Banks and credit unions can connect with small employers by offering a retirement savings plan suited for small businesses, such as a SEP plan. A SEP plan has many of the same advantages of other employer-sponsored retirement plans, but generally is easier and less expensive to maintain.
Read MoreCan an individual’s HSA assets be used to pay for her spouse’s medical expenses if the spouse does not have an HSA? Can an HSA owner who is no longer covered under an HDHP still use HSA assets to pay for qualified medical expenses?
Read MoreThe U.S. Government Accountability Office recommends that the IRS and the Department of Labor establish a collaborative means of overseeing and managing prohibited transaction exemptions.
Read MoreThe IRS has issued proposed regulations on multiple employer plans. One key revision provides that a compliance failure on the part of one employer will not jeopardize the entire MEP.
Read MoreWhat is a forfeiture account in a qualified retirement plan and how can the employer use forfeiture account funds?
Read MoreThe Securities and Exchange Commission recently released a guidance package for broker-dealers and investment advisers who provide investment recommendations and investment advisory services to clients. The guidance clarifies the standard of conduct for investment advisers.
Read MoreThe Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 passed the House of Representatives. The Senate will now take up a similar bill—the Retirement Enhancement and Savings Act of 2019, or RESA. SECURE and RESA would make many significant changes to the retirement savings landscape.
Read MoreThe HSA contribution limits for 2020 are increasing. IRS Revenue Procedure 2019-25 provides the HSA inflation-adjusted limitations for calendar year 2020.
Read MoreIRA rules can be difficult for IRA owners to understand, and even more confusing to their beneficiaries. As an IRA trustee, custodian, or issuer, you can help lessen the confusion that surrounds beneficiary distribution options.
Read MoreWhether you’re a seasoned HSA expert or a novice, certain HSA questions may take you by surprise. Knowing how to answer common HSA questions about HSA eligibility, contribution limits, and distributions will help you better serve your clients.
Read MoreLocating missing plan participants is one of many challenges retirement plan fiduciaries and their third party administrators face. With a written policy and consistent procedures, a retirement plan can establish best practices to handle missing plan participants.
Read MoreCan an IRA owner make a rollover contribution after the 60-day rollover deadline? How can a nonspouse beneficiary move inherited IRA or plan assets?
Read MoreWhy are the recent changes to the IRS retirement plan correction program important? What are the changes to the EPCRS?
Read MoreNow that the IRS has provided additional guidance for when employers may recoup HSA contributions, you may want to consider updating your internal procedures for handling requests to recover contributions.
Read MoreThe IRS has expanded the availability of self-correction options under the Employee Plans Compliance Resolution System in a move to increase plan compliance and reduce costs for employers.
Read MoreThe IRS has provided guidance that expands its determination letter program with the addition of two plan categories that plan sponsors can use to request a determination letter other than when the plan is established or terminated.
Read MoreWhen establishing an IRA, it can be easy to overlook a step or two, which could lead to compliance issues and jeopardize the tax-deferred nature of the account. Follow these steps to help ensure that your organization is setting up IRAs the right way.
Read MoreDoes a Roth IRA owner have to wait five years before taking a Roth IRA distribution? What are the five-year waiting periods as they apply to Roth IRA distributions and how do they differ?
Read More
