What is the difference between ERISA and non-ERISA 403(b) plans? Does ERISA apply to the 403(b) plans established by religious organizations? What are the implications of being subject to Title I of ERISA?
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The SECURE Act changed many aspects that IRA and qualified retirement plan beneficiaries need to consider, making the administration of beneficiary distributions more complex. One aspect that is straightforward, however, is the distribution options for a successor beneficiary.
When it comes to satisfying a year-of-death RMD, missing or unresponsive beneficiaries may complicate matters. Consider what to do when there are multiple beneficiaries and one is unresponsive—how should the RMD be handled? While there may be no satisfactory answer or clear guidance, it’s worth considering the options.
What is vesting as it relates to a defined contribution retirement plan? How is vesting applied in defined contribution retirement plans? What are the possible vesting schedules?
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The Social Security Administration recently announced the 2022 cost-of-living adjustments for certain benefits. Included is the taxable wage base increase from 2021.
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There are differences between how various retirement assets are treated in divorce. Qualified retirement plan assets can be distributed to a former spouse through a document known as a qualified domestic relations order. IRA assets subject to divorce proceedings are paid through a “transfer incident to divorce.”
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The IRS recently issued several news releases announcing the postponement of certain tax-related deadlines for victims of various storms and wildfires.
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What is an owner-only 401(k) plan? How much can be contributed to an owner-only 401(k) plan? What makes an owner-only 401(k) plan appealing?
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Is your organization ready to use the updated life expectancy tables that will take effect on January 1? Last November, the IRS published final regulations that contained revised life expectancy tables. The updated distribution periods will generally provide smaller payment amounts than those calculated with the current tables.
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The premature spending of retirement savings for purposes other than retirement is likely to cause many retirees to be inadequately prepared during retirement. The congressional Joint Committee on Taxation recently released a report estimating the extent to which retirement accumulations are currently “leaking” from tax-advantaged savings arrangements and why.
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IRS Revenue Procedure 2021-30 contains significant updates to the Employee Plans Compliance Resolution System used by employers to correct certain retirement plan qualification failures so that they can continue to maintain a tax-favored retirement plan. Learn more about the changes.
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Confused about the rules for hardship distributions from employer-sponsored retirement plans after the recent legislative and regulatory changes? What changes were made to the safe harbor hardship distribution standard? Can hardship distributions be taken from any asset source in the plan?
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The IRS issued final regulations in June to help clarify the new mandatory 60-day postponement period for certain tax-related acts following a federally declared disaster. Learn more about the practical implications of the final regulations.
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The IRS recently postponed certain tax-related deadlines for Michigan victims of severe storms. The tax relief postpones various tax filing and payment deadlines that occurred starting on June 25.
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Confused when it comes to determining beneficiary distribution options for IRAs and qualified retirement plans, especially after the SECURE Act? Since the SECURE Act changes became effective, beneficiary options depend on three primary factors. Be sure to consider all three before making any distributions to your IRA or retirement plan beneficiaries.
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What is an eligible rollover distribution? What are the tax consequences if an eligible rollover distribution is rolled over? Are there any eligible rollover distributions that may be rolled over beyond the 60-day window?
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The IRS recently postponed certain tax-related deadlines for West Virginia and Louisiana victims of severe storms. The tax relief pertains to various tax filing and payment deadlines that occurred starting on February 27 and May 17.
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The IRS recently issued final regulations regarding the mandatory 60-day postponement of deadlines for certain time-sensitive, tax-related acts in circumstances of federally declared disasters.
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