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The IRS’ Advisory Committee on Tax Exempt and Government Entities is seeking input from 403(b) plan sponsors, vendors and providers on compliance problems. The committee’s Employee Plans subgroup has set up an online survey to collect comments regarding: the problems sponsors, vendors and...
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It’s no secret that state pension plans are beset by obligations beyond their ability to meet. A new study by State Budget Solutions (SBS) is the latest to outline how serious the problem — which is not unique to any particular region — is, based on 2014 data. Collectively, the states are nearly $5...
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What does the dawn of 2015 mean for 403(b) advisors? NTSA Net asked the 2014 NTSA Elite Advisors for their insights on what advisors and those who offer and administer 403(b)s may expect next year — and how they can be ready. Be Prepared! Boy Scouts learn right from the start to be prepared. It’s...
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In this, the year of the 40th anniversary of the Employee Retirement Income Security Act's (ERISA) enactment, many have weighed in on the best — and the worst — aspects of that law and its progeny. As 2014 draws to a close, we’re giving YOU the opportunity to weigh in on the best things about...
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Suppose you have a client who is age is 59½, has not left the employer, and has money in an employer’s 403(b) plan; he would like to move it to the employer’s 457(b) plan. In this week’s Tech Talk, Ellie Lowder tells whether this kind of transfer can be made.
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In this, the year of the 40th anniversary of the Employee Retirement Income Security Act’s (ERISA) signing into law, many have weighed in on the best — and worst — of that law (and its progeny).But as 2014 draws to a close, we wanted to give YOU an opportunity to weigh in via our exclusive online...
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Easier to administer, not subject to an early withdrawal penalty tax, offering an opportunity for an advisor to make a living, especially in a small marketplace — what’s not to love about the 457 plan? While most advisors serving the public and nonprofit sectors are very familiar with 403(b) plans...
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The saver's credit is one way to providing meaningful opportunity for employees to participate in a 403(b) plan. In this week’s MarketBeat, Ellie Lowder discusses how the saver’s tax credit works and provides a crib sheet of sorts from the IRS.
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Retirement assets of older Americans surged to a new high of $3.5 trillion last year, according to a new report. While retirement savings grew to one third (33.7%) of all household investable assets at $13.9 trillion, retirement assets of consumers age 65 to 74 surged from $2.3 trillion, and now...
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The IRS has made some key reminders available in Special Edition Tax Tip 2014-24 for holders of individual retirement accounts (IRAs). Advisors, as well as and employers that facilitate employees’ establishment of IRAs, may find this information useful to share with their clients and employees....
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The IRS in Notice 2014-77 has updated the 2014 Cumulative List of Changes in Plan Qualification Requirements. The list is primarily for single-employer individually designed DC plans and single-employer individually designed defined benefit plans that are in Cycle E to use when they submit...
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Saving for retirement in a workplace savings plan or IRA is the top long-term financial goal, according to a new survey. More good news: More than one-in-four (42%) said sticking to financial resolutions is easier than sticking to other common resolutions, such as exercising regularly or pledging...
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Michigan Gov. Rick Snyder (R) on Dec. 10 announced that beleaguered Detroit is emerging from bankruptcy. This came two days after Detroit Emergency Manager Kevyn Orr issued his final order. Orr’s final order affirms the changes that have been made and agreed to regarding Detroit’s pension plan....
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New Year’s Eve is the deadline for most 2014 required minimum distributions to be made. The IRS issued that reminder in information release IR-2014-112. Generally, RMDs from 401(k), 403(b) and 457 plans as well as IRAs must be made by Dec. 31. An IRA trustee must either report the amount of the RMD...
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Rollovers can be an important way to preserve retirement savings, and postpone paying taxes on distributions. But do you know which kinds of rollovers can be made to which accounts? The IRS has an updated rollover chart that can help. It’s online here. More information about rollovers, rollover...
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In this week’s MarketBeat, Michael Webb discusses why a TGPC designation is so valuable and the top three reasons why you should obtain the designation.
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January 2015 will mark more than the beginning of a new year — on Jan. 2, a different IRS office will take on technical responsibilities concerning qualified retirement plans and IRAs. The IRS spelled out the change in Announcement 2014-34. On that date, the IRS Tax Exempt and Government Entities...
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How are 403b loan defaults processed? Once a participant defaults on a loan, it’s a deemed distribution and a 1099R is created. But there are many other matters to be settled. In this week’s Tech Talk, Ellie Lowder tells us what happens regarding the participant’s account, the outstanding loan,...
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With time running out on its deadline for providing recommendations, a task force examining alternatives for a possible state-run IRA program in the Old Line State continued to debate the issues. At the Dec. 1, 2014 meeting of the Governor’s Task Force to Ensure Retirement Security for All...
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Kentucky and Tennessee share more than a long border — information about public pension plans in both states is hard to come by too. And that may not be changing any time soon. Kentucky Many public pension systems in the Bluegrass State are underfunded — some badly — and information about them is...
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Recent Comments
Does the roth requirement for catch-up contributions for people who earned $145,000 apply to 457...
Hi Ed,
I really liked this article and I think you make a lot of sense. And I had no...
I believe there's a misstatement in that last quote - it should refer to governmental and...
Working with several medical providers as clients, I note that the high-end earners tend to push...
Congratulations to NTSAA for landing a good one. Nathan's breadth of experience and...