Articles — Ascensus

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?

Employer Plan, expertAscensusMarch 21, 2019Compliance & Operations, Retirement Plan, IRS, Contribution, Qualified Retirement Plan, Eligibility, Q&A

Familiar Retirement Reforms Still in Play

The Retirement Enhancement and Savings Act of 2019 (RESA) is the latest version of a retirement reform bill that, if passed, would make many significant changes to the retirement savings landscape.

Employer Plan, IRAAscensusFebruary 21, 2019IRA, Retirement Plan, Guidance & Legislation, Washington Pulse

2019 Road Map—What Retirement Savings-Related Changes May Be Ahead?

Looking at the road map for 2019, take note of what may be ahead for retirement savings-related changes. Here are some key items to watch for.

IRA, Employer PlanAscensusFebruary 21, 2019Compliance & Operations, IRA, Retirement Plan, Qualified Retirement Plan, 401(k) Plan, IRS, DOL, Congress, Guidance & Legislation, Required Minimum Distributions

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

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?

Employer Plan, expertAscensusJanuary 17, 2019Compliance & Operations, Retirement Plan, 401(k) Plan, IRS, Required Minimum Distributions, Q&A

Potential Hardship Distribution Changes for 2019, 2020

Changes to the hardship distribution rules brought about by the Bipartisan Budget Act of 2018 and the IRS’ recently released proposed hardship regulations may affect your 401(k) and 403(b) clients.

Employer PlanAscensusDecember 20, 2018Compliance & Operations, Retirement Plan, 401(k) Plan, 403(b) Plan, Distribution, Documents & Amendments, Guidance & Legislation, Regulations

IRS and DOL Issue Deadline Relief for California Wildfire Victims

Both the IRS and Department of Labor have provided their own guidance for tax-related deadline relief to those affected by the wildfires in certain California counties.

IRA, Employer PlanAscensusDecember 20, 2018Compliance & Operations, IRA, Retirement Plan, IRS, DOL, Disaster, Excess Contribution, Guidance & Legislation, Loan, Recharacterization, Reporting, Rollover

Retirement Plan VCP Corrections to Be Submitted Electronically Now

The IRS has modified its Voluntary Correction Program procedures under the Employee Plans Compliance Resolution System in a move to electronic filing and fee payments beginning in April 2019.

Employer PlanAscensusDecember 20, 2018Compliance & Operations, Retirement Plan, IRS, Guidance & Legislation, Retirement Spotlight

IRS Updates Acts that May Be Postponed Due to Disaster, Armed Forces Service

The IRS has updated its list of tax-related time-sensitive acts that may be postponed due to federally-declared disasters or service in the Armed Forces.

Employer Plan, IRAGuest UserDecember 20, 2018Compliance & Operations, IRA, Retirement Plan, IRS, Contribution, Disaster, Excess Contribution, Form 5498, Guidance & Legislation, Loan, Military, Recharacterization, Rollover

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

Mega Roth Strategy Could Benefit High Income Earners

The “mega Roth” strategy, a new approach to retirement saving, is a way for some retirement plan participants to maximize their savings using Roth IRAs or retirement plan designated Roth accounts.

IRA, Employer PlanAscensusDecember 13, 2018Business Insights, Industry Trends & Statistics, Roth IRA, Retirement Plan, 401(k) Plan, 403(b) Plan, Contribution, Rollover

DOL Proposes Regulations for Association Retirement Plans

In response to an executive order by the President to expand access to retirement plans, the DOL recently proposed regulations to allow employers to form association retirement plans, or MEPs.

Employer PlanAscensusNovember 15, 2018Retirement Plan, DOL, Regulations

IRS Proposes Amendments to Retirement Plan Hardship Rules

The IRS recently proposed amendments to hardship distribution regulations and is requesting public comments by January 14, 2019.

Employer PlanAscensusNovember 15, 2018Compliance & Operations, Retirement Plan, Qualified Retirement Plan, 403(b) Plan, 401(k) Plan, IRS, Distribution, 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?

Employer Plan, expertAscensusNovember 15, 2018Compliance & Operations, Retirement Plan, 401(k) Plan, Guidance & Legislation, Loan, Rollover, Reporting

Retirement Savings Challenges Amplified by Growing Gig Economy

One of the biggest challenges “gig workers” face is a lack of access to an employer-sponsored retirement plan and the employer contributions that often go with it. Fortunately, there are four retirement savings alternatives ideal for gig workers.

IRA, Employer PlanAscensusNovember 15, 2018Business Insights, Industry Trends & Statistics, Traditional IRA, Roth IRA, SEP Plan, HSA, Retirement Plan, 401(k) Plan, Contribution

Ready or Not, 2019 Brings More Changes

Don’t be caught off guard with these tax reform changes from the Tax Cuts and Jobs Act and Bipartisan Budget Act that take effect January 1, 2019.

IRA, Employer PlanAscensusNovember 15, 2018Compliance & Operations, IRA, Traditional IRA, Roth IRA, Retirement Plan, Congress, Contribution, Distribution, Guidance & Legislation

Most IRA and Retirement Plan Limits Will Increase for 2019

The IRS recently released the 2019 cost-of-living adjustments. Many key IRA and retirement plan limits were increased for 2019.

IRA, Employer PlanAscensusNovember 15, 2018Compliance & Operations, IRA, Traditional IRA, Roth IRA, SEP Plan, SIMPLE IRA Plan, Retirement Plan, Qualified Retirement Plan, 403(b) Plan, 401(k) Plan, IRS, Contribution, Eligibility

House Passes Third Bill in Tax Reform 2.0 Package

The House of Representatives has passed the Protecting Family and Small Business Tax Cuts Act of 2018. This is the third and final bill in the Tax Reform 2.0 package considered in the House.

IRA, Employer PlanAscensusOctober 18, 2018IRA, Retirement Plan, Congress, Guidance & Legislation, Tax