expert — Articles

Answers to Your Questions About HSA Qualified Medical Expenses

Can an individual’s HSA assets be used to pay for her spouse’s medical expenses if the spouse does not have an HSA? Can an HSA owner who is no longer covered under an HDHP still use HSA assets to pay for qualified medical expenses?

HSA, expertAscensusJuly 18, 2019Compliance & Operations, IRS, HSA, Distribution, Notices, Q&A

How Employers Can Use Plan Forfeiture Funds

What is a forfeiture account in a qualified retirement plan and how can the employer use forfeiture account funds?

How the 60-Day Rollover Waiver Self-Certification Works; Nonspouse Beneficiary Portability Options

Can an IRA owner make a rollover contribution after the 60-day rollover deadline? How can a nonspouse beneficiary move inherited IRA or plan assets?

IRA, expertAscensusJune 20, 2019Compliance & Operations, IRA, IRS, Beneficiary, Rollover, Q&A

IRS Retirement Plan Correction Program Expanded

Why are the recent changes to the IRS retirement plan correction program important? What are the changes to the EPCRS?

Understanding the Roth IRA Five-Year Rules

Does a Roth IRA owner have to wait five years before taking a Roth IRA distribution? What are the five-year waiting periods as they apply to Roth IRA distributions and how do they differ?

expert, IRAAscensusMay 16, 2019Compliance & Operations, IRA, Roth IRA, Distribution, Tax, Q&A

Automatic Enrollment Options

What options are there for adding an automatic enrollment feature to a 401(k) plan? What happens if an employee is not enrolled in the plan’s automatic enrollment feature?

Minors Owning IRAs

Can a minor own an IRA? Why would a minor want to own an IRA? Can a minor inherit an IRA? Are there any special distribution options?

Leased Employees in Qualified Retirement Plans

Who are leased employees? Is the recipient employer’s qualified retirement plan required to cover leased employees? If leased employees are covered, how does the recipient employer make contributions?

Family Coverage Does Not Mean “Family” HSA

Is a family HSA allowed? Can a family HSA be changed to a single HSA? Can an HSA be moved to a spouse’s HSA? What happens to an HSA once the HSA owner is no longer eligible?

HSA, expertAscensusMarch 21, 2019Compliance & Operations, HSA, Contribution, Eligibility, Q&A

Ineligible Contributions and Corrective Options

What causes an employer-sponsored retirement plan to have an ineligible contribution failure? What options are available for a plan to correct an ineligible contribution failure?

HSA and FSA: Two Distinctly Different Savings Plans

Is an HSA basically the same as an FSA? What are the advantages of contributing to either one? Can you contribute to both?

HSA, expertAscensusFebruary 21, 2019Compliance & Operations, HSA, Q&A

Employee Service Crediting: a Key Part of Plan Administration

For qualified retirement plan purposes, is crediting employee service important? Are there certain methods for crediting service and, if so, which one should be used? Can service with an employer ever be excluded?

Employer Plan, expertAscensusFebruary 21, 2019Compliance & Operations, Qualified Retirement Plan, Eligibility, Q&A

How Transfers and Rollovers Differ

How do transfers and rollovers differ? How are they reported to the IRS? What are the restrictions?

expert, IRAAscensusJanuary 17, 2019Compliance & Operations, Retirement Plan, Roth IRA, SIMPLE IRA, Traditional IRA, Q&A, Rollover, Transfer

Failure to Remove an RMD from a 401(k) Plan Can Be Corrected

When must required minimum distributions (RMDs) from a 401(k) plan start and what is the annual deadline? What happens if RMDs are not timely distributed? Are there any correction options?

What to Know About ESA Transfers and Rollovers

How can Coverdell ESA assets be moved? Can ESA assets be moved after the child turns age 18? Who is a qualified family member for ESA purposes?

expert, ESAAscensusDecember 20, 2018Compliance & Operations, Coverdell ESA, Q&A, Rollover, Transfer

Defining Compensation for 401(k) Plan Contributions and Testing

How is compensation defined for 401(k) plan purposes? How does the definition affect compliance testing? What time period is used for defining compensation?

expert, Employer PlanAscensusDecember 20, 2018Compliance & Operations, Retirement Plan, 401(k) Plan, Contribution, Q&A, Regulations

What Is a Loan Offset and How Do Recent Regulatory Changes Apply?

What does it mean when an outstanding loan amount is offset? What are the tax consequences for the plan participant? What is the timeframe for rolling over a loan offset amount and how should it be reported?

Can an HSA Have Authorized Users?

Can HSA debit cards be issued to individuals other than the HSA owner? Are there issues that financial organizations should be aware of when allowing authorized users?

expert, HSAAscensusNovember 15, 2018HSA, IRS, Distribution