The Department of Labor recently released guidance extending the transitional relief and non-enforcement guidance related to investment advice fiduciaries who work diligently and in good faith to comply with Impartial Conduct Standards.
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The IRS recently issued two news releases announcing the postponement of certain tax-related deadlines for Connecticut and Mississippi victims of Hurricane Ida.
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What is the difference between ERISA and non-ERISA 403(b) plans? Does ERISA apply to the 403(b) plans established by religious organizations? What are the implications of being subject to Title I of ERISA?
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The SECURE Act changed many aspects that IRA and qualified retirement plan beneficiaries need to consider, making the administration of beneficiary distributions more complex. One aspect that is straightforward, however, is the distribution options for a successor beneficiary.
When it comes to satisfying a year-of-death RMD, missing or unresponsive beneficiaries may complicate matters. Consider what to do when there are multiple beneficiaries and one is unresponsive—how should the RMD be handled? While there may be no satisfactory answer or clear guidance, it’s worth considering the options.
As benefits enrollment season fast approaches, you may see an increase in new clients looking to set up HSAs. Now may be a perfect time for you and your staff members to brush up on your HSA knowledge, especially when it comes to understanding HSA eligibility.
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Are IRA owners always allowed to waive federal withholding on IRA distributions? What are the withholding requirements for nonresident aliens? Do the withholding rules apply to Roth IRA distributions?
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What is vesting as it relates to a defined contribution retirement plan? How is vesting applied in defined contribution retirement plans? What are the possible vesting schedules?
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The Social Security Administration recently announced the 2022 cost-of-living adjustments for certain benefits. Included is the taxable wage base increase from 2021.
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If you have clients who own an HSA, they may have questions about using their HSA money to pay or reimburse themselves for medical expenses that they’ve incurred. Do they understand the tax advantages—and any tax consequences—of HSA distributions? Educating your clients about HSA distributions can help them get the most from their HSA savings.
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An invalid IRA-to-IRA rollover can be a costly mistake for your client—and a headache for your organization as it works to maintain compliance and to correctly report the transaction. Keep in mind these rules before accepting a rollover contribution.
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There are differences between how various retirement assets are treated in divorce. Qualified retirement plan assets can be distributed to a former spouse through a document known as a qualified domestic relations order. IRA assets subject to divorce proceedings are paid through a “transfer incident to divorce.”
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What should your clients do if an IRA-to-IRA transfer they’ve done is reported to the IRS? Are clients allowed to do prior-year conversions? Does an IRA-to-IRA rollover after a conversion of those same assets violate the one-per-12-month rule?
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The IRS recently issued several news releases announcing the postponement of certain tax-related deadlines for victims of various storms and wildfires.
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What is an owner-only 401(k) plan? How much can be contributed to an owner-only 401(k) plan? What makes an owner-only 401(k) plan appealing?
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Is your organization ready to use the updated life expectancy tables that will take effect on January 1? Last November, the IRS published final regulations that contained revised life expectancy tables. The updated distribution periods will generally provide smaller payment amounts than those calculated with the current tables.
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The premature spending of retirement savings for purposes other than retirement is likely to cause many retirees to be inadequately prepared during retirement. The congressional Joint Committee on Taxation recently released a report estimating the extent to which retirement accumulations are currently “leaking” from tax-advantaged savings arrangements and why.
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What are beneficiary life expectancy payments and how are they calculated? Whose distribution period do we use? Are life expectancy payments an option for all beneficiaries?
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