Articles — Ascensus

What happens to an HSA when the owner passes away and the beneficiary is a not the spouse? Can someone besides an HSA owner have access to the HSA?

expert, HSAAscensusJuly 19, 2018HSA, Compliance & Operations, Distribution, Beneficiary, Reporting, Q&A

Bridging the Retirement Savings Accumulation Gap for Millennials

Research shows that the millennial generation is the best generation of savers since the Great Depression. Paying off debt is important to them. But many are falling short on saving for retirement.

IRAAscensusJuly 19, 2018Business Insights, HSA, Traditional IRA, Roth IRA, Contribution, Investment

Escheat Laws for Abandoned IRAs and Unclaimed Property

Many financial organizations struggle with IRAs that are left unclaimed or abandoned. How must these IRAs be handled to satisfy a financial organization’s duty as trustee or custodian and its desire to “clean up” inactive accounts?

IRAAscensusJuly 19, 2018Compliance & Operations, IRA, Withholding, Reporting, Distribution

IRS Releases 2018 IRA Reporting Instructions and Form 5498

The IRS has released the 2018 tax year Form 5498, IRA Contribution Information, with a few changes related to the Tax Cuts and Jobs Act of 2017. The 2018 Forms 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., is not yet available.

IRAAscensusJuly 19, 2018IRS, Reporting, News, Compliance & Operations, Contribution, Form 5498

Finally Final: Court’s Mandate Terminates DOL Fiduciary Guidance

The U.S. Fifth Circuit Court of Appeals has finally made it official—the 2016 Department of Labor (DOL) fiduciary investment advice final regulations and accompanying guidance are repealed. What Happens Next?

IRA, Employer Plan, HSA, ESAAscensusJuly 19, 2018Guidance & Legislation, Fiduciary, Retirement Plan, DOL, Washington Pulse

Retirement Plan Hardship Distribution Changes

What changes are forthcoming regarding qualified retirement plan hardship distribution rules? When are these changes effective? Is the plan document required to be amended for these changes?

What Financial Organizations Need to Know About Amending IRA Documents

Tax law changes and business developments, such as mergers or acquisitions, may warrant IRA document amendments. Two pieces of recent legislation—the Tax Cuts and Jobs Act of 2017 and the Bipartisan Budget Act of 2018—led to significant IRA rule changes.

IRAAscensusJune 14, 2018Compliance & Operations, Business Insights, Documents & Amendments, IRA

HSAs Can Serve as Investment Tool Beyond Current Healthcare Expenses

Time and experience are shifting how individuals look at HSAs. Thinking beyond immediate health expenses, a greater number of consumers are looking at HSAs as vehicles for their future health care needs.

HSAAscensusJune 14, 2018Investment, Business Insights, Industry Trends & Statistics

Bill Would Create Commission to Advise Congress on Retirement Issues

Two Senators have introduced the “Commission on Retirement Security Act of 2018,” which is a bill that if enacted, would create a commission to study Americans’ private retirement programs and make recommendations to Congress for improvements.

IRA, Employer PlanAscensusJune 14, 2018News, Guidance & Legislation, Retirement Plan, IRA, Washington Pulse

IRS Addresses Withholding for IRA Payments Made to State Unclaimed Property Funds

The IRS issued a revenue ruling stating how withholding and reporting is applied to IRA assets that are escheated to states.

IRAAscensusJune 14, 2018IRS, News, Compliance & Operations, Withholding

IRS Proposed Regulations Would Require More Preparers to File Returns Electronically

The IRS has issued proposed regulations that would alter the rules for electronic filing requirements of retirement and certain tax-preferred savings account information returns, which would require more filing entities to file electronically.

IRA, HSA, ESA, Employer PlanAscensusJune 14, 2018IRS, News, Compliance & Operations, Reporting

No Simple Task—Terminating a Retirement Plan the Right Way

Properly terminating a retirement plan is not as simple as discontinuing funding and distributing the plan assets. There are a number of tasks an employer must consider and complete to properly terminate a retirement plan.

IRA Qualified Charitable Distributions

What is a qualified charitable distribution (QCD)? Are there limits to how many QCDs an IRA owner may make in a year? How are QCDs treated when the IRA owner has nondeductible contributions in the IRA?

expert, IRAAscensusJune 14, 2018Traditional IRA, Roth IRA, Compliance & Operations, Distribution, Reporting, Q&A

IRA Beneficiary Options for Deaths Before January 1, 2020

Quick Reference Tool: Distribution options for beneficiaries of IRAs when the IRA owner died before January 1, 2020.

IRAAscensusJune 14, 2018

Traditional and Roth IRA Contribution Limits

Quick Reference Tool: Current Traditional and Roth IRA contribution limits

IRA, Solution CenterAscensusJune 14, 2018

IRA Beneficiary Options for Deaths On or After January 1, 2020

Quick Reference Tool: Distribution options for beneficiaries of IRAs when the IRA owner died on or after January 1, 2020.

IRAAscensusJune 14, 2018

Retirement Plan Contribution Limits

Quick Reference Tool: Current contribution limits for employer-sponsored and IRA-based retirement plans.

Employer Plan, IRAAscensusJune 14, 2018

HSA Contribution Limits and HDHP Requirements

Quick Reference Tool: 2018 and 2019 health savings account (HSA) contribution limits and HSA-compatible high deductible health plan (HDHP) requirements.

HSAAscensusJune 14, 2018