IRS Issues
Questions regarding the administration of the CARES Act have been pouring in—and we’ve got answers!
As part of a series of recent webcasts, we have received a large number of questions from our members regarding key operational and administrative aspects of the Coronavirus Aid, Relief and Economic...
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Portability of Roth 403(b), Roth 401(k) and effective with the addition of a Roth 457(b) option to governmental plans on January 1, 2011 (referred to as designated Roth accounts), is extended to eligible rollover distributions from designated Roth accounts to Roth IRAs. Additionally, effective...
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n March 31, the American Retirement Association (ARA) provided an expert discussion of the key elements in the Coronavirus Aid, Relief and Economic Security (CARES) Act in a special webcast.
The ARA’s Retirement Education Counsel Robert Richter, Director of Technical Education Bob Kaplan and Marty...
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President Trump on March 27 signed into law the sweeping $2.2 trillion stimulus bill that includes retirement relief provisions supported by the American Retirement Association.
It wasn’t easy—or at least not as easy as it might have been—but the signing of the Coronavirus, Aid, Relief and...
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The IRS has extended the remedial amendment period for 403(b) plans and pre-approved defined benefit plans. The IRS made the announcement on March 27.
The American Retirement Association (ARA) in a March 16 letter to Cathy Jones, Director of the IRS Office of Employee Plans, commented on the 403(b...
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The IRS Office of Tax Exempt and Government Entities has outlined its priorities for fiscal year (FY) 2020.
“In FY 2019, we implemented and provided additional guidance on TE/GE-related provisions of the Tax Cuts and Jobs Act, and in FY20 we’ll continue to look for ways to help taxpayers and...
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Editor's Note: The House has passed the Coronavirus, Aid, Relief and Economic Security (CARES) Act (H.R. 748 as amended). Read more about that here.
The sweeping $2 trillion stimulus bill that includes retirement relief provisions supported by the American Retirement Association may move one...
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President Trump on March 27 signed into law the sweeping $2 trillion stimulus bill that includes retirement relief provisions supported by the American Retirement Association.
It wasn’t easy – or at least not as easy as it might have been – but the House of Representatives on March 27 approved the...
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It’s not over yet, but after six days of intense negotiations, about midnight on March 25, the Senate unanimously approved a sweeping $2 trillion stimulus bill, including retirement relief provisions supported by the American Retirement Association.
The Coronavirus, Aid, Relief and Economic...
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Portability permits the rollover of eligible distributions from eligible retirement plans to any other eligible retirement plan by participants and spousal beneficiaries of those participants.
The following generally explains the rules and requirements for the virtually interchangeable rollovers...
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The IRS on March 24 updated its website to indicate that it has extended until July 15, 2020 the deadlines for making contributions to workplace-based retirement plans, IRAs and health savings accounts for 2019.
These extensions are in accordance with IRS Notice 2020-18, which extended the...
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After five days of intense negotiations, the Senate was set to vote on March 25 on an unprecedented $2 trillion stimulus bill covering every aspect of the U.S. economy, including retirement relief provisions supported by the American Retirement Association.
Earlier on March 25, the Senate...
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Tech Talk addresses staying in compliance with nondiscrimination rules when setting up a 403(b) plan for a small 501(c)3 organization.
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The American Retirement Association, along with two dozen other trade organizations, are urging Congress to provide immediate relief to retirement plan sponsors, participants and retirees in the wake of the Coronavirus.
“The undersigned organizations, which represent plan sponsors and service...
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A revised version of the CARES Act includes additional retirement relief provisions supported by the American Retirement Association, though the negotiations aren’t over yet.
After engaging in weekend negotiations with Senate Democrats and Trump administration officials, Senate Majority Leader...
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The American Retirement Association has been working with key lawmakers to include legislation that would provide tax relief to individuals and employers that suffer a sustained economic loss from the COVID-19 outbreak.
The relief would be patterned after the disaster relief that was provided in...
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The following is a list of persons eligible for rollover distributions:
Participants in retirement plans and owners of IRAs are eligible to rollover most distributions from one plan type or account to another plan type or account.
A spousal beneficiary of the deceased’s retirement plan or...
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The recently enacted SECURE (Setting Every Community Up for Retirement) Act of 2019 allows an increase to the maximum age for traditional IRA contributions. Section 107(a) of SECURE repealed the age cap of 70½ years and allows individuals to make deductible contributions to a traditional IRA past...
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A bill has been introduced that would make it possible for 403(b) plans to invest in a broader array of forms of investment than they can currently.
The Public Service Retirement Fairness Act, introduced by Rep. Jimmy Panetta (D-CA), would allow 403(b)s to invest in collective investment trusts...
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The American Retirement Association (ARA) is pressing the IRS to extend the remedial amendment period for 403(b) plans by one year.
The ARA made the recommendation in a March 16 letter to Cathy Jones, Director of the IRS Office of Employee Plans, in which it comments on the 403(b) plan remedial...
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