BKM Wealth Management Team

Creating a Retirement-Ready Workforce!

You and your employees deserve to be retirement ready. We would be honored to help.

Business Retirement Plans

BKM Wealth Management - Retirement Plan Advisors

Companies in the Milwaukee area tend to adopt qualified retirement plans for three major reasons: to help provide retirement security for the principals and employees of the business, to create business tax deductions, and to attract and keep good employees.

With more than 30 variations of qualified retirement plans available to private businesses today, finding the right plan to meet your company's needs can be a daunting task. This is where BKM Wealth Management can help.

We have a fact-finding and goal-setting process that helps business owners and management teams articulate appropriate goals and needs of their retirement plan. From there we can provide companies with:

  • Plan Design Services - Determining the right type of plan to help meet the company's goals.
  • RFP Management - Searching the marketplace for the most suitable and cost effective way to put the plan in place.
  • Investment Search, Recommendation & Monitoring [acting as an ERISA Section 3(21) fiduciary*]
  • Performance Reporting
  • Plan Fiduciary Meeting Support
  • Plan Benchmarking
  • Employee Education - Meetings and education to help participants become retirement-ready.
  • Ongoing Plan Reviews - Ensuring that the plan you have remains the most suitable solution.

We work with nearly all major retirement plan providers. If your company already has a retirement plan in place in most cases you can sign a single form and we take over as the Advisor on the plan. Please contact us to discuss your plan today.

Common Retirement & Corporate Benefit Plans In Wisconsin:

  • Simplified Employee Pension (SEP)
  • Savings Incentive Match Plan for Employees (SIMPLE)
  • Profit Sharing
  • Age-weighted/comparability profit sharing
  • 401(k) profit sharing
  • Safe-harbor 401(k)
  • Individual, owner only, one-person, solo 401(k)
  • Defined benefit pension
  • Employee Stock Option Plan (ESOP)
  • Non-qualified deferred compensation
  • Executive bonus
  • Executive life insurance
  • Cash balance
We help Wisconsin business owners and executives select suitable option(s) for their companies. We'd be honored to be a resource for you. Please contact us to discuss your company's retirement and benefit plans.

ERISA Section 404(c) - Why It's Important to Your Company's Plan

As a business owner with a retirement plan, and/or as a member of the management team you are probably considered a fiduciary. This means you have certain responsibilities including:
  • Acting solely in the interest of plan participants and their beneficiaries and with the exclusive purpose of providing benefits to them.
  • Carrying out your fiduciary duties prudently.
  • Following the plan documents (unless inconsistent with ERISA).
  • Diversifying plan investments.
  • Paying only reasonable plan expenses.
When your plan's participants are allowed to choose from a menu of investment options and make their own investment decisions, complying with ERISA Section 404(c) can offer you an additional layer of protection. Although compliance is voluntary, if your plan does not comply with 404(c), you may be liable as a fiduciary for each plan participant's individual investment decision, even if you have prudently selected and monitored the investment options available. However, there are some simple steps you can take (without added expense) to comply with provision 404(c) and add a layer of protection for you as a fiduciary.

Please contact us for a complimentary, no obligation review of your plan, your fiduciary responsibilities, and strategies to help protect you from liability.

Retirement Plan News

June 23, 2020

Due to the newly announced relief, anyone who already took an RMD in 2020 now has the opportunity to roll those funds back into a retirement account. The CARES Act waived 2020 RMDs from certain Qualified Retirement Plans (QRPs), IRAs, including Inherited IRAs and 2019 RMDs not taken in 2019 with a required beginning date of April 1, 2020.

The following summarizes the guidance provided in IRS Notice 2020-51:
  • Any RMD taken on or after January 1, 2020 may be rolled over by August 31, 2020.
  • This repayment is not subject to the one rollover per 365 day period. ◦For example- monthly RMDs can now all be rolled back into an IRA by 8/31/20
  • Beneficiaries who took an RMD from their Inherited IRA are allowed to roll those distributions back by 8/31/20.
  • QRPs can only accept a rollover if the plan documents were amended for the CARES Act but a QRP distribution can be rolled into an IRA.
Please note the assets rolled back into the IRA must be the same assets distributed from the original IRA. So, if cash is distributed, cash must be rolled over; if securities are distributed, the same securities must be returned.

June 5, 2020

The President signed H.R. 7010, the “Paycheck Protection Program Flexibility Act of 2020.” This bipartisan legislation provides additional flexibility for business owners who receive PPP loans.

Under the new law, a participating business must use 60% of loan proceeds for payroll in order to qualify for loan forgiveness (compared to 75% in prior law). Recipients have until year-end (or 24 weeks, if earlier) to use loan proceeds (increased from the 8 weeks previously mandated). The time frame for rehiring employees was extended to December 31st (instead of June 30th), and there are exceptions for employers who are unable to returning to prior staffing levels because of compliance with safety requirements related to COVID-19.

The new law also provides that PPP loans may have repayment terms of up to 5 years, and extends eligibility for payroll tax deferral to PPP participants.

Fall 2019

The new 401(k) contribution limit for 2020 is $19,500 and the catch-up limit (for participants age 50 and over) remains at $6,000. These new limits also apply to 403(b), 457 and federal government Thrift Savings plans for 2018.

Back in 2011 the U.S. Department of Labor (DOL) issued regulations requiring employers that act as plan administrators to furnish plan participants with more information about the fees and expenses associated with their plans. These regulations mean that your employees are going to see the fees they're paying clearly displayed on their statements.

As an employer you should be prepared to answer questions about the fees associated with your plan.

If you aren't confident that you'll be able to answer questions about the fees in your plan, we can help. We'll review your plan, breakout the fees for you, and explain them in plain English. More importantly, we'll help you determine if the fees incurred are justifiable in today's competitive market.

Please contact us to obtain a free, no obligation retirement plan fee review.

*In providing the selected services, Wells Fargo Advisors and the representative providing the services to you as a financial advisor, will act as a fiduciary under ERISA only to the extent that such services or activities under such services are deemed to be fiduciary in nature under Section 3(21) of ERISA. Such fiduciary activity will result in advice (a "Covered Recommendation"). To the extent that particular Services or activities under such Services are considered "investment education" or otherwise non-fiduciary under 29 C.F.R Section 2510.3-21, we are not a fiduciary in connection with such Services or activities.
BKM Wealth Mangement and Wells Fargo Advisors do not provide legal or tax advice. However, its Financial Advisors will be glad to work with you, your accountant, tax advisor and or lawyer to help you meet your financial goals.