A Department of Labor bulletin announces a temporary non-enforcement policy stating that the DOL generally will not enforce the investment advice fiduciary guidance following action by the U.S. Fifth Circuit Court of Appeals to vacate its final regulations and exemptions package.
Read MoreThe Securities and Exchange Commission (SEC) issued proposed guidance for broker-dealers and registered investment advisors who make recommendations to retail clients. Now that the DOL conflict-of-interest (fiduciary) regulations are vacated, this SEC guidance remains the standard for broker-dealers who make investment recommendations.
Read MoreIndividual retirement accounts (IRAs) hold one-quarter of all retirement plan assets in the U.S., yet only a small percentage of IRA owners contribute to their IRAs each year, according to an analysis of IRA data by the Employee Benefits Research Institute (EBRI).
Read MoreHow do I fix a failure to timely file Form 5500 for my retirement plan? Is everyone eligible for DFVCP?
Read MoreConsistently filing incorrect information returns is a red flag to the IRS, prompting questions, a possible IRS audit, and potential financial organization penalties.
Read MoreThe 5th Circuit U.S. Court of Appeals has reversed a district court’s 2016 ruling in favor of the Department of Labor (DOL) fiduciary regulations, stating that the DOL exceeded its statutory authority in issuing its fiduciary regulations.
Read MoreAre assets in a qualified retirement plan protected from creditors? How are owner-only plans, such as an Individual(k)™ plan, impacted? What is the effect on creditor protection if QRP assets are rolled over to an IRA?
Read MoreBudget Act of 2018 makes important changes to retirement plans and IRAs, including tax relief for California wildfire victims, hardship distribution rules relaxed, and changes to portability rules.
Read MoreCan a participant name someone other than her spouse as the designated beneficiary for her qualified retirement plan? If a participant has a last will and testament, should the plan administrator distribute plan assets to the person named on the beneficiary designation or to the person named in the last will and testament?
Read MoreThe IRS released an announcement in March that describes when it expects to begin issuing opinion and advisory letters for defined benefit (DB) pension plans.
Read MoreThe IRS announced a late change for 2017 Form 1099-R reporting of IRA and retirement plan qualified hurricane distributions. The IRS is not, however, requiring reporting corrections.
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What does it mean to be a fiduciary of a plan? Who are fiduciaries of the plan? Must a fiduciary tell participants that he is a fiduciary?
Read MoreTax reform legislation no longer allows taxpayers to undo their IRA conversions and retirement plan rollovers to Roth IRAs, which both have potential for heavy tax hits. Here’s a look at recharacterizations during this 2018 transition year.
Read MoreThe 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.
Read MoreThe 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.
Read MoreAccepting 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.
Read MoreLate 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.
Read MoreThe 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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