Age and Service Waivers vs. Predecessor Service

When determining if an employee has met a qualified plan’s minimum age and service requirements, many employers first verify the employee’s age and whether the employee has met the service requirement by counting the actual hours worked or by using the hours equivalency or elapsed time methods for determining service.

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Encouraging Retirement Saving in the Gig Economy

Was your dinner delivered to your front door last night or have you gotten a lift to the airport lately by using one of several app-based companies, such as Uber or Lyft? If so, welcome to the gig economy, where “side hustles” are no longer relegated to the sidelines but can be a way of life for many workers.

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Key Questions to Determine Beneficiary Options

Helping clients determine distribution options after a loved one dies may seem overwhelming, but there are a few simple questions that can guide you to the appropriate options if the individual had assets in an individual retirement arrangement (IRA) or an employer-sponsored retirement plan, such as a 401(k) plan or 403(b) plan.

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IRS Extends Remedial Amendment Period for SECURE Act, Miners Act, and Certain Provisions of CARES Act

The IRS issued Notice 2022-33, which extends the deadline for amendments to retirement plans and Individual Retirement Arrangements (IRAs) to adopt provisions enacted under the SECURE Act, the Miners Act, and some provisions under the CARES Act.

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Helping Clients Develop a Healthy Approach to Retirement Savings

The past few years have been a roller coaster ride for many retirement savers. After performing well for several years, the broader investment markets have been hit hard since the beginning of 2022. Now the price of gas, food, housing, and other goods and services continue to rise, and for many of us, something needs to give.

But that “something” shouldn’t be your retirement savings.

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How to Report IRA Disability Distributions

Early IRA distributions—or distributions taken before age 59½—are generally subject to a 10 percent early distribution penalty tax. But there are several exceptions to this age 59½ rule, including an IRA owner’s qualifying disability.

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Ascensus
Pretax Versus Roth Deferrals: Understanding Your 401(k) Contribution Options

A 401(k) is one of the most common qualified retirement plans offered by employers to help their employees save for their retirement. While many employees take advantage of this important benefit, many may not understand that they have a choice in the type of contribution they make—and the mechanics of how their contribution is taxed.

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Loan Programs in Employer-Sponsored Retirement Plans

Many plan sponsors believe that the availability of loans in retirement plans is an attractive feature. Specifically, participants are more likely to contribute to a plan if they know that they can access a portion of their plan assets while they are still employed—without having to suffer the accompanying tax consequences.

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Some Big Changes May be in Store for the Davis-Bacon Act

The Davis-Bacon Act (DBA) has played a major role in the construction industry for over 90 years. Passed in 1931, it has been described by the Supreme Court as a “minimum wage law designed for the benefit of construction workers.” The DOL has issued proposed regulations that represent the most comprehensive changes to the DBA since 1982.

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