Articles — Ascensus

Form 5500 Filing Failures

How do I fix a failure to timely file Form 5500 for my retirement plan? Is everyone eligible for DFVCP?

expert, Employer PlanAscensus -May 17, 2018Compliance & Operations, DOL, Retirement Plan, Reporting, Q&A

Qualified Retirement Plan Creditor Protection

Are assets in a qualified retirement plan protected from creditors? How are owner-only plans, such as an Individual(k)™ plan, impacted? What is the effect on creditor protection if QRP assets are rolled over to an IRA?

IRA Investments—Are there restrictions?

We are considering offering additional investment opportunities. What are the limitations? Are life insurance and collectibles the only two investments prohibited in an IRA?

IRA, expertAscensusApril 19, 2018Compliance & Operations, Investment, Q&A

Coverdell ESA Pros and Cons

What are some benefits of an ESA compared to other types of accounts? What are some of the pitfalls? Can a customer open an IRA for his child to pay the child’s education expenses?

ESA, expertAscensusMarch 15, 2018Compliance & Operations, Coverdell ESA, Education, Distribution, Q&A

Retirement Plan Beneficiary Designations

Can a participant name someone other than her spouse as the designated beneficiary for her qualified retirement plan? If a participant has a last will and testament, should the plan administrator distribute plan assets to the person named on the beneficiary designation or to the person named in the last will and testament?

Who is a retirement plan fiduciary?

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