As the end of another plan year approaches, it may be time for an employer to evaluate whether current plan provisions still fit the employer’s situation and objectives. After giving thoughtful consideration to several factors, the employer may want to amend for certain plan design changes.
Read MoreMost small business owners and self-employed individuals want an employer-sponsored retirement plan that’s affordable and easy to administer. Find out how SEP, SIMPLE IRA, and owner-only 401(k) plans stack up.
Read MoreHSAs and health FSAs are both used to save and pay for qualified medical expenses with the potential benefit of tax-free distributions. So how do they actually differ from each other?
Read MoreWhat is a qualified HSA funding distribution and how much can be distributed? Can a qualified HSA funding distribution help satisfy an RMD? What is a testing period?
Read MoreWhat 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?
Read MoreTax 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.
Read MorePresident 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.
Read MoreUnderstanding 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.
Read MoreRecharacterizations 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.
Read MoreIn 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.
Read MoreWhen 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.
Read MoreWhat is the difference between a qualified and a nonqualified distribution from a Coverdell ESA? Does a penalty tax apply to a nonqualified distribution?
Read MoreWhen 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?
Read MoreAfter 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.
Read MoreThe IRS announced that it is extending the submission period for opinion letters for pre-approved defined contribution (DC) retirement plans by three months.
Read MoreGetting 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.
Read MoreWhile 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.
Read MoreDepending 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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