IRS Issues
Tech Talk addresses some best practices concerning proof of death and disability.
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The upcoming NTSA Summit will be held Jan. 26-28, 2020 at the Gaylord Rockies in Denver, CO.
My primary responsibilities at AXA are to provide retirement products and services to the tax-exempt markets throughout the Northeast. I have 20+ years’ experience and over the years have witnessed the...
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Failure to take the amount needed to satisfy the RMD will result in a 50% excise tax in the amount that should have been taken, but was not. The IRS does have some leeway to waive the excise tax when the failure to take the necessary amount is due to reasonable error.
In order to request a waiver...
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The Department of Labor’s Employee Benefits Security Administration (EBSA), the IRS and the Pension Benefit Guaranty Corporation have released advance copies of the 2019 Form 5500 and the Form 5500-SF, as well as their schedules. They will be used for reporting information pertaining to the 2019...
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Tech Talk addresses when plan-to-plan transfers between 403(b) plans are permitted.
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Individuals who have more than one 403(b) account (or more than one IRA account) may satisfy the required minimum distribution (RMD) requirement for that plan type or retirement account type from any like accounts, however RMD calculations must be done separately for each account. This assumes that...
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Tech Talk addresses whether an employer can contribute to a 403(b) plan for a former employee.
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The IRS has issued proposed regulations updating the life expectancy tables that apply for purposes of computing required minimum distributions (RMDs) from qualified retirement plans. The proposed rules under Code Section 401(a)(9) were published in today’s Federal Register.
The life expectancy...
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In most situations, it is more likely that an individual who intends to roll over 100% of the distribution proceeds will make a direct rollover. However, there are some situations where election of the indirect rollover may be preferable:
To simplify rollovers to several different funding vehicles...
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At last, it’s official – the Internal Revenue Service has announced the contribution and benefit limits for 2020!
The IRS announced this and other changes in Notice 2019-59, posted today here. The guidance provides cost-of-living adjustments affecting dollar limitations for pension plans and other...
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The IRS has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2020. The 2020 limits are contained in Notice 2019-59, released Nov. 6.
The limits for 2020 are as follows:
The limitation under Code Section 402(g)(1)...
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Tech Talk addresses whether a 403(b) client who left the current employer at age 52 and is now age 55 can take withdrawals from the account and not incur the 10% penalty under the Age 55 Rule.
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In MarketBeat, John Iekel discusses a recent blog entry that offers steps one can take to be ready for a benefit plan audit — and, in the process, better ensure that the plan is in compliance.
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Tech Talk addresses the that proof must be provided regarding a 403(b) account in the event of disability or death.
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In MarketBeat, Alison J. Cohen says that even when a Form 5500 is not filed on time, there is an easy way to fix the problem.
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On Sept. 30, 2019, the IRS released Revenue Procedure (Rev. Proc.) 2019-39. The revenue procedure establishes a recurring remedial amendment system for individually designed and IRS pre-approved 403(b) plans. In addition, the guidance creates an annual Required Amendments List to be published by...
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Speakers at an Oct. 22 workshop session at the ASPPA Annual Conference provided an early “deep dive” into the final hardship distribution rules issued last month.
Robert M. Richter, Retirement Education Counsel at the American Retirement Association, and Michael F. Smith, Vice President...
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Holdings in model portfolios may be shown on a participant statement, or, these models may be “unitized” and reported on statements with a daily net asset value. Tech Talk discusses the implications of unitization for 403(b) plans.
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In MarketBeat, Robert Toth argues that one should consider the details of what it takes to be able to support providing 403(b) benefits with the annual elective deferral limit for participants with 15 years of service.
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Special Pay Plans are tools within a 403(b) plan to help employees as they approach retirement.
How a Special Pay Program in a 403(b) Plan Works
A 403(b) plan which includes employer non-elective contributions in lieu of paying compensation (most commonly to replace unused sick leave and vacation...
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