The age when required minimum distributions must begin increased from 70½ to 72, starting in 2020. Find out who is affected by the change—and what it means for IRAs versus employer-sponsored retirement plans.
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The IRS issued its semi-annual update to the agency’s 2019-2020 Priority Guidance Plan. A number of the guidance items deal with retirement savings arrangements.
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What is a related employer relationship? Why does it matter if the employer is part of a related employer relationship for retirement plan purposes? What should the employer consider in terms of the plan and how are participants affected?
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Some provisions of the SECURE Act took effect mere days after enactment—on January 1, 2020—making implementation difficult. Industry groups have requested that the IRS expedite guidance on the most pressing questions. Here’s the guidance that we have so far: some is explicit and some we can glean through draft instructions for required tax reporting.
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What does the universal availability requirement in 403(b) plans mean? Does the universal availability rule apply to all organizations? How does the employer satisfy the universal availability requirement?
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Understanding the SECURE Act provisions will help you provide the best service possible to your clients. There are certain provisions that will more significantly affect your retirement savings plan business.
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Saving enough for retirement is difficult for most Americans. Unfortunately, it can be even more difficult for women. By understanding some of the challenges that many women face when it comes to saving, you can help your women clients who may be lagging behind in retirement preparedness catch up and even pull ahead.
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When can employees withdraw money from a 401(k) plan while they are still working? Are there other ways that employees can take out their elective deferrals before age 59½ as a distribution? Can employees take loans from their 401(k) plans?
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On December 20, 2019, the President signed into law the Further Consolidated Appropriations Act, 2020, which includes the major retirement savings-related SECURE Act provisions previously passed by the House in April 2019. Many of the provisions will become effective January 1, 2020.
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Awaiting both House and Senate approval and signature by the President is the Consolidated Appropriations Act, 2020, which contains provisions to fund government operations for the coming fiscal year and includes SECURE Act provisions affecting retirement and individual savings plans.
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Drawing on its own retirement plan and consumer-directed healthcare account data, Ascensus offers a unique, comprehensive perspective into how Americans are saving for the future.
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Are your business clients frustrated with low employee participation in their retirement plans? It may be time for them to rethink their eligibility and contribution requirements.
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May an individual roll over his 401(k) balance to a Puerto Rico retirement savings plan without tax consequences? May a Puerto Rico plan be moved to a 401(k) plan as a tax-deferred rollover?
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The IRS recently released the 2020 cost-of-living adjustments. Many key IRA and retirement plan limits were increased for 2020.
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One way that your employer plan clients can turn around low participation rates in their retirement plans—and save more—is by implementing automatic enrollment.
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The IRS recently issued a notice of proposed rulemaking for updating life expectancy tables that are used when determining required minimum distributions.
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The DOL recently issued proposed regulations intended to make it easier for employers to meet notification requirements when providing electronic retirement plan disclosures to plan participants and beneficiaries.
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For the next few months your organization may see an increase in RMD questions and transactions. Take a few minutes now to learn (or relearn) some basic RMD rules.
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