Walnut Creek, CA—February 14, 2019—Newport Group has once again participated in Plansponsor magazine’s annual Defined Contribution Survey, and we are pleased to announce that we have achieved another impressive showing in this survey. The reviews from our plan sponsor clients helped place us among the Top 10 providers in the retirement services industry, with 46 “Best in Class” awards.
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Non-qualified plans are an excellent tool to help retain, attract and reward executives or highly compensated employees. These plans can provide participants additional tax-deferred benefits above the levels available in their 401(k) plan.
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Most 401(k) plans allow plan participants to access their retirement savings while they’re still working if they have a significant financial hardship. Recent legislation and subsequent IRS guidance have changed the rules governing these hardship distributions.
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Bank-owned life insurance (BOLI) has been widely accepted by banks of all sizes for well over two decades, and the number of BOLI policies on bank balance sheets has increased steadily during that time. As of September 30, 2018, approximately 3,500 U.S. banks reported owning BOLI, which in aggregate totals over $190 billion of cash value.
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Abbott Laboratories secured a Private Letter Ruling (PLR) from the IRS, allowing them to make an employer contribution to their 401(k) plan on behalf of employees who are making student loan payments.
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