On September 27, 2018, the House of Representatives passed the Family Savings Act of 2018, legislation that would make many significant changes to retirement and other tax-favored savings arrangements. Passage by the Senate is uncertain.
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As the end of another plan year approaches, it may be time for an employer to evaluate whether current plan provisions still fit the employer’s situation and objectives. After giving thoughtful consideration to several factors, the employer may want to amend for certain plan design changes.
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Most small business owners and self-employed individuals want an employer-sponsored retirement plan that’s affordable and easy to administer. Find out how SEP, SIMPLE IRA, and owner-only 401(k) plans stack up.
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What is the top heavy test and who is a key employee? What if a plan is deemed top-heavy? What are top-heavy minimum contributions?
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Tax Reform 2.0, if enacted by Congress, would make significant changes to tax-advantaged savings arrangements. The House may vote on this legislation by the end of September.
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President Trump issued an Executive Order directing the Secretaries of Labor and Treasury—and the agencies they lead—to review and consider ways to revise several important provisions pertaining to retirement savings plans.
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Understanding how the September 30 designation date applies to beneficiary distributions is key to handling payments to beneficiaries so as not to wrongly pay out these accounts after an IRA owner or plan participant dies.
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Recharacterizations of conversions and retirement plan-to-Roth IRA rollovers are soon to be a thing of the past. Making clients aware of this change before they convert or roll over could lessen any regret or frustration with these transactions later.
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In response to the growing financial crisis of outstanding student loan debt, some employers have found a way to help employees pay off their student loan debt and save for retirement.
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When conducting ADP and ACP testing for a plan that does not use a safe harbor 401(k) design, what techniques can be used to structure a test to enhance its chances of passing? How should a failed ADP or ACP test be corrected?
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After a longer than usual delay, the IRS released the 2018 Form 1099-R, 5498, and the associated instructions for IRA and retirement plan transactions. The IRS explains how to handle certain retirement plan loan offsets that are allowed an extended period beyond 60 days for rollover.
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The IRS announced that it is extending the submission period for opinion letters for pre-approved defined contribution (DC) retirement plans by three months.
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Depending on the federal aid program and the financial help needed, having money in a retirement savings account may affect how much financial assistance an individual receives.
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It’s official. The IRS has issued final regulations amending the definitions of QNECs and QMACs to allow the use of forfeitures to fund QNECs and QMACs.
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What is a 403(b) pre-approved plan and what is the benefit of having one? Are existing 403(b) plans required to be restated as a pre-approved plan? Is there a deadline to restate an existing plan onto a pre-approved plan?
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Can the Safe Harbor 401(k) plan be amended mid-year to increase eligibility to a one year of service with 1,000 hours? Can an employer amend a Safe Harbor 401(k) plan mid-year to increase the safe harbor nonelective contribution?
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The U.S. Fifth Circuit Court of Appeals has finally made it official—the 2016 Department of Labor (DOL) fiduciary investment advice final regulations and accompanying guidance are repealed. What Happens Next?
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What changes are forthcoming regarding qualified retirement plan hardship distribution rules? When are these changes effective? Is the plan document required to be amended for these changes?
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