IRS Issues
Following up on a recent meeting with the Department of Labor, the American Retirement Association has outlined a number of items requiring additional guidance under the SECURE Act.
In the Feb. 12 letter, ARA recommended that the items listed below be the subject of DOL guidance, in the...
READ MORE
Tech Talk addresses whether a teacher who is retiring from the state public school system and who has elected a partial lump sum from the state retirement system can establish a 403(b) account post-employment to receive the rollover from the state retirement system.
READ MORE
During the recent 2020 NTSA Summit, Susan Diehl updated attendees on a number of changes resulting from the Dec. 20, 2019 enactment of the SECURE Act.
Diehl’s discussion included changes affecting qualified charitable distributions (QCD) from IRAs. For tax years beginning 2020, there is no...
READ MORE
Designated Roth accounts are becoming more popular in the 403(b)/457(b) marketplace. As a 403(b)/457(b) retirement trainer, it has become apparent in the time I spend on Roth questions, that agents/advisors are hungry for more education on the topic.
As a result, I was eagerly anticipating the...
READ MORE
Tech Talk addresses whether one can limit what an auditor reviews.
READ MORE
In a Jan. 27 workshop at the 2020 NTSA Summit in Denver, Susan Diehl started the long process of deciphering the recently enacted SECURE Act.
Diehl’s presentation focused on the Required Minimum Distribution (RMD) rules and the repeal of the stretch IRA. Under the SECURE Act, the age when most...
READ MORE
Under the restrictions of the Code, 403(b) plans must be funded through insurance annuity contracts or mutual fund custodial accounts. However, ERISA also imposes standards on when contributions must be made to such accounts under the plan. The requirements of ERISA address when plan assets must be...
READ MORE
The QDRO procedures must:
be in writing;
be reasonable;
provide that each person specified in a domestic relations order received by the plan as entitled to payment of benefits under the plan will be notified (at the address specified in the domestic relations order) of the plan’s procedures...
READ MORE
Tech Talk addresses whether an employee's contract or account to which an employee’s loan repayments are being made need to be included in a plan's annual report.
READ MORE
Prior to the technical correction measures in the Job Creation and Worker Assistance Act of 2002, it was necessary to count “non-vested” amounts as contributions in the year vested for purposes of the IRC §415(c) limit. Now, the non-vested contributions will be counted as contributions in the year...
READ MORE
Tech Talk addresses how 403(b) plan assets can be invested.
READ MORE
The IRS has updated the procedures for determination letter requests. The new procedures are outlined in Revenue Procedure (Rev. Proc.) 2020-04.
Rev. Proc. 2020-04 is a general update of Rev. Proc. 2019-04, which sets forth:
general information about the types of advice provided by the IRS...
READ MORE
The Department of Labor’s Employee Benefits Security Administration (EBSA) protects the assets of employee benefit plans, including retirement plans, under Title I of ERISA. EBSA has two voluntary self-correction programs for plan administrators who need help in meeting ERISA requirements:
1. The...
READ MORE
MarketBeat discusses a blog post that argues that required minimum distributions and the Cuban Missile Crisis have a connection.
READ MORE
The IRS has said in a recently issued private letter ruling (PLR) that a retirement plan run offered by a charity that is affiliated with a church is a church plan.
In PLR 202001008, which the IRS issued on Oct. 3, 2019 but did not release until Jan. 3, 2020, the IRS addresses whether the...
READ MORE
A new year has dawned, bringing into sharper relief that deadlines relevant to 403(b) documents come closer.
Updating Documents
March 31, 2020 is the deadline for 403(b) plans to update their plan documents for all current law.
Revenue Procedure (Rev. Proc.) 2019-39, which became effective Sept...
READ MORE
In MarketBeat, Nevin Adams writes that late in 2019 we have some answers regarding how expanded access to hardship withdrawals might affect them
READ MORE
Changes are on the horizon regarding required minimum distributions (RMDs), but are not here quite yet.
The IRS has issued a reminder that it may be necessary to take an RMD from an IRA or other retirement account by the end of 2019:
If one is at least age 70½ this year, or
If one has...
READ MORE
The extended Early Bird Registration rates for the 2020 NTSA Summit expire tomorrow, Friday, Dec. 20.
The NTSA Summit is where leaders and innovators come together to make a difference for their clients, the industry and themselves. It is the only national gathering of professionals in the 403(b...
READ MORE
The most significant piece of retirement legislation in a decade could become a reality, after all.
Hill staff worked throughout the weekend to put the finishing touches on the nearly $1.4 trillion spending bill for FY 2020, which will likely be the last “legislative vehicle” for 2019 – and things...
READ MORE
Pages
Most Popular
