On December 29, 2022, President Biden signed into law the Secure Act 2.0, which contained more than 70 provisions impacting retirement plans.
As of 2018, the National Center for Employee Ownership estimates that there are almost 7,000 employee stock ownership plans (ESOPs) covering more than 14 million employees.
The NCEO also estimates that employees now control roughly 8% of corporate equity through ESOPs, stock bonus plans, and profit sharing plans.
When choosing how to manage a 401(k) plan, the employer has two primary choices: bundled plan management services, or they can choose to utilize services from an independent Third-Party Administrator (TPA).
Fraudulent distribution request from participant 401(k) accounts is a fast growing trend in identity theft.