IRS Issues
One of the most active ERISA litigation firms has now turned its attention to a mammoth 403(b) plan.
The suit (Garnick v. Wake Forest Univ. Baptist Med. Ctr., M.D.N.C., No. 1:21-cv-00454, complaint 6/4/21) was filed in the in the U.S. District Court for the Middle District of North Carolina by...
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In MarketBeat, Tia J. Thornton takes a look at the 401(a)(17) compensation limit, when it should be applied and how to correct a Section 401(a)(17) failure through EPCRS.
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Each year, the IRS asks for input on the retirement benefits items (and relative priority of such items) to be included on the Priority Guidance Plan. Here’s the American Retirement Association’s response regarding the 2021-2022 Priority Guidance Plan—in priority order.
The ARA list of items...
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The Securing a Strong Retirement Act (SSRA)—a.k.a. SECURE 2.0—is wending its way through Capitol Hill. The measure contains a wide range of provisions that would affect retirement saving, plans and participants. A recent Plan Sponsor Council of America (PSCA) webinar zeroed in on some key...
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Mistakes in complying with reporting requirements happen; they may even be all but inevitable. And when they do take place, corrective amendments are a way to fix those errors. In MarketBeat, John Iekel discusses a recent webinar in which American Retirement Association Retirement Education Counsel...
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The IRS has issued an updated version of Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs). The new version is to be used in preparing 2020 returns.
There are many new features for 2020 reporting.
Coronavirus-Related Distributions. Recent legislation contains...
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The options for retirement plans amongst governmental and tax-exempt employers are numerous. There is such a wide range of opportunities that it can be difficult to navigate when to use each of the different options and when to pair them with other available plans.
How do we help our plan...
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Tech Talk addresses whether a governmental 403(b) and a traditional IRA, owned by the same decedent, can be combined into one inherited IRA by a non-spouse beneficiary.
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In what may be their final act teaming up on retirement security legislation, the bipartisan duo of Sens. Rob Portman (R-OH) and Ben Cardin (D-MD) on May 21 reintroduced their Retirement Security and Savings Act (S. 1770).
Like the previous version introduced in the last session of Congress, the...
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Tech Talk discusses whether 403(b)s are subject to the new 10-year rule established in 2020 for death benefits moved into an inherited IRA on behalf of a non-spouse beneficiary.
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Terminations of 403(b) plans were a concern even before the pandemic placed additional stresses on plans, plan sponsors and participants, and they will remain a concern afterwards. A recent ASPPA webinar took a look at the basics about them in the context of current circumstances and regulations....
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Tech Talk addresses whether 403(b) death proceeds can be combined with a traditional IRA to form a new inherited IRA.
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The IRS has announced the health savings account (HSA) limits for 2022. The announcement came in IRS Revenue Procedure 2021-25.
HSA Limits
For calendar year 2022, the annual limitation on deductions under Internal Revenue Code Section 223(b)(2)(A) for an individual with self-only coverage under...
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Forewarned is forearmed—so says the maxim. And in that spirit, the IRS has issued a reminder that hurricane season is not here yet, but it suggests that now is the time to prepare, and offers some suggestions regarding how to do that.
“Individuals, organizations and businesses should take time...
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An updated version of Publication 590-B was posted on March 29, 2021 (release date on the publication is March 25, 2021). When the publication was released prematurely, it caused quite a stir and flurry of comments.
Of course this publication is for IRAs; however, the flurry that it caused spans...
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Positioning it as a way to reward work and not wealth, President Biden has released an outline of his tax reform plan that includes a capital gains tax increase, as well as increases to high-income earners.
The tax reform plan was released this morning as part of the American Families Plan to...
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The IRS has updated the questions and answers it provides concerning coronavirus-related relief for retirement plans and IRAs. It also has added information on issues pertaining to partial termination of a qualified retirement plan under Section 209 of the Taxpayer Certainty and Disaster Tax Relief...
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Tech Talk discusses what some of the unforeseen emergencies for which one may apply for a distribution from a nongovernmental 457(b) plan are.
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In MarketBeat, John Iekel discusses a webcast in which Kelsey Mayo, American Retirement Association’s Director of Regulatory Policy and a partner with the Poyner Spruill LLP law firm, addressed priorities related to terminations of 403(b) plans.
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Tech Talk addresses which sources of funds are available for a hardship withdrawal from a church plan.
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