BFSG Blog

Financial Resources & News

Congratulations to Braden Priest for NAPA’s Top Retirement Plan Advisors Under 40

We are so proud of Braden Priest, CFA® for being nominated to NAPA’s 2023 “Top 100 Retirement Plan Advisors Under 40”. Vote for Braden Priest here. Established in 2014, the list of "Aces" - our Top Young Retirement Plan Advisors - is drawn from nominations provided by NAPA Broker-Dealer/RIA Firm Partners, vetted by a blue-ribbon panel of senior advisor industry experts based on a combination of...

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Congratulations to Chad Noorani for NAPA’s Top Retirement Plan Advisors Under 40

We are so proud of Chad Noorani, QKA for being nominated to NAPA’s 2023 “Top 100 Retirement Plan Advisors Under 40”. Vote for Chad Noorani here. Established in 2014, the list of "Aces" - our Top Young Retirement Plan Advisors - is drawn from nominations provided by NAPA Broker-Dealer/RIA Firm Partners, vetted by a blue-ribbon panel of senior advisor industry experts based on a combination of...

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Happy National 401(k) Day!

Contributing to your 401(k) may help you build retirement savings over time - without impacting your take-home pay as much as you may think. Consider the hypothetical example below, which shows how a 2% increase in pre-tax contributions could potentially cost you only $30 per paycheck. Source: Schwab Retirement Plan Services* Want to learn more about saving for retirement? Visit BFSG University...

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Catch the Replays of BFSG’s Summer Webinar Series

We concluded our Summer Webinar Series in August of 2022. We had a great turnout and thank you to our clients and friends that joined us live. The educational series covered great topics such as planning for loved ones, retirement plan basics, behavioral investing, Social Security and Medicare. We hope you learned something new to help you achieve your retirement goals. For those that were...

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Upcoming Compliance Deadlines

September 2022 15th: Required contribution to Money Purchase Pension Plans, Target Benefit Pension Plans, and Defined Benefit Plans. Contribution deadline for deducting 2021 employer contributions for those sponsors who filed a tax extension for Partnership or S-Corporation returns for the March 15, 2022 deadline. 30th: Deadline for certification of the Annual Funding Target Attainment...

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Q&A Corner

Q: I didn’t file my 12/31/21 plan year end Form 5500 by 7/31/22, now what? A: Contact your Form 5500 preparer! First, confirm whether or not an extension applies. This would occur with a Form 5558 filed before 7/31, or possibly a special extension or automatic extension. If so, you have until 10/15/22 to file the Form 5500. No extension? The Delinquent Filer Voluntary Compliance Program...

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New IRS Pre-Examination Compliance Program Announced

In June 2022, the IRS began piloting a pre-examination retirement plan compliance program. This is beneficial to plan sponsors because it provides an opportunity for plan sponsors to correct mistakes at a reduced cost and possibly avoid a full IRS examination. Anytime you receive a correspondence from the IRS or DOL, you should inform your TPA or service provider as soon as possible to determine...

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Form 5500 Insights

Every year, most employers file a Form 5500 for each qualified plan that they sponsor. The purpose of the Form 5500 is to provide required information to the Department of Labor (DOL), but it can also provide valuable insight to the plan sponsor. The Form 5500 has several “types” and the type of form you file will vary based on the size of your plan. The Form 5500-SF is generally for small plans...

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Markets in Review

Global financial markets continued to sell off in the second quarter, with virtually all asset categories in the red. Global markets suffered their worst quarter since the pandemic lows in the first quarter of 2020. Market volatility continued to be a major talking point throughout the second quarter. Driving factors behind the volatility were the Federal Reserve’s hawkish stance on inflation...

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Upcoming Webinar (July 26th): Retirement Plan Basics

Learn how to prepare for retirement by learning the basics of your retirement plan. Why save in your retirement plan? How to invest in your retirement plan? What to do with your retirement plan after you retire? Get these questions answered and more. Come join the conversation with Tina Schackman, CFA®, CFP® and Keith Johnson, CFP® of BFSG. Register today for this important discussion! Click...

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BFSG Ranked in Financial Advisor’s (FA) Magazine for a 3rd consecutive year

Benefit Financial Services Group (BFSG), a multi-faceted registered investment advisory (RIA) firm serving both institutional and individual clients, is pleased to announce it has been ranked for the third consecutive year in Financial Advisor’s (FA) magazine. “We are thrilled to be counted among the nationally ranked Registered Investment Adviser’s by FAMagazine for a 3rd year in a row,” said...

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Upcoming Webinar (July 19th): Planning For Loved Ones

Caring for your aging loved ones can be challenging—especially if you are unfamiliar with all the unique challenges and obstacles that come with elder care. Fortunately, BFSG is here to help. On July 19th at 10 AM PDT, we will discuss the ins and outs of elder care and outline your options with special guest John Clark of Pathfinder Senior Care Consulting. Register today for this important...

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Can the IRS waive the 60-day IRA rollover deadline?

Remember, you can make only one tax-free, 60-day rollover from any IRA you own (traditional or Roth) to any other IRA you own in any 12-month period, regardless of the number of IRAs you own. This limit does not apply to direct rollovers or trustee-to-trustee transfers or to Roth IRA conversions. While it may be tempting to give yourself a free 60-day loan, there's no need to taunt the rollover...

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Welcome to the Team – Thomas Kyle, Investment Performance Analyst

Please join us in welcoming Thomas Kyle to Benefit Financial Services Group. Thomas joins BFSG as an Investment Performance Analyst. He graduated with a bachelor’s degree in Finance from Concordia University. Thomas was previously at LPL Financial and we’re happy to have him on board. We are looking forward to the positive impact he is going to make at BFSG and for our clients. Join us as we...

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IRS Releases 2023 Key Numbers for Health Savings Accounts

The IRS has released the 2023 contribution limits for health savings accounts (HSAs), as well as the 2023 minimum deductible and maximum out-of-pocket amounts for high-deductible health plans (HDHPs). An HSA is a tax-advantaged account that's paired with an HDHP. An HSA offers several valuable tax benefits: You may be able to make pre-tax contributions via payroll deduction through your...

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