The introduction of code Y has brought up a lot of questions. Here’s what we know so far, and what information we hope to see by the end of the year.
Read More
The One Big Beautiful Bill Act (OBBBA), passed by Congress on July 3, 2025, introduces several significant changes aimed at enhancing retirement savings options and financial security for individuals. Here are the key provisions that retirement savers should be aware of.
Read More
Ironically, given their official name, SIMPLE IRA plans have a number of elements that are anything but simple. Congress has altered the governing rules from time to time over the last three decades. As a result, some would say that SIMPLE IRA plans—while still a fine small employer plan option—are getting less and less simple.
Read More
When clients bring inherited IRAs from other financial organizations to yours, your team must know which information to collect in order to ensure a smooth transition.
Read More
No one wants to be caught unprepared by an IRS audit. Because the best defense is a good offense, here are some tips and tricks to review your own files so you can learn what areas may need your attention.
Read More
When an IRA owner dies, the assets are distributed to beneficiaries, whether named by the IRA owner or determined by IRA document defaults. This can sometimes be a complicated process for financial organizations. And further complications may arise when the original beneficiary dies, leaving the inherited IRA to a successor beneficiary.
Read More
Health savings accounts (HSAs) are designed to help people pay for qualified medical expenses, so it’s no surprise that there’s a lot of money going in and out of these accounts. To make it easier for account owners to pay for things like prescriptions or doctor visits, many financial organizations offer HSA debit cards or checks. While these tools add convenience, they can also create problems, especially when they lead to negative balances.
Read More
Everyone loves a good summer to-do list and we’re here to help. It’s the perfect time to survey your IRA department and see how you’re doing and what can be improved or implemented.
Read More
Just like Traditional IRA owners, an individual with a SEP plan can delay taking his first RMD until April 1 of the year after he attains age 73. This date is known as the required beginning date (RBD). But remember—if the SEP plan owner or participating employee delays taking his first RMD until the following year, he will need to take out two RMDs in the same year: the RMD for year one and the RMD for year two.
Read More
In 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act changed eligibility requirements so that employees who are credited with at least 500 hours in three consecutive years (beginning on January 1, 2021), must be allowed to participate under a 401(k) plan’s salary deferral provision.
Read More
A financial organization monitors a client’s health savings account (HSA) contributions at a broad level and not specific to each client’s eligibility or coverage. This does not prevent clients from asking for help understanding their annual maximum contribution amount and how they might be permitted to split the family level contribution between spouses.
Read More
As your financial organization prepares to file Form 5498, IRA Contribution Information, to the IRS and send copies to your clients, it is a great time to familiarize yourself with what the form reports.
Read More
Many employers believe that offering loans in qualified retirement plans is a major benefit. Participants have easier access to their savings, in case of an unexpected financial need, and the employer can elect to use payroll deductions to credit loan payments back to the participants’ accounts for administrative ease.
Read More
The IRS has issued Revenue Procedure 2025-19, providing inflation-adjusted amounts for Health Savings Accounts (HSAs) for calendar year 2026.
Read More
As health savings accounts (HSAs) become more popular, questions about how to correct errors also increase. One question financial organizations often receive is, “is this a mistaken distribution?”
Read More
Electing a plan’s definition of compensation may be one of the most important elections in any plan document. The elections made will significantly affect the plan’s design and its operations.
Read More
Buried within the newly released 2025 Form 1099-R instructions is a reporting change you may have missed, but one that is important to know about if you work with IRAs.
Read More
IRAs and qualified retirement plans (QRPs) are intended to be used for retirement. Therefore, the tax laws and regulations encourage people to leave their money in an IRA or QRP until they retire. If distributions are taken from an IRA (including an IRA holding SEP contributions) or QRP before the account owner reaches age 59½, a 10 percent early distribution penalty tax is assessed on the taxable amount of the distribution, unless a penalty tax exception applies.
Read More