Plan sponsors should evaluate their plans for protected benefits when they make a discretionary amendment or when there is an acquisition or merger of plans.
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Final regulations entitled, Implement SECURE Act and Related Revisions to Employee Benefit Plan Annual Reporting on the Form 5500, issued by the Department of Labor’s Employee Benefits Security Administration (EBSA), have been received by the federal Office of Management and Budget (OMB).
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Nondeductible employee contributions, otherwise known as after-tax contributions, are available in qualified plans like 401(k), 403(b), or money purchase pension plans. Depending on the plan design, individuals can increase their qualified plan Roth assets by making nondeductible contributions and then rolling over (i.e., converting) the assets to a designated Roth account within the plan.
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Several bills with provisions that would alter tax-advantaged savings arrangements have been introduced. If these provisions are approved, they represent important priorities for the House and Senate lawmakers responsible for their drafting and introduction.
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If you’ve had difficulty locating the new life expectancy tables, you’re not alone. It’s recently become a common question fielded by ERISA consultants on Ascensus’ 800 Consulting service. You can find them all right here.
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Most small- to mid-sized 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 Individual(k) plans stack up.
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A qualified domestic relation order, or QDRO, is generally issued in connection with the payment of child support, alimony, or the division of marital property from a qualified retirement plan, 403(b) plan, or governmental 457(b) plan assets.
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The IRS announced that the filing deadline for 2021 tax returns or requests for extension is April 18, 2022, for most taxpayers.
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In early January, the IRS issued a news release announcing the postponement of certain tax-related deadlines for victims of wildfires and straight-line winds in Colorado. The IRS also issued a news release in mid-January announcing the postponement of certain tax-related deadlines for victims of flooding and mudslides in Washington.
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The Department of Labor published on January 14, 2022, several inflation-adjusted penalty amounts for certain failures associated with qualified retirement plans.
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Last month the U.S. House of Representatives passed H.R. 5376, the Build Back Better Act (“BBB Act” or “the Act”). Following quickly on the heels of the Infrastructure Investment and Jobs Act, the BBB Act contains several retirement and benefits provisions that may affect financial organizations, service providers, and consumers. This bill has gone through numerous revisions as it made its journey to the House floor for a vote. It will now go to the Senate, which will likely make further revisions.
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A simplified employee pension (SEP) plan offers many advantages not available with qualified retirement plans. Even though a SEP plan may be easier for an employer to maintain, questions from both employers and employees still arise.
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When each spouse owns 100 percent of their own business, are their businesses considered separate employers or a single employer for qualified retirement plan purposes? What situations involving spouses could cause businesses to be treated as a single employer?
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One of the most difficult aspects of reporting IRA and qualified retirement plan distributions is determining the proper distribution codes to enter in Box 7 on IRS Form 1099-R. Consider some common distribution scenarios to learn which code applies and why.
The IRS released the 2022 IRA and retirement savings plan limitations in early November. Most limitations will increase for 2022.
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The IRS recently released a new draft of Form W-4R and of Form W-4P, in which the IRS indicates that it will not require use of the redesigned Form W-4P and the new Form W-4R to meet federal withholding requirements until January 1, 2023.
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The Department of Labor recently released guidance extending the transitional relief and non-enforcement guidance related to investment advice fiduciaries who work diligently and in good faith to comply with Impartial Conduct Standards.
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The IRS recently issued two news releases announcing the postponement of certain tax-related deadlines for Connecticut and Mississippi victims of Hurricane Ida.
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