While a debit or credit card gives HSA owners easier access to their HSA funds, it can also put their HSA at risk for a prohibited transaction. Fortunately, there are simple ways to avoid this risk.
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Depending on the federal aid program and the financial help needed, having money in a retirement savings account may affect how much financial assistance an individual receives.
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It’s official. The IRS has issued final regulations amending the definitions of QNECs and QMACs to allow the use of forfeitures to fund QNECs and QMACs.
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What can be done when an IRA owner’s spouse and children are the primary beneficiaries of the IRA but the children want all of the IRA assets to go to the spouse? With an HSA, the assets are deemed distributed to a nonspouse beneficiary upon the HSA owner’s death, but can the nonspouse beneficiary still disclaim the assets he would receive as a beneficiary?
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What is a 403(b) pre-approved plan and what is the benefit of having one? Are existing 403(b) plans required to be restated as a pre-approved plan? Is there a deadline to restate an existing plan onto a pre-approved plan?
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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?
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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?
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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.
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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?
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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.
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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?
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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?
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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.
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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.
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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.
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The IRS issued a revenue ruling stating how withholding and reporting is applied to IRA assets that are escheated to states.
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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.
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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.
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