential new plan will qualify.
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CYBERSECURITY -  IT'S THAT IMPORTANT

9/9/2022

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hAWAII5500'S  SECURE CLIENT PORTAL IS NOW ACCESSIBLE FROM OUR WEBPAGE.

It is essential to monitor the security of your computer network to ensure the safety of the sensitive and confidential data within it.

 Social security numbers and account numbers in particular should never be sent unencrypted over email to anyone. 
 
Hawaii5500 provides a secure portal to exchange data, but cybersecurity protocols should apply to all uses of confidential employee data, whether or not related to your retirement plan.
 
Please continue to use our secure portal to exchange all employee information, including distribution forms as applicable.

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Happy 5th Anniversary hawaii5500!

7/1/2022

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Wow, 7/1/22 and it's 5 years since formally going into business as Hawaii5500 LLC.

What an interesting and unbelievable five years it's been, personally, professionally and globally.

I'm happy to say that Hawaii5500 is thriving and continues to grow.

Mahalo to all who believe in us.
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2021 Limits Announced

10/27/2020

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Just released – 2021 Retirement Plan Limits.  There were only a few limits that changed, of note:
  • Maximum Compensation Limit increased from $285,000 to $290,000
  • Maximum Dollar limit to Defined Contribution Plans increased from $57,000 to $58,000
 
Note that the following limits remain the same for 2021:
  • 401(k) calendar year limit of $19,500
  • 401(k) calendar year catchup limit of $6,500
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Choosing a service provider

2/13/2020

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Some thoughts to consider when choosing a service provider:
  • Are the fees reasonable, and have they always been reasonable?  Do you receive surprise billing?
  • Is having local contacts important to you?  Do you have to fit your phone calls into your service provider's time zone?
  • Who will be performing the work on your account and who will be your direct contacts?  Is your data being outsourced to multiple locations without your knowledge?  Do you have to call multiple numbers? 
  • Does your service provider engage in multiple lines of business, thereby stretching their focus thin, or do they focus exactly on the service that you are looking to engage them with?
  • Do they charge you a fee (up to $1,000) simply for terminating their service agreement when no work is required of them?
  • Do they stand on their own merits or do they attack their competitors in order to gain client loyalty?
Any questions you might have, please do not hesitate to contact me at 808-5500-080 or Lila at 808-754-2747 or contact me below.
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cashout increase from $5,000 to $8,000?

1/31/2020

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A bill has been introduced to increase the automatic cashout limit for terminated participants from $5,000 to $8,000.  Hawaii5500 will keep you updated.
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SECURE ACT and Hardship withdrawal amendment

1/8/2020

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Stay tuned for updates regarding the recently passed SECURE Act as well as Hardship Withdrawal Amendment requirements.
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2019 Retirement Plan limits announced

11/1/2018

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For 2019:
  • Maximum 401(k) = $19,000 (increased from $18,500)
  • 401(k) catchup (if over age 50) remains the same at $6,000
  • Maximum 401(k) + catchup = $25,000 (increased from $24,500)
  • Maximum 401(k)/Profit Sharing Plan contributions = $56,000 (increased from $55,000)
  • ===> Maximum 401(k)/Profit Sharing Plan contributions including catchup = $62,000 (increased from $61,000)
  • Maximum Compensation for Plan Years beginning in 2019 = $280,000 (increased from $275,000)
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September 28th, 2018

9/28/2018

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Please email me for a complimentary ticket to upcoming SHRM Hawaii Annual Conference on Leading Workplace Excellence on October 12, 2018.  This is better than a Coupon Code!
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5500 Day

7/5/2018

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It's the 5th of the Month so it's 5500 Day.

Having just hit my one year anniversary as Hawaii5500 LLC, here are 5 thoughts:

1.  Mahalo to my clients and referral sources who have continued to do business with me and refer new business to me

2.  Please remember to exclude social security numbers from unencrypted files and emails

3.  Have you reviewed your retirement plan related fees for their reasonableness?

4.  Wrap Plan documents for health and welfare benefit plans have multiple purposes.  Contact me if you'd like to learn more.

5.  Finally, mahalo to past mentors and role models who have helped me (sometimes inadvertently) get where I am today to be able to provide compliance services to my clients
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    Jeff Esmond is an aspiring blogger.

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