Technical Competence
Rollovers can be an important way to preserve retirement savings, and postpone paying taxes on distributions. But do you know which kinds of rollovers can be made to which accounts? The IRS has an updated rollover chart that can help. It’s online here. More information about rollovers, rollover...
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January 2015 will mark more than the beginning of a new year — on Jan. 2, a different IRS office will take on technical responsibilities concerning qualified retirement plans and IRAs. The IRS spelled out the change in Announcement 2014-34. On that date, the IRS Tax Exempt and Government Entities...
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How are 403b loan defaults processed? Once a participant defaults on a loan, it’s a deemed distribution and a 1099R is created. But there are many other matters to be settled. In this week’s Tech Talk, Ellie Lowder tells us what happens regarding the participant’s account, the outstanding loan,...
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With time running out on its deadline for providing recommendations, a task force examining alternatives for a possible state-run IRA program in the Old Line State continued to debate the issues. At the Dec. 1, 2014 meeting of the Governor’s Task Force to Ensure Retirement Security for All...
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Kentucky and Tennessee share more than a long border — information about public pension plans in both states is hard to come by too. And that may not be changing any time soon. Kentucky Many public pension systems in the Bluegrass State are underfunded — some badly — and information about them is...
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The Illinois Senate on Dec. 3 approved by a 30-25 margin a version of the bill passed earlier in the week by the Illinois House. Quinn – who lost his reelection bid in November – is expected to sign the bill into law. The legislation includes a requirement that private employers with 25 or more...
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There are critical deadlines 403(b) plans must meet in order to stay in compliance with the federal Internal Revenue Code. Adding to the complexity of this function, some deadlines only apply to particular plan types (such as ERISA plans). In this week’s MarketBeat, Mike Webb provides a 403(b) Plan...
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The consultant for a 501(c)(3) that sponsors a 403(b) plan and a 401(a) plan has told the employer that the Code Section 415(c) limit is a shared limit between the two plans. In this week’s Tech Talk, Ellie Lowder tells us whether the consultant is correct.
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Two of the states beset by the most intractable state pension problems have hit roadblocks in their efforts to address those issues. A circuit court judge has declared the law enacted in Illinois to reform its underwater pension system unconstitutional, and new reports and accounting procedures...
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The IRS announced on Nov. 21 that modified listings of required modifications (LRMs) for 403(b) plans will be available soon. It says it will make them available in time for the April 30, 2015 deadline for 403(b) plan sponsors to submit pre-approved plans under the IRS’ 403(b) pre-approved plan...
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In a year of positive — but modest — change, a new survey suggests that public pension funds are feeling better about their ability to deal with trends and issues, at least in the near term. According to the 2014 National Conference on Public Employee Retirement Systems (NCPERS) Public Retirement...
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When President Obama named Loretta Lynch as his nominee to replace U.S. Attorney General Eric Holder, speculation about Secretary of Labor Tom Perez being tapped for the role was put to rest, while speculation about the impact on the DOL’s agenda was reinvigorated. Since early October, Perez had...
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In the wake of the surprise election of Republican Larry Hogan to the Maryland governor’s mansion earlier this month, the task force outgoing Gov. Martin O’Malley (D) established to study retirement plan access and potentially recommend a state-run automatic enrollment IRA program had its first...
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The University of California (UC) Board of Regents on Nov. 19 debated whether it will raise tuition by up to 5% in each of the next five years. One of the reasons, reports the Sacramento Bee, is to address $7.2 billion in unfunded university pension plan liabilities. The pension fund already is a...
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The SEC has issued its 2014 Agency Financial Report, in which it outlines the actions it undertook in 2014 and its goals for 2015. Investment News notes that the report is vague about whether the SEC will propose a new uniform fiduciary standard in FY 2015, which began Oct. 1, 2014. “In FY 2015,...
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Atlanta, Ga. and Jacksonville, Fla. are both in the southeast, both face fiscal pressures over their public pension systems like many other cities, and both have been taken to court over their attempts to ameliorate that stress. But the similarities end there — the courts took different tacks in...
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The SEC earlier this year amended Investment Company Act Rule 2a-7, otherwise known as the “Money Market Fund Rule.” Despite years of discussion concerning the rule, confusion about it may persist. In this week’s MarketBeat, Byron Bowman explains the changes made to the rule and their effect on...
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An employer wants to establish a top hat plan for its directors. How does it do that? In this week’s Tech Talk, Ellie Lowder identifies three steps.
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The Internal Revenue Service is reminding low- and moderate-income workers about an opportunity to earn a special tax credit while they save for retirement. The IRS notes that the Saver’s Credit helps offset part of the first $2,000 that workers voluntarily contribute to IRAs and 401(k) plans and...
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Two new efforts have been launched to increase the availability to retirement planning services to public-sector and non-profit employees. ABMM Financial, an investment firm based in Iselin, N.J., has been launched, and the Legend Group has announced a partnership with the Association of Christian...
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