Articles — Ascensus

Retirement Savings May Affect Financial Aid

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.

IRA, Employer PlanAscensusAugust 16, 2018Traditional IRA, Roth IRA, Retirement Plan

IRS Final Regulations Approve Forfeitures to Fund QNECs, QMACs

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.

403(b) Pre-Approved Plans

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?

expert, Employer PlanAscensusAugust 16, 2018403(b) Plan, Compliance & Operations, IRS, Plan Establishment, Q&A

Safe Harbor 401(k) Plan Mid-Year Amendments

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?

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official—the 2016 Department of Labor (DOL) fiduciary investment advice final regulations and accompanying guidance are repealed.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?

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 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.

Retirement Plan Contribution Limits

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

Employer Plan, IRAAscensusJune 14, 2018

DOL Announces Non-Enforcement of its Investment Advice Fiduciary Rule

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.

IRA, Employer PlanAscensusMay 17, 2018Fiduciary, DOL, Regulations

SEC Best Interest Standard Is Major Departure From DOL Fiduciary Guidance

The 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.

IRA Owner Behavior Trends From EBRI Show Plan Rollovers Still Strong

Individual 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).

IRA, Employer PlanAscensusMay 17, 2018Compliance & Operations, Distribution, Contribution, Investment

Form 5500 Filing Failures

How do I fix a failure to timely file Form 5500 for my retirement plan? Is everyone eligible for DFVCP?

expert, Employer PlanAscensus -May 17, 2018Compliance & Operations, DOL, Retirement Plan, Reporting, Q&A

Spot Check IRA Contribution Reports Before They Go Out in May

Consistently filing incorrect information returns is a red flag to the IRS, prompting questions, a possible IRS audit, and potential financial organization penalties.

DOL Fiduciary Rule Vacated by 5th Circuit Court of Appeals

The 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.

IRA, Employer PlanAscensusApril 19, 2018Fiduciary, DOL, Regulations

Qualified Retirement Plan Creditor Protection

Are 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?

Budget Act Broadens Disaster Relief, Rewrites Hardship Rules, and More—Retirement Plan Amendments Expected

Budget 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.