Articles — Ascensus

What does it mean to be a fiduciary of a plan? Who are fiduciaries of the plan? Must a fiduciary tell participants that he is a fiduciary?

expert, Employer PlanAscensusFebruary 15, 2018Compliance & Operations, Retirement Plan, Fiduciary

HSAs: Prorating Contributions

How is an individual’s HSA contribution limit determined for the year he enrolls in Medicare? How much can an HSA owner contribute if he switches from self-only to family health insurance coverage mid-year?

expert, HSAAscensusFebruary 15, 2018HSA, Contribution, Q&A

IRAs: Reporting Oddities

An IRA owner wants to complete a rollover through the new self-certification process. How do we report this? Must we file a corrected Form 1099-R showing a small incorrect amount? Can an IRA beneficiary do a qualified charitable distribution?

IRA, expertAscensusJanuary 18, 2018IRA, Reporting, Beneficiary, Distribution, Form 1099-R, Tax, Compliance & Operations, Withholding, Form 5498, Q&A

Retirement Plans: Qualified Domestic Relations Orders

What is the difference between a domestic relations order (DRO) and a qualified domestic relations order (QDRO)? How can the alternate payee take the awarded amount from the plan? How will the award be taxed and reported?

Profit Sharing Allocation Formulas

My client currently has a deferral-only 401(k) plan and is looking to add a discretionary profit sharing feature to maximize his total contributions. What are the basic allocation formula options?

expert, Employer PlanAscensus -October 5, 2017401(k) Plan, Compliance & Operations, Profit Sharing Plan, Q&A

Common Compliance Problems

When reviewing an IRA owner’s file, we discovered that it contained no opening documents nor evidence of her having received the opening documents. How do we fix this compliance concern?

IRA, expertAscensus -October 5, 2017Reporting, Withholding, IRA, Compliance & Operations, Q&A