John Bury

By John Bury 11/21/2023

You have been instructed to terminate a defined benefit plan and a 401(k) plan as soon as possible. The DB plan is not covered by the Pension Benefit Guaranty Corporation (PBGC), and there are no safe-harbor contributions under the 401(k) plan, so you prepare the paperwork with today as the date of... READ MORE

Secure 2.0 (1) Death of 401(k) Testing as We Knew it

By John Bury 7/10/2023

As part of the 1,653 pages of the Consolidated Appropriations Act, 2023 we got, from pages 817 through 946, the SECURE 2.0 Act of 2022. Here we review aspects of this new pension law impacting me and my clients starting with the death blow to ADP testing as practiced when these 401(k) plans... READ MORE

Drop in NJ Retirees

By John Bury 8/17/2020

According to the New Jersey state website, through December 2019 there were 352,416 retirees getting annualized pensions of $11,675,297,749, while through June 2020 there were 348,556 retirees getting annualized pensions of $11,663,052,220. That drop (3,860 in the number of retirees and $12,245,529... READ MORE

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John Bury

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