401(k) Specialist Issue 1 - 2020 - 9
401(k) NEWS YOU CAN USE
Emergency Savings Fund Aims
to Boost Retirement Planning
SOME 40% OF AMERICANS can't afford a $400 unexpected bill,
according to a widely-circulated statistic from the Federal Reserve.
This lack of emergency savings is a constant source of frustration
for plan advisors and sponsors, since participants who can't afford
such an amount would struggle to save for retirement.
It's an issue that MassMutual and Millennium Trust Company
have teamed up to tackle.
MassMutual is offering an emergency savings solution to every
worker who participates in one of the insurer's 401(k)s or other
defined contribution plans.
It's being made available to 2.6 million-plus retirement plan
savers for whom MassMutual is their plan's administrator or recordkeeper.
The emergency savings solution is available automatically
through MassMutual's MapMyFinances financial wellness tool,
" which helps workers prioritize their personal finances and employee
benefits based on their family needs and budget. "
The accounts require a minimum deposit of $25 per month, are
FDIC-insured, taxable and through Millennium Trust's cash account
sweep program earn a competitive market rate of
return. The maximum amount workers can accumulate
in their emergency account is $250,000.
ONLINE
EXTRA
SECURE Act Help for Student Loan Debt
ONE REASON MANY people can't contribute as much as they'd
like-or should-to their 401(k) is they have competing financial priorities
such as paying down student loan debt. But one 529-plan-related
provision in the SECURE Act may help that problem, if in a
roundabout way.
Until now, 529 funds could not be used to repay student loan
debt. But the SECURE Act opens the door for families to take taxfree
529 plan distributions of as much as $10,000 for student loan
repayment.
The law includes an aggregate lifetime limit of $10,000 in qualified
student loan repayments per 529 plan beneficiary and, very
significantly, an additional $10,000 per each of the beneficiary's
siblings. Siblings may include brothers, sisters, stepbrothers or
stepsisters. A 529 plan account owner can change the beneficiary at
any time without tax consequences.
Principal and interest payments toward a qualified education
loan will be considered qualified 529 plan expenses, but the portion
of student loan interest paid for with tax-free 529 plan earnings is
not eligible for the student loan interest deduction.
ISSUE 1 2020 | 401kSpecialist.com
9
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401(k) Specialist Issue 1 - 2020
Table of Contents for the Digital Edition of 401(k) Specialist Issue 1 - 2020
Table of Contents
401(k) Specialist Issue 1 - 2020 - Cover1
401(k) Specialist Issue 1 - 2020 - Table of Contents
401(k) Specialist Issue 1 - 2020 - 1
401(k) Specialist Issue 1 - 2020 - 2
401(k) Specialist Issue 1 - 2020 - 3
401(k) Specialist Issue 1 - 2020 - 4
401(k) Specialist Issue 1 - 2020 - 5
401(k) Specialist Issue 1 - 2020 - 6
401(k) Specialist Issue 1 - 2020 - 7
401(k) Specialist Issue 1 - 2020 - 8
401(k) Specialist Issue 1 - 2020 - 9
401(k) Specialist Issue 1 - 2020 - 10
401(k) Specialist Issue 1 - 2020 - 11
401(k) Specialist Issue 1 - 2020 - 12
401(k) Specialist Issue 1 - 2020 - 13
401(k) Specialist Issue 1 - 2020 - 14
401(k) Specialist Issue 1 - 2020 - 15
401(k) Specialist Issue 1 - 2020 - 16
401(k) Specialist Issue 1 - 2020 - 17
401(k) Specialist Issue 1 - 2020 - 18
401(k) Specialist Issue 1 - 2020 - 19
401(k) Specialist Issue 1 - 2020 - 20
401(k) Specialist Issue 1 - 2020 - 21
401(k) Specialist Issue 1 - 2020 - 22
401(k) Specialist Issue 1 - 2020 - 23
401(k) Specialist Issue 1 - 2020 - 24
401(k) Specialist Issue 1 - 2020 - 25
401(k) Specialist Issue 1 - 2020 - 26
401(k) Specialist Issue 1 - 2020 - 27
401(k) Specialist Issue 1 - 2020 - 28
401(k) Specialist Issue 1 - 2020 - 29
401(k) Specialist Issue 1 - 2020 - 30
401(k) Specialist Issue 1 - 2020 - 31
401(k) Specialist Issue 1 - 2020 - 32
401(k) Specialist Issue 1 - 2020 - 33
401(k) Specialist Issue 1 - 2020 - 34
401(k) Specialist Issue 1 - 2020 - 35
401(k) Specialist Issue 1 - 2020 - 36
401(k) Specialist Issue 1 - 2020 - 37
401(k) Specialist Issue 1 - 2020 - 38
401(k) Specialist Issue 1 - 2020 - 39
401(k) Specialist Issue 1 - 2020 - 40
401(k) Specialist Issue 1 - 2020 - 41
401(k) Specialist Issue 1 - 2020 - 42
401(k) Specialist Issue 1 - 2020 - 43
401(k) Specialist Issue 1 - 2020 - 44
401(k) Specialist Issue 1 - 2020 - Cover3
401(k) Specialist Issue 1 - 2020 - Cover4
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