Managing Your Practice
Not all of the reaction to the Department of Labor’s (DOL) fiduciary rule has been negative, or even grudging, acceptance. Every class had at least one kid who not only did their homework but also turned it in before the deadline — and it turns out that proclivity is alive and well in the boardroom...
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The American Retirement Association Government Affairs Committee has filed comments with the Department of Labor (DOL) regarding a proposed regulation to extend the applicability date for the “Conflicted Advice” regulation by 60 days. Specifically, the ARA recommends that the applicability date be...
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H.R. 3236 changed deadlines for filing business income tax returns for the 2016 tax year. Susan Diehl writes in MarketBeat that this has created some confusion, and offers reminders to help dispel it.
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The Department of Labor (DOL) has outlined its approach to enforcement of the fiduciary regulation if the April 10 applicability date for the fiduciary regulation isn’t delayed (before April 10). Noting that “financial institutions have expressed concern about investor confusion and other...
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Do the IRS proposed regulations on permitting the use of forfeitures to fund QNECs apply to 403(b) plans? In Tech Talk, Susan Diehl tells us.
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On Feb. 23, Connecticut House Bill 7161 was introduced. Entitled “An Act Requiring Service Providers Under Certain Retirement Plans to Disclose Conflicts of Interest,” the bill requires all service providers to 403(b) plans in Connecticut to describe their services and disclose all the direct and...
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The IRS has updated the portion of its website that addresses how to self-correct defective 403(b) plan provisions during the remedial amendment period (RAP).Self-corrections of plan provisions that violate the Internal Revenue Code Section 403(b) written plan rules may be made by adopting plan...
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The IRS has updated the portion of its website that addresses how to self-correct defective 403(b) plan provisions during the remedial amendment period (RAP).Self-corrections of plan provisions that violate the Internal Revenue Code Section 403(b) written plan rules may be made by adopting plan...
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On Feb. 23, 2017, the IRS issued an internal memo to their Employee Plans examination employees concerning guidelines for safe-harbor distributions from 401(k) plans. The issuance of this memo stemmed from an Industry Issue Resolution Program meeting with invited trade associations discussing their...
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When an individual takes a distribution from an IRA or retirement plan before reaching age 59½, the general rule is that the distribution is subject to a federal 10% penalty in addition to any federal and, if applicable, state income taxes. In MarketBeat, Lynn Knight discusses the most common...
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Public pension plans across the country face many challenges, to put it mildly — and among them, says a recent report, are the investment return assumptions for those plans. In “NASRA Issue Brief: Public Pension Plan Investment Return Assumptions,” the National Association of State Retirement...
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If a plan is drafted to exclude employees who normally work less than 10 hours per week, is such an employee no longer excluded from making elective deferrals if he completes 1,000 hours of service, or must the employer prorate the hours? In Tech Talk, Susan Diehl tells us.
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An unnamed financial services company is suing the Consumer Financial Protection Bureau (CFPB) in the U.S. District Court for the District of Columbia over the CFPB’s exercise of power and the plaintiff’s contention that it is unchecked.The unnamed company seeks in John Doe Company v. Consumer...
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One of the advantages of qualified plans and IRAs is the portability with rollover contributions. But can a 403(b) be rolled into an inherited IRA? In MarketBeat, Kimberly Flett writes that understanding the portability rules — in particular regarding 403(b)s and IRAs — can prevent an unwelcome tax...
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The Department of Labor’s (DOL) fiduciary rule appeared on track. Then the November election ushered into office an administration that wasted little time in questioning the rule and has raised the possibility of delay in application, if not outright rescission. But are the rule’s prospects really...
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The Trump administration’s rapid-fire executive orders and regulatory announcements and reviews could delay, gut or even kill the fiduciary rule. But a recent analysis suggests the genie may be out of the bottle. In MarketBeat, John Iekel discusses a recent analysis that suggests changes in the...
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The Trump administration’s dramatic series of rapid-fire executive orders and regulatory announcements and reviews purport to delay, perhaps gut or even ultimately kill the Department of Labor’s fiduciary rule. But a recent analysis suggests that the genie may be out of the bottle regardless.In a...
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Two weeks ago, Sen. Elizabeth Warren (D-Mass.) wrote to a number of financial services firms asking where they stood on the fiduciary regulation. She’s now shared their responses with the Acting Secretary of Labor.Late last month Warren wrote to nearly three dozen financial services firms asking if...
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The Department of Labor’s (DOL) fiduciary rule has its detractors, and none other than President Trump has instructed the DOL to review it for a variety of reasons — raising questions regarding whether, or how long, it may come into force. But despite the chorus of opposition, the rule does have...
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Suppose your client, who severed employment at age 56, has been told that that a 10% penalty tax will apply to withdrawals from his 403(b) account because he is not yet age 59½. Is this correct? In Tech Talk, Ellie Lowder tells us.
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