A Department of Labor bulletin announces a temporary non-enforcement policy stating that the DOL generally will not enforce the investment advice fiduciary guidance following action by the U.S. Fifth Circuit Court of Appeals to vacate its final regulations and exemptions package.
Read MoreThe Securities and Exchange Commission (SEC) issued proposed guidance for broker-dealers and registered investment advisors who make recommendations to retail clients. Now that the DOL conflict-of-interest (fiduciary) regulations are vacated, this SEC guidance remains the standard for broker-dealers who make investment recommendations.
Read MoreHealth savings accounts recorded double-digit account and asset growth in 2017 as the number of individuals covered by high deductible health plans continues to increase year over year. Employers are a huge driver of this growth.
Read MoreThe health savings account (HSA) contribution limits for 2019 are increasing. The IRS issued Revenue Procedure 2018-30 announcing the HSA inflation-adjusted limitations for calendar year 2019.
Read MoreAre 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.
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