Are we required to notify IRA clients who came to us from an acquisition that we are the new trustee? What should I do if the IRA documents are missing? Do we need to do anything regarding the SEP plans that were established with the previous organization if we do not offer SEP Plan documents?
Read MoreFinancial organizations are responsible for making accurate separate accounting available for IRA beneficiaries. Properly establishing separate accounts provides more options for multiple beneficiaries.
Read MoreIndividual retirement accounts (IRAs) hold one-quarter of all retirement plan assets in the U.S., yet only a small percentage of IRA owners contribute to their IRAs each year, according to an analysis of IRA data by the Employee Benefits Research Institute (EBRI).
Read MoreHow do I fix a failure to timely file Form 5500 for my retirement plan? Is everyone eligible for DFVCP?
Read MoreThe IRS is restoring the 2018 health savings account (HSA) maximum contribution amount for family coverage to $6,900; this reverses the IRS decision to reduce this limit by $50, which it announced in early March.
Read MoreConsistently filing incorrect information returns is a red flag to the IRS, prompting questions, a possible IRS audit, and potential financial organization penalties.
Read MoreMuch confusion still surrounds HSA eligibility, contributions, and distributions. Financial organization staff should become familiar with the misconceptions to strengthen their HSA knowledge and provide good customer service when fielding employer and HSA owner questions.
Read MoreTaxpayers with income too high to make Roth IRA contributions need not rule out Roth IRAs in their retirement planning strategies. They can use other methods to fund Roth IRAs—retirement plan rollovers, IRA conversions, and the backdoor Roth.
Read MoreThe 5th Circuit U.S. Court of Appeals has reversed a district court’s 2016 ruling in favor of the Department of Labor (DOL) fiduciary regulations, stating that the DOL exceeded its statutory authority in issuing its fiduciary regulations.
Read MoreAre 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?
Read MoreWe are considering offering additional investment opportunities. What are the limitations? Are life insurance and collectibles the only two investments prohibited in an IRA?
Read MoreThe IRS has lowered the health savings account (HSA) maximum contribution amount for family coverage for 2018—an adjustment resulting from the Tax Cuts and Jobs Act that changed the formula used to calculate inflation-adjusted contribution limits.
Read MoreBudget Act of 2018 makes important changes to retirement plans and IRAs, including tax relief for California wildfire victims, hardship distribution rules relaxed, and changes to portability rules.
Read MoreAscensus EVP Steve Christenson discusses HSA and Medicare timing considerations that financial organizations should discuss with their HSA clients who are nearing retirement.
Read MoreWhat 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?
Read MoreHSA savings is on the rise, and customer questions will not slow down. Being able to answer to confusing HSA questions will set you apart as an HSA expert and a provider of good customer service.
Read MoreCan 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?
Read MoreThe IRS released an announcement in March that describes when it expects to begin issuing opinion and advisory letters for defined benefit (DB) pension plans.
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