The start of a new year is the ideal time to create a roadmap for the year ahead, noting retirement plan changes that may be on the horizon. Here are key items to keep watch for in 2018.
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The financial industry has been hearing about the Department of Labor fiduciary (conflict-of-interest) rule for several years. These rules apply to IRAs, HSAs, and Coverdell ESAs, as well as employer-sponsored retirement plans. While some aspects will not apply until mid-2019, financial organizations should fully evaluate how the rules affect their products and services.
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Accepting rollovers of inherited retirement plan assets is a great way to grow IRA business. Financial organizations interested in capturing a larger share of the rollover market should encourage rollover contributions from employer-sponsored retirement plan beneficiaries.
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Late in December 2017, President Trump signed tax reform legislation into law (Public Law No. 115-97) resulting in fulfillment of one of the GOP’s major 2016 campaign promises. The legislation affects employer-sponsored retirement plans and IRAs, and in some cases, other tax-advantaged savings arrangements.
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The IRS released a reminder notice in December 2017 of the tax-related relief granted by the Disaster Tax Relief and Airport and Airway Extension Act of 2017. This legislation, enacted in early October 2017, provides special options for those affected by Hurricanes Harvey, Irma, and Maria, including options specific to IRA and employer-sponsored retirement plan assets.
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What is the difference between a domestic relations order (DRO) and a qualified domestic relations order (QDRO)? How can the alternate payee take the awarded amount from the plan? How will the award be taxed and reported?
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The Pension Benefit Guaranty Corporation (PBGC) issued final regulations that modify existing guidance on missing participants and beneficiaries in terminating qualified retirement plans. The revised regulations broaden guidance to now apply to defined contribution (DC) plans, to multiemployer (union) plans covered under PBGC’s pension insurance program, and to certain other DB plans not previously covered.
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The applicability date of several key elements of the Department of Labor (DOL) investment fiduciary guidance has been extended from January 1, 2018, to July 1, 2019. The additional 18-month transition period specifically applies to the controversial Best Interest Contract (BIC) exemption, to the “principal transactions” exemption for asset transactions between investment fiduciaries and employee benefit plans (including IRAs), and to certain proposed restrictions on annuities offered as retirement investments.
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My client currently has a deferral-only 401(k) plan and is looking to add a discretionary profit sharing feature to maximize his total contributions. What are the basic allocation formula options?
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The last three months of the year are busy months for retirement plan administrators of calendar-year retirement plans and for employers sponsoring savings incentive match plan for employees of small employers (SIMPLE) IRA plans.
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Most financial organizations are familiar with Traditional and Roth IRA distributions, but they may not be as familiar with SIMPLE IRA distributions.
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The Department of Labor (DOL) released guidance on August 31, 2017, for retirement savings arrangements whose administrative procedures may have been disrupted in the wake of Hurricane Harvey in the Houston, Texas, area in recent days.
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The IRS released Revenue Procedure (Rev. Proc.) 2017-41 on June 30, 2017, describing its revamped pre-approved qualified retirement plan document program.
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