Summary descriptions are soon due to employers that sponsor a SIMPLE IRA plan. Employers may look to your organization to find out what must be included. Be sure you understand the notice requirements.
Read More
It’s been nearly seven months since the CARES Act was enacted. Those in the retirement industry are starting to wonder just how effective the relief has been for those in financial need and how much momentum in retirement savings might yet be lost to coronavirus-related distributions and loans.
Read More
Life expectancy payments are minimum amounts that beneficiaries must withdraw annually from inherited IRAs. You may be asked to help calculate these payments. To do so, you’ll need to know when to use the recalculation method versus the nonrecalculation method.
Read More
How do you know which beneficiary rules—the ones before the SECURE Act or after—to follow? Which beneficiary options are available if an IRA owner died in 2019 but the financial organization isn’t notified until 2020?
Read More
How quickly must retirement plan sponsors deposit participant contributions? What are the consequences for late participant contributions? Has the DOL made any changes to its deposit requirements in response to the COVID-19 pandemic?
Read More
The IRS announced an extension of time to complete certain time-sensitive, tax-related acts for victims of Hurricane Sally in Alabama.
Read More
The IRS announced an extension of time to complete certain time-sensitive, tax-related acts for victims of California wildfires.
Read More
IRS Notice 2020-68, issued earlier this month, provides more information about SECURE Act changes affecting retirement savings arrangements.
Read More
The SECURE Act created an excise tax exception for qualified birth or adoption distributions—a way for your clients, beginning in 2020, to reduce some of the financial burden that comes with the birth or adoption of a child. Here’s what you need to know.
Read More
With benefits enrollment season soon underway, your organization may see an uptick during this time of year in potential clients who are looking to set up HSAs. Be ready to assist them—and your staff—by knowing and understanding the requirements for establishing an HSA.
Read More
With the changes made to beneficiary options by the SECURE Act, how are payments for successor beneficiaries determined when the original IRA owner died before 2020, versus in 2020 or after? How does the type of beneficiary affect the distribution options?
Read More
The IRS has released proposed regulations to align its guidance with the statutory rules for providing more time for plan participants to roll over certain types of plan loan offsets.
Read More
Can plan-related fees and expenses be paid out of a qualified retirement plan? Which plan account balances may be used to pay plan-related fees? Can a mandatory amendment or restatement fee be paid out of plan assets?
Read More
Long-awaited guidance from the IRS grants relief for those who took distributions that were intended to be 2020 RMDs—before the 2020 RMD waiver was granted—and requires IRA trustees and custodians to notify IRA owners that no RMD is due for 2020.
Read More
As a new school year begins, your organization may notice an uptick in questions from clients about distributions from Coverdell education savings accounts. Here are the answers to five of the more common questions you may hear.
Read More
Qualified retirement plans—including profit sharing, money purchase, and 401(k) plans—receive special tax benefits by meeting the requirements set forth by the IRS. Employers or plan sponsors are responsible for restating their plan documents to avoid a plan qualification failure.
Read More
When an HSA owner turns 65, must the entire HSA be distributed? Can an HSA owner who is 65 or older use HSA assets to pay Medicare premiums? What happens if an HSA owner age 65 or older uses HSA assets for nonqualified expenses?
Read More
The Congressional Research Service recently updated a previous report that it published on the solvency of the Social Security system. This data provides food for thought and takes the discussion out of the realm of speculation and hearsay.
Read More