Blog

Nobody’s Forcing You

Nobody’s Forcing You

We all love referrals. One of our clients told a friend about Madison Pension Services and we set up a phone meeting. “Hi, David. Marsha said I should call you but I don’t think you’ll be able to help. I run HR for a medium-sized business and we need to work on our retirement benefits program. The problem is that I’m in New York and the state says we have to auto-adopt an IRA.” “Actually, I think I can help. The state says you have to adopt their IRA program if you don’t have a plan of your own. This...
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When There’s a Will, There Might Not Be a Way

When There’s a Will, There Might Not Be a Way

A client came to see me about his retirement plan. Bill had done well and was ready to enjoy some of the benefits he’d been saving for all his life. Bill had divorced his first wife a decade earlier, and moved on to a new partner. “Bill, there’s something a lot of people overlook. Have you changed the beneficiary designation on your plan?” Bill smiled confidently. “I’m not too worried about that. My will is up-to-date and I’ve got everything split up between Brenda and my kids.” I shook my head. “Here’s something most people don’t know. Did you ever...
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You Expect the HR Director to Do What?

You Expect the HR Director to Do What?

Bea took a seat next to her friend Maria at the monthly SHRM chapter meeting. “Maria how are you? I was hoping I’d run into you. I have an HR question for you.” Maria smiled. “Always good to see you. How can I help?” Bea took a breath. “I’ve got the insurance stuff down and my on-boarding process is smooth and easy thanks to the advice you gave me last time. I’m glad to say I don’t have a lot of conflicts to deal with but the Department of Labor rules have got me on the run. It seems there’s...
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The Cost of Success

The Cost of Success

Two lawyers were talking at a chamber of commerce breakfast. Both owned successful, growing practices. “Ah, but that success comes with a price,” said Bill. “I’m happy that my firm is doing well but it’s my firm. I want to set up a retirement plan that doesn’t involve making massive contributions for my team, especially since some of my employees are high-priced associates. We already have a profit-sharing plan and a 401(k) plan but that maxes out at $67,500. That’s great but it still won’t make much of a dent in my income taxes; it doesn’t really move the needle.”...
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Managing a 401K? Get Out of Jail Free!

Managing a 401K? Get Out of Jail Free!

Sally sounded frantic on the phone. “You helped my friend Karen at the c0m0any she works for and I’m hoping you have a solution for me. Competition for talented employees is fierce. Business is up and I am using every resource at my disposal to fill the positions we lost as a result of COVID. I’m buried in admin work and my time needs to be devoted to hiring and onboarding new people. “That’s an issue for many of my clients,” I commented, “but what’s really holding you down?” “It’s our 401(k) plan that is causing the problem.” “Okay, but...
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