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/Virajith Wijeweera

About Virajith Wijeweera

This author Virajith Wijeweera has created 5 entries.

Reinforcing Our Fiduciary Processes With The CEFEX Certification

FPL Capital Management, LLC (FPLCM) was founded on the principles of integrity, professionalism, and exceptional client service.  We are also deeply committed to continuous improvement.  Our dedication to doing what is best for you, our clients, prompted us to engage CEFEX, the Centre for Fiduciary Excellence, LLC to audit our processes. In April of 2022, we contacted the CEFEX organization and requested an independent analyst provide us with a comprehensive independent review.  The process was rigorous, and their assessment took

SIMPLE IRA Plan vs. 401(k) Plan

Employers often ask which plan is better.  While there is no true right or wrong answer, one could make a strong case for a 401(k) plan.  Most employers gravitate towards the SIMPLE IRA plan due to its simplicity with minimal administrative responsibilities and low expenses.  However, if the employer is willing to make the extra effort and cover certain plan expenses, a 401(k) plan is the better solution for both the employer and employees. Contributions There is a significant difference in allowed

How Much Is Your 401(k) Account Costing You?

While an employer-sponsored retirement plan provides you a valuable benefit, not all retirement plans may be beneficial to you.  According to Deloitte’s 2019 Define Contribution Plan Survey, about 57% of retirement plans have plan fees deducted directly from the participant account either on a pro-rata or flat-dollar amount basis.  This means less money is working towards your retirement. Your employer, as a fiduciary for the plan, has the responsibility of finding the most cost-effective service providers for the plan.  Even with

Why It Does Not Make Sense to Pay 401(k) Plan Fees from Plan Assets

While it is convenient, it is not beneficial to pay 401(k) plan fees from plan assets.  When plan fees are deducted from plan assets, they are usually done on a pro rata basis – plan participants with the highest account balances pay the highest fees.  This could greatly affect your overall investment return over a longer investment horizon when you factor in compounded growth.  These fees could leave a six-figure dent in your retirement savings.  This is especially true if your 401(k) provider charges a high

Up to $16,500 in Tax Credits for Small Business Retirement Plans

Up to $16,500 in Tax Credits for Small Business Retirement Plans Passed in 2020, SECURE Act has been one of the most comprehensive updates to retirement plans in more than a decade, and one of the major benefits is the Small Business Tax Credits component of the act. Companies with up to 100 employees can claim a tax credit to offset startup costs associated with establishing a new 401(k) plan.  Companies can get a tax credit of up to $5,000 per year