Can the Safe Harbor 401(k) plan be amended mid-year to increase eligibility to a one year of service with 1,000 hours? Can an employer amend a Safe Harbor 401(k) plan mid-year to increase the safe harbor nonelective contribution?
Read More
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?
Read More
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.
Read More
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?
Read More
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.
Read More
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official—the 2016 Department of Labor (DOL) fiduciary investment advice final regulations and accompanying guidance are repealed.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?
Read More
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?
Read More
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.
Read More
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.
Read More
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.
Read More
The IRS issued a revenue ruling stating how withholding and reporting is applied to IRA assets that are escheated to states.
Read More
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.
Read More
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.
Read More
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?
Read More
Quick Reference Tool: Distribution options for beneficiaries of IRAs when the IRA owner died before January 1, 2020.
Read More
Quick Reference Tool: Current Traditional and Roth IRA contribution limits
Read More
Quick Reference Tool: Distribution options for beneficiaries of IRAs when the IRA owner died on or after January 1, 2020.
Read More
Quick Reference Tool: Current contribution limits for employer-sponsored and IRA-based retirement plans.
Read More