By Stephen J Butler
The writer, cofounder of a third-party pension management company and public speaker, discusses how 401(k) plans paintings, easy methods to check the standard of a plan, and the way to revamp it to be larger. Of most likely curiosity to corporation decision-makers and lively 401(k) plan contributors.
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Extra resources for 401(k) today: designing, maintaining & maximizing your company's plan
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%. The combined cost of a hardship distribution approaches 50% for most participants. There is an additional cost. A participant who takes a hardship distribution must wait a year before making any further contributions to the plan.
On March 31, the plan's cost basis in the mutual fund is $100,000. Also during the quarter, the mutual fund's investments appreciate, and on March 31, the mutual fund's statement shows that the plan's account is valued at $102,500. The difference between the $102,500 value and the $100,000 cost basis constitutes a $2,500 gain. This gain can result not only from appreciation in the mutual fund's investments but also interest and dividends received from those investments. During the quarter, the administrator has dealt with Company ABC's mutual fund investment as a single pool of money.
Indeed, it is the only thing that ever has. This book is for plan participants who consider themselves to be enthusiastic, intellectually curious, and passionately committed to the opportunity of amassing real wealth, thanks to this great financial invention called the 401(k) plan. It is designed to give these centers of influence a broader understanding of 401(k)s and more clout with their plan's official decision makers. Page viii This growing influence of plan participants puts more pressure on plan sponsors to redesign their 401(k)s to be cost effective and produce the greatest good for the greatest number of participants.
401(k) today: designing, maintaining & maximizing your company's plan by Stephen J Butler