What is the top heavy test and who is a key employee? What if a plan is deemed top-heavy? What are top-heavy minimum contributions?
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Tax Reform 2.0, if enacted by Congress, would make significant changes to tax-advantaged savings arrangements. The House may vote on this legislation by the end of September.
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President Trump issued an Executive Order directing the Secretaries of Labor and Treasury—and the agencies they lead—to review and consider ways to revise several important provisions pertaining to retirement savings plans.
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Understanding how the September 30 designation date applies to beneficiary distributions is key to handling payments to beneficiaries so as not to wrongly pay out these accounts after an IRA owner or plan participant dies.
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Recharacterizations of conversions and retirement plan-to-Roth IRA rollovers are soon to be a thing of the past. Making clients aware of this change before they convert or roll over could lessen any regret or frustration with these transactions later.
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In response to the growing financial crisis of outstanding student loan debt, some employers have found a way to help employees pay off their student loan debt and save for retirement.
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When it comes to your HSA business, be careful not to overlook your generation X clients, as most own an HSA. Knowing their generational traits may be helpful in marketing to this particular group of consumers.
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What is the difference between a qualified and a nonqualified distribution from a Coverdell ESA? Does a penalty tax apply to a nonqualified distribution?
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When conducting ADP and ACP testing for a plan that does not use a safe harbor 401(k) design, what techniques can be used to structure a test to enhance its chances of passing? How should a failed ADP or ACP test be corrected?
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After a longer than usual delay, the IRS released the 2018 Form 1099-R, 5498, and the associated instructions for IRA and retirement plan transactions. The IRS explains how to handle certain retirement plan loan offsets that are allowed an extended period beyond 60 days for rollover.
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The IRS announced that it is extending the submission period for opinion letters for pre-approved defined contribution (DC) retirement plans by three months.
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Getting IRA owners to designate a beneficiary can be challenging, but not doing so could lead to problems for the financial organization later, not to mention financial liability.
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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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