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In December 2017 a lawsuit was filed in Franklin County KY Circuit Court by eight individual defined-benefit plan beneficiaries of KPPA (formerly known as KRS) who purported to sue derivatively on behalf of KRS, and as taxpayers on behalf of the Commonwealth of Kentucky. [24] [25] The lawsuit sought monetary damages arising from allegations ...
The Affordable Care Act has had huge ramifications on self-funded health plans; market reforms have invalidated many plan designs that were previously used, and now that employees are required to have health insurance and many employers are required to offer health benefits as well, [3] the self-funded industry has enlarged.
A study published by the American Enterprise Institute in August 2008 examined the effect of state benefit mandates on self-employed individuals, and found that "the larger the number of mandates in a state, the lower the probability that a self-employed person will be a significant employment generator."
The self-employed have several plan options, including defined contribution plans such as a solo 401(k), SEP IRA and SIMPLE IRA. But they also have some defined benefit options, too.
Pension benefits are primarily designed to favor workers who work a full career (typically at least 25 years of service), which account for approximately 24% of state-level public workers. In a study of 335 statewide retirement plans, Equable Institute found that 74.1% of pension plans in the US served this group of workers well.
The extra payment for Kentucky Employee Retirement System and State Police pension members will vary depending on how long a person has been retired and their typical pension amount, with the ...
A Solo 401(k) (also known as a Self Employed 401(k) or Individual 401(k)) is a 401(k) qualified retirement plan for Americans that was designed specifically for employers with no full-time employees other than the business owner(s) and their spouse(s). The general 401(k) plan gives employees an incentive to save for retirement by allowing them ...
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