Service Providers
ERISA attorney Fred Reish takes a look at a “new” concern that’s not so new: reasonable compensation for advice to IRAs. In his most recent blog post, Reish explains that there seems to be a common misunderstanding about this issue, specifically that it will be difficult to determine reasonable...
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Advance copies of the 2016 Form 5500 and Form 5500-SF are now available. The IRS, Department of Labor (DOL) and Pension Benefit Guaranty Corporation (PBGC) released the advance copies on Nov. 1.It is important to note that the advance copies are for information purposes only — they are not to be...
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In IRS Revenue Procedure 2016-47, which became effective on Aug. 24, 2016, the IRS simplifies the process for correcting late rollovers between IRA accounts in order to alleviate potential tax penalties. In MarketBeat, Kimberly Flett discusses what the guidance says and what it means for...
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Suppose you have a client that has two employers, and you are concerned about whether the total retirement plan limits are aggregated or separate. In Tech Talk, Ellie Lowder offers an answer based on specifics about the specifics about pay and retirement benefits at each.
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The 24-page document covers a lot of ground in the form of 34 questions, and while much of it seems to confirm what had been understood (or assumed), the first wave of FAQs certainly provides some comfort – and in some cases clarifies key issues. Those who had hoped for some extension in the...
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The IRS has issued a draft of the Form 5500-EZ to be used by one-participant retirement plans for 2016 information reporting. The 2016 Form 5500-EZ is different from the 2015 Form 5500-EZ in two sections. 1. The IRS has decided not to require plan sponsors to enter the preparer’s information at the...
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The IRS has issued a draft of the Form 5500-EZ to be used by one-participant retirement plans for 2016 information reporting. The 2016 Form 5500-EZ is different from the 2015 Form 5500-EZ in two sections. 1. The IRS has decided not to require plan sponsors to enter the preparer’s information at the...
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The IRS on Oct. 27 announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017. The 2017 limits are contained in Notice 2016-62.Increased LimitsThe IRS has increased the following limits for 2017 from 2016 levels:For an...
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As implementation of the Department of Labor’s (DOL) fiduciary rule nears, two broker-dealers have decided to continue to charge commissions for their retirement account services.According to InvestmentNews, Morgan Stanley has decided to allow its brokers to use the Best Interest Contract Exemption...
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Cyber security is a growing concern. Is it part of your annual vendor review process?According to a post on 401khelpcenter.com, here are some questions that plan fiduciaries (and, arguably, those who advise them) should ask: Does the service provider conduct periodic risk assessments to identify...
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Much-anticipated guidance on the DOL fiduciary rule will be coming soon, according to Phyllis Borzi, head of the DOL’s Employee Benefits Security Administration (EBSA). She made the remarks Oct. 25 during the Government Update session at the ASPPA Annual Conference held at National Harbor, Md....
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p>The IRS on Oct. 21 said in Announcement 2016-39 that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Matthew and members of their families. The American Retirement Association had requested such relief in an Oct. 10...
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NTSA is always providing information and insights that will be valuable to its members! Following is a summary of upcoming webcasts and events.
NTSA Webcast: Fall 2016: What’s New That Impacts You?
Wednesday, Nov. 16, 2016
2:00 - 3:00 p.m. ET
Speakers: Susan D. Diehl, QPA, CPC, President, PenServ...
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The 2017 403(b) Masters Summit, to be held Jan. 25-27, 2017 in Carefree, Ariz., features an agenda planned by fellow NTSA members to help make the most of the new frontier and the opportunities it offers. The agenda includes four unique, progressive modules:
Fiduciary NOW! Why Not?
...
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On Oct. 11, 2016, the American Retirement Association requested relief from the IRS for taxpayers, plan sponsors and service providers adversely affected by Hurricane Matthew.The ARA notes that Matthew caused significant damage throughout the Southeast, resulting in “significant hardships for...
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Think you’ll find rollovers more complicated under the Labor Department’s fiduciary regulation? You aren’t alone. In a recent blog post, ERISA attorney Fred Reish notes that banks, as well as advisors, may find themselves confronted with a fresh set of challenges. Reish notes that it appears to...
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Labor force participation rates among college-educated women grew in the first decade of the 21st Century. But not among the population one would expect: That result was among 60-to-64-year-olds. A recent study looks at that finding as well as how pensions help explain it.In “Teaching, Teachers...
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Current providers have something of an inside track, but they’re not the most popular reason for selecting a rollover IRA destination. When plan participants are asked why they would consider a specific firm for a rollover IRA, 35% select brand trust, far outweighing all other factors, according...
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The IRS recently issued a technical advice memorandum on rollovers between Coverdell education savings accounts (ESAs). In MarketBeat, Susan Diehl notes that now a tax a taxpayer can only make one rollover from one Coverdell ESA to another ESA in a one-year period, regardless of the number of...
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If you have a client who retired after normal retirement age but before he had five years of service, can he use the “last 3-year catch up” in his 457(b) plan? In Tech Talk, Ellie Lowder tells us.
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