NEWS PROVIDED BY

Slavic401k 

Mar 08, 2023, 10:13 ET

 

Complete Offering Positions Accountholders to Better Achieve Retirement Readiness, Including Access to Institutional Investment Options and Important Guidance

BOCA RATON, Fla., March 8, 2023 /PRNewswire/ — Slavic401k, a leading provider of business retirement savings solutions for over 35 years announced its partnership with IRALOGIX™ to provide their clients with access to an integrated IRA rollover solution as a complement to their existing 401(k) platform. The product addition provides a valuable option for the individual 401(k) investor as they navigate their savings journey throughout their career.

“At Slavic401k, we recognize the growing needs of our investors, whether it’s having a rollover option as employment dynamics change or taking advantage of additional tax advantage accounts as they build their retirement nest egg,” says John Slavic, founder and chief executive officer at Slavic401k. He adds, “Working with IRALOGIX allows us to go to market with a seamless IRA solution through their proprietary, next-generation platform, strengthening our value proposition for employers seeking an additional retirement savings solution for their employee benefits offering.”

“IRALOGX was founded on the principle that all American workers deserve access to an affordable retirement,” stated Pete Littlejohn, co-founder, IRALOGIX. “Our solution is uniquely positioned to deliver high-net-worth-style services and investment options to every IRA accountholder, regardless of account balance.”

Mr. Littlejohn added, “We are proud to partner with Slavic401k in this endeavor, helping their accountholders attain the retirement readiness they desire. At IRALOGIX, we believe that doing the right thing in the right way helps everyone, including the Slavic partnership, their plan sponsors, and ultimately, their accountholders. Leveling the playing field between small to medium-sized account balances and large account balances, this program is uniquely positioned to make a huge difference for hard-working Americans.”

About Slavic 401K

Slavic401k provides retirement savings solutions for small businesses. Established more than 35 years ago by CEO John Slavic, they specialize in providing a cost-efficient 401(k) administration platform that’s custom-tailored to meet the unique needs of Professional Employer Organizations (PEOs), associations, service bureaus, financial advisors, and their small business clients. For more information, please visit Slavic401k.com.

About IRALOGIX™

IRALOGIX is redefining the wealth management industry by making investing more efficient using advanced technology and access to institutional investment options regardless of an investor’s account size or type. IRALOGIX maximizes your market strategy, streamlines your IRA service options, and expands your business reach across all areas of the industry, profitably, while providing better financial outcomes for people investing in their future. For more information, please visit www.iralogix.com.

SOURCE Slavic401k

 

This is the first in a series of articles covering the IRA provisions in the SECURE 2.0 Act of 2022, which was passed as part of the federal year-end spending Bill. This initial overview will be followed by more in-depth pieces on the provisions outlined below.

The $1.65 trillion spending bill signed into law by President Biden on December 29, 2022, included a section that significantly affects retirement savers, IRAs, and retirement plans. This section is named SECURE 2.0 (the Act) because its requirements build upon the enhancements made by the Setting Every Community Up for Retirement Enhancement (SECURE) Act passed in 2019. SECURE 2.0 is a strongly bi-partisan compilation of several pieces of legislation that enhance retirement savings opportunities for individuals, encourage small employers to adopt retirement plans for their employees, and simplify compliance with current retirement plan rules. This initial article focuses on provisions of the new law affecting Individual Retirement Accounts (IRAs).

The law changes that directly affect organizations offering IRAs, as well as the individuals who own those accounts, include the following:

• Increase in RMD Starting Age: Currently, accountholders must begin taking annual required minimum distributions (RMDs) for the year in which they reach age 72. The RMD starting age will increase to 73 for those who had not reached age 72 by the end of 2022 – starting in 2023. (The RMD age will increase to 75 in 2033.)
• SEP and SIMPLE Roth Contributions: Employees may elect Roth treatment for both employee and employer contributions – starting in 2023.
• Automatic IRA Rollover Eligibility: Currently, if a former employee with a vested account balance under $5,000 fails to provide distribution instructions to the plan sponsor, the plan sponsor may establish an IRA for the benefit of that participant and roll over the account balance to that IRA. With the new regulation, the automatic rollover cap triggering eligibility increases to $7,000 – effective for cash-out distributions starting in 2024.
• IRA Catch–Up Contribution Limit: The IRA catch-up contribution limit for accountholders age 50 and older – currently $1,000 per year – will be indexed for inflation – starting in 2024.
• Rollover of Excess 529 Assets to a Roth IRA: The beneficiary of a 529 account will be eligible to roll over assets from a 529 account to a Roth IRA if the account has been open for at least 15 years. The rollover is limited to the Roth IRA contribution ceiling in effect for the year. Rollovers from a 529 plan to a Roth IRA are subject to a lifetime limit of $35,000 – starting in 2024.
• Nonelective Contributions Permitted in SIMPLE IRA Plans: Employers may make a nonelective (discretionary) contribution of up to 10% of a participant’s compensation, not to exceed $5,000, to the participant’s SIMPLE IRA – starting in 2024.
• Student Loan Matches to SIMPLE IRAs: Employers may consider an employee’s qualified student loan payments as deferrals for purposes of making matching contributions to a SIMPLE IRA – starting in 2024.
• SIMPLE IRA Plan Contribution Limit: An employer with up to 25 employees may, but is not required to, allow SIMPLE IRA deferrals and catch-up contributions up to 110% of the statutory limit in effect for that year. Employers with 26-100 employees may apply the increased limits only if the employer provides a 4% matching contribution or a 3% nonelective contribution – starting in 2024.
• Termination of SIMPLE IRA Plan Mid-Year: An employer will be able to terminate a SIMPLE IRA mid-year if the employer adopts a Safe Harbor 401(k) plan – starting in 2024.
• Increase in SIMPLE IRA Plan Catch-Up Contribution: Employees participating in a SIMPLE IRA plan at ages 60, 61, 62, or 63 are permitted to make a catch-up contribution up to the greater of $5,000 or 50% higher than the SIMPLE catch-up contribution limit in effect for that year. This dollar amount will be indexed for inflation – starting in 2025.

In addition to new features and savings enhancements, the Act also made some compliance changes to render corrections less onerous on the accountholders, including the following:

• Correcting IRA Violations: By the end of 2024, the IRS must expand its Employee Plans Compliance Resolution System (EPCRS) to apply to inadvertent IRA errors.
• Prohibited Transactions in IRAs: The new law clarifies that, if an accountholder owns multiple IRAs and one of their IRAs includes a prohibited transaction, only the IRA involved will be disqualified. (Note that the IRA industry has historically applied this interpretation, but now the statutory language is clear.) – starting in 2023
• Modification to IRA Making 72(t) Payments: Currently, an accountholder who is taking payments under a substantially equal periodic payment arrangement (referred to as 72(t) payments) cannot take other assets out of that The new law enables accountholders to roll over or transfer from that IRA if the receiving plan or IRA continues to make the required 72(t) payments – starting in 2024.
• Reduced RMD Failure Penalty: Currently, an accountholder who fails to take an RMD is subject to a 50% excise tax on the amount not Beginning in the 2023 tax year, that failure is reduced to 25% and if taken within 2 years of the failure is reduced to 10%.

In addition to these IRA provisions, the Act includes more than 75 other provisions affecting employer-sponsored retirement plans.

As with all new legislation, the regulatory agencies will need to create guidance to help employers, retirement savers, and service providers interpret and comply with this new law. In the meantime, questions are already surfacing regarding these changes. For example:

• Will SIMPLE IRAs be able to incorporate Roth contributions in 2023 when plan information was required to be provided to participants prior to the start of the plan year? How will SIMPLE IRA participants elect to treat contributions as Roth?
• Will SIMPLE IRA plans and SIMPLE IRAs established with IRS model documents need to be revised to allow for Roth contributions in 2023 for Roth to be incorporated in 2023?
• Do plans with Automatic IRA Rollover provisions need to amend the plan for the new limits before applying them; and would the plan sponsor agreements used to establish these arrangements with a custodian need to be changed?

Upcoming articles in the IRALOGIX Briefing series will address these and other SECURE 2.0 details and requirements for IRAs as well as provide guidance pertaining to outstanding questions, implementation of these changes, and compliance with the new regulations.

For more information about how your organization and accountholders can benefit from IRALOGIX’s guidance, email sales@iralogix.com.

Authored by:

Lowell M. Smith, Jr., Co-Founder and Chief Compliance Officer at IRALOGIX, Inc. Lowell is a nationally recognized expert on retirement financial services with proven experience in creating, leading, and running innovative, technology-focused organizations that changed the retirement services landscape.

Anissa Langhorst, Managing Editor, Sr. Consultant at Integrated Retirement, a division of IRALOGIX, Inc. Since 2001, Anissa has provided consulting services and guidance about retirement plans and IRA legislation and regulations, meeting institutional business and compliance needs in the industry.

The growth capital will help IRALOGIX accelerate its product roadmap and expand its groundbreaking proprietary recordkeeping and technology solutions for Institutional Retirement, IRA, 401(k), and Wealth Management companies.

 

Pittsburgh, PA. – July 13, 2022 – IRALOGIX announced today that it raised $22M of new funding. The funding will enable IRALOGIX to expand their rapid growth, speed development of new platform features, increase its sales efforts and continue to drive an annual growth rate of over 100%, as it has done for the past three years.

 

The financing was led by a group of individual financial technology investors represented by Matt Vettel and Nick Cayer, along with participation from Hybrid Capital, Roan Capital, University Growth Fund, Trog Hawley Capital, Circadian Ventures, Great North Ventures, and Riverfront Ventures.  As part of the financing round, Peter de Silva, previously President of TD Ameritrade’s Retail division, President of Scottrade’s Investment Management and President/COO of UMB Financial Corporation., will be joining the IRALOGIX Board of Directors.

 

David Bernard, IRALOGIX’s Chairman and CEO, said “the added funding will help us expand faster and serve an even greater number of leading financial services companies more effectively than ever before. This capital raise is a testament to our mission to drive real change across the industry and having Peter de Silva lend his extensive expertise to our Board will help accelerate IRALOGIX to the next level.”

 

IRALOGIX Co-Founder and CSO, Joe Hipsky, added “We are driving real change throughout the retirement industry for the benefit of our clients and their accountholders alike, where everyone wins. With these great additions to the team, we can continue to accelerate our current growth in the IRA market and expand our plans to apply the power of our platform to several additional areas that would benefit from modernization.”

 

Peter de Silva commented, “IRALOGIX has a differentiated product solution that is getting strong traction within the market. We believe the business is well positioned to take advantage of the market dynamics and I am excited to leverage my experience to help the IRALOGIX team continue its growth trajectory.”

 

With the overall US retirement market surpassing $39 trillion in 2021, IRALOGIX has emerged as the leading financial technology platform to help record keepers, advisors, mutual funds, and other financial services firms reduce their costs, and grow their business profitably, while making the highest quality, institutional investment products available to everyone regardless of account size or type.

 

About IRALOGIX

IRALOGIX is an industry-leading provider of technology-enabled, fully paperless, white label IRA record keeping and technology solutions. The company’s proprietary technology solutions enable any financial institution to easily customize their IRA offering and compete effectively in all segments of the IRA market. Through modular technology, institutional clients have the choice to use their internal investment or advisory capabilities or select from key industry leading providers. IRALOGIX complements your market strategy, streamlines your IRA service options, and helps you expand your business across all areas of the industry, profitably. For more information, please visit www.iralogix.com.

JULY Introduces JULY IRA to Support Participant Rollovers

The JULY IRA helps participants with their savings goals keeping their monies invested for the future.

 

Waco, Texas, March 30, 2022 – July Business Services (JULY) announces JULY IRA (JULY IRA), an integrated IRA rollover solution designed specifically for small accounts from retirement plans.  The program is powered by IRALOGIX (IRALOGIX), a firm specializing in supporting institutional partners with white label solutions.

“Keeping participant accounts invested is so important to our mission of enriching lives by shaping the future of retirement,” says Michelle LeCates, VP of Institutional Relationships/Products and Marketing. “IRALOGIX is a great partner from inception to production, and together we’ve created a remarkable solution that is easy to understand and offers a great investment lineup.”

JULY IRA is a comprehensive IRA solution with an institutionally priced core fund line-up managed by Expand Financial, LLC (EXPAND), and access to online advice. Retirement plan sponsors seeking to keep costs down will benefit from JULY IRA by eliminating small account balances owned by terminated participants.

JULY and IRALOGIX have built an automated solution to exchange data and setup new accounts continuously throughout the year.  Participants receive easy to understand communications and have access to a new website for more details.

“IRALOGIX was designed to help recordkeepers run their businesses more efficiently by providing smaller balance accounts an institutional IRA solution, as they leave the employer’s plan,” says Pete Littlejohn, Chief Revenue Officer, at IRALOGIX. “We are certainly pleased to be working with JULY as they are one of the top retirement providers in the industry.  JULY’s reputation for building strong relationships throughout the retirement industry by delivering high levels of service and embracing innovation makes this a perfect fit between our firms.  Doing the right thing by helping everyone achieve their retirement goals, regardless of account sizes, makes our relationship with JULY truly something special.”

About JULY:

JULY is a 401(k) services company specializing in hi-touch, tech-enabled retirement plan services. Our employees have served as plan experts to advisory firms and employers in the small and micro 401(k) plan market for over 25 years. Over the last decade, our in-house software development team has built a host of proprietary technology solutions to streamline, automate and simplify all facets of retirement planning to make processes rewarding and easy for our clients. For more information about JULY, visit www.julyservices.com.

 

About EXPAND:

EXPAND is a Registered Investment Advisory Firm that specializes in supporting advisors, broker dealers, recordkeepers, and other financial institutions in their effort to serve the 401(k) plan market.  EXPAND’s flexible service model supports all types of advisors and institutions, including those that offer 401(k) as a core part of their business and firms where 401(k) is a secondary part of what they do.  Whether serving as a direct plan fiduciary or in a back-office capacity, EXPAND brings expertise and proprietary technology to the 401(k) investment management process.  For more information about EXPAND, visit www.expandfinancial.com.

 

About IRALOGIX:

IRALOGIX is an industry-leading provider of technology-enabled, fully paperless, white label IRA recordkeeping and technology solutions. The company’s proprietary technology solutions enable any financial institution to easily customize their IRA offering and compete effectively in all segments of the IRA market. Through IRALOGIX’s proprietary cloud-based technology, institutional clients have the choice to use their internal investment or advisory capabilities or select from several industry leading providers. IRALOGIX can complement your market strategy, streamline your IRA service options, and help you expand your business. For more information, please visit www.iralogix.com.

 

Ink Long-Term Co-Marketing Partnership

Pittsburgh, PA, March 1, 2022 – IRALOGIX, a leading provider of cloud-based technology to enable institutional partners to rapidly offer a hands-on, engagement-focused IRA program to their clients today announced its partnership with The Retirement Learning Center, an industry leader in ERISA and IRA training and consulting services to over 41,000 financial professionals The Retirement Learning Center will provide educational content and accredited courses to IRALOGIX customers.

“IRALOGIX, was designed to help recordkeepers, advisors, banks and wealth providers in general service their clients of all sizes in order to provide them a better path to retirement. Aligning our efforts with The Retirement Learning Center helps with that mission” said Peter Littlejohn, Chief Revenue Officer at IRALOGIX. “As the premier thought leader in the industry, The Retirement Learning Center has provided incredible services to the retirement industry for many years, and we are excited to align with such a deep and knowledgeable team. Bringing real change and services to everyone seeking a better retirement is what Main Street needs. Working together provides for an all-star approach and we could not be more thrilled to be part of this team.”

“IRALOGIX provides cutting-edge, white-labeled IRA programs that leverage institutionally-priced investments, coupled with professional advice and education. This offering is the “killer app” for advisors and their firms as they navigate the new rollover reality.” Said John Carl, President and Founder of The Retirement Learning Center. “Having IRALogix as a partner with their superior FinTech acumen and in-depth knowledge of the inner workings of the retirement industry will transform how we operate as a consulting and training organization. This partnership brings immense scale and efficiency to both thriving companies.

About IRALOGIX

IRALOGIX is an industry-leading provider of technology-enabled, fully paperless, white label IRA recordkeeping and technology solutions. The company’s technology solutions enable any financial institution to easily customize their IRA offering and compete effectively in all segments of the IRA market. Through IRALOGIX’s cloud-based technology, institutional clients have the choice to use their internal investment or advisory capabilities or select from a number of industry leading providers. IRALOGIX can complement your market strategy, streamline your IRA service options, and help you expand your business. For more information, please visit www.iralogix.com.

About The Retirement Learning Center

The Retirement Learning Center offers business building ERISA and IRA consulting services to the financial services industry. With over 180 years of combined retirement industry experience among their consultants, the Retirement Learning Center has helped over 41,000 financial professionals provide expert guidance to their clients. For more information, please visit

www.retirementlc.com

● Media Contact:
● Lisa Salinas
● lisa@retaliate1st.com
● Phone 727.643.8910