The SECURE 2.0 Act makes it easier for individuals who own the entire interest in an unincorporated trade or business to make elective deferrals to a 401(k) plan for their first plan year.
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The ink was barely dry on the President’s signature when the calls started coming in about the SECURE 2.0 Act. And as you might expect, the questions weren’t all about what new provisions this legislation contained.
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SECURE 2.0 has now opened a new window, allowing eligible retirement plan participants and IRA owners to make larger catch-up contributions.
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An in-plan Roth rollover (IRR) is a rollover of non-Roth assets to a designated Roth account under the plan. Learn more about the plan and notification requirements for an employer plan to offer IRRs.
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The SECURE Act of 2019 has been followed by a package of several bills, which have collectively been dubbed “SECURE 2.0.” These bills were eventually combined into a single bill, titled The SECURE 2.0 Act of 2022. This bill was included in the Consolidated Appropriations Act of 2023, which was signed into law on December 29, 2022.
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The SECURE Act of 2019 increased the RMD age from 70½ to 72 years. Now the SECURE 2.0 Act of 2022 is once again delaying the RMD age—from 72 to 73—starting in 2023. And wait, there’s more. In 2033, the RMD age will increase to age 75.
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Qualified plan loan offsets (QPLOs) give clients more time to repay most outstanding plan loans.
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The holiday season is often called the most wonderful time of the year, but many self-employed individuals also call it the most stressful time of the year.
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One of the most difficult aspects of reporting IRA and retirement plan distributions is determining the proper distribution code(s) to enter in Box 7 on IRS Form 1099-R. Here’s a guide to help you choose the correct code.
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If a company is part of a related employer relationship, the companies within the relationship are generally treated as one employer for retirement plan purposes.
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The IRS will not enforce the 50 percent excess accumulation penalty tax for certain beneficiaries.
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The Department of Labor’s Wage and Hour Division has once again released guidance on the definition of “employee.”
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The IRS in Notice 2022-55 has issued the inflation-adjusted retirement savings limitations for the coming year. Those who follow these annual announcements will note some significant year-over-year increases from the 2022 amounts.
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The IRS has always treated IRA (and qualified plan) spouse beneficiaries quite generously. But the new RMD rules may make executing certain options more complicated.
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For self-employed individuals, determining the amount that can be contributed to a qualified plan can be daunting. It is important to understand that the compensation that can be used to calculate a retirement plan contribution is likely to be a different amount than what is reported to the Internal Revenue Service (IRS) as net earnings (profit or net business income) for tax purposes.
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The term “safe harbor” is used quite often in the retirement plan world. Generally, if you follow the safe harbor method or guidelines, then you will be “safe” from those requirements.
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A retirement plan is one of the most influential benefits that an employer may offer. One question that employers may ask is “How can we help participants get the most out of our retirement plan?”
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Divorce is a difficult topic for many people to discuss, but the actual process of a divorce can be even more daunting for couples who have shared assets in a variety of investments, including assets earmarked for retirement.
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