Every year businesses need to file Form 5500 to provide the IRS and DOL with information about the plan's operation and compliance with government regulations. Although it can seem complicated, the process doesn't need to be difficult. With the right resources, businesses can ensure their form is submitted properly and promptly.
May is National Small Business Month, and Leading Retirement Solutions is proud to support entrepreneurs with flexible, scalable retirement plans designed to grow with their business. From custom 401(k) solutions and ROBS funding options to full-service plan administration, we help small businesses attract talent, stay compliant, and invest in their future. Our commitment extends across all industries, including cannabis, with tailored plans and expert guidance every step of the way.
The April 1, 2025, deadline for retirees who turned 73 in 2024 to take their first required minimum distribution (RMD) is fast approaching. Understanding RMD rules, potential tax implications, and withdrawal strategies can help retirees stay compliant and optimize their retirement savings.
State mandated retirement plans are soon being implemented for several states. Several others are right behind. Implementation will take several years based on the amount of employees the company employs.
The cannabis industry is rapidly changing, facing unique compliance challenges due to the conflicting state and federal laws. eading Retirement Solutions (LRS) is pioneering in offering 401(k) plans tailored for the cannabis sector, providing nationwide availability, competitive pricing, and robust compliance. LRS emphasizes rigorous Know Your Customer (KYC) and AML protocols to prevent money laundering, supporting investment advisors with tools and resources to ensure compliance in managing retirement plans.
As we approach 2025, several significant changes are set to impact retirement savings plans, offering you and your employees new opportunities to enhance your financial future.
We are thrilled to announce our groundbreaking collaboration aimed at enhancing our secure and compliant 401(k) solutions tailored specifically for the cannabis industry! With very few retirement plan providers serving this sector, we’ve teamed up with top-tier service providers to tackle the unique challenges cannabis businesses face, especially around complex financial regulations.
Managing the complexities of a large plan audit can be a significant source of stress. The key to a more streamlined audit process is to partner with a service provider who delivers outstanding service and expertise.
Leading Retirement Solutions (LRS) proudly reasserts our dedication to supporting cannabis companies with top-tier retirement solutions, even amidst industry disruptions.
ERISA is turning 50 this year and continues to play a crucial role in protecting the retirement security of millions of Americans. Over the past five decades, ERISA has helped to safeguard retirement savings, provide transparency in plan management, and establish fiduciary responsibilities for those overseeing pension plans.
The U.S. DEA's potential reclassification of marijuana from Schedule I to Schedule III could benefit the cannabis industry by reducing federal restrictions and taxation burdens. However, challenges remain for the financial and retirement savings sector due to ongoing federal illegality. Experts caution that while reclassification may improve access to prescriptions, banking and investment services may still be limited. Industry leaders are cautiously optimistic, recognizing that changes may take time and legislative approvals.
The cannabis industry is expanding rapidly, creating a demand for comprehensive employee benefits. Leading Retirement Solutions offers cannabis-friendly 401(k) plans since 2017, increasing retirement plan participation by 305%. We support businesses of all sizes in providing financial security for thousands of cannabis workers, aiming to offer equal benefits across sectors.
A new kind of multiple employer retirement plan, the pooled employer plan (PEP), offers a powerful alternative to a standalone plan, especially for smaller employers who may be wary of the expense and legal burdens associated with plan sponsorship.
2024 is approaching and many provisions from Secure Act 2.0 are going into effect for the New Year. This means we can anticipate significant changes and advancements that will offer new opportunities for businesses and employees.
Emergency distributions from retirement plans can provide much-needed financial relief during times of hardship. However, there are advantages and disadvantages to consider when contemplating an emergency distribution.
Business owners can save 30 hours a year by integrating their payroll system with their retirement plans. By connecting payroll and retirement plan data, employers can enhance their operations overall efficiency and effectiveness
Long-term part-time (LTPT) employment eligibility is a topic that has become increasingly relevant in recent years. Secure Act 2.0 passed a provision that builds on the SECURE Act requirement allowing increased eligibility for long-term part-time workers to participate in employer-sponsored plans.
