Advertisement
IRAs
Savings in 401(k) accounts and plans grew in 2019, but there is till room for improvement in savings levels and the scope of retirement plan coverage, say researchers in a recently released study.
In “401(k)/IRA Holdings in 2019: An Update from the SCF,” Alicia H. Munnell and Anqi Chen look at...
READ MORE
When asked how many years they believe their retirement savings will last in retirement, a significant percentage of 401(k) plan participants indicate they have no idea, according to the results of a new survey.
Results from Schwab Retirement Plan Services’ 2020 401(k) Participant Survey of 1,000...
READ MORE
More than one-third of U.S. households had an IRA in mid-2019, says a recent report that looks at the prevalence and nature of IRA ownership in the United States.
By the middle of 2019, write Sarah Holden and Daniel Schrass in the recently issued Investment Company Institute (ICI) report, “The...
READ MORE
The Treasury Department in a fourth quarter update to its 2019–2020 Priority Guidance Plan reports on the progress it and the IRS have made in meeting the plans they set regarding projects during the period July 1, 2019-June 30, 2020.
The 2019-2020 Priority Guidance Plan contained 203 guidance...
READ MORE
The new study from EBRI provides a unique perspective on the relative amount of assets held by those with both account types, allowing for a more accurate picture of the total retirement assets of Americans.
By combining the EBRI/ICI 401(k) Database of 27 million plan participants and the EBRI...
READ MORE
The deadline to take advantage of certain relief provided by the IRS to plan participants and plan sponsors in the wake of the COVID-19 pandemic is approaching quickly.
The deadline for workplace retirement plan participants, IRA owners or their beneficiaries who received a required minimum...
READ MORE
Considering that many firms have modified their normal operating procedures and moved to a company-wide telework environment, the Securities and Exchange Commission is urging firms to take extra steps to ensure the safety of its investors’ assets.
Among other things, the eight-page Risk Alert...
READ MORE
Considering that many firms have modified their normal operating procedures and moved to a company-wide telework environment, the Securities and Exchange Commission (SEC) is urging firms to take extra steps to ensure the safety of its investors’ assets.
Among other things, the eight-page Risk...
READ MORE
The IRS on Aug. 6 in Notice 2020-62 issued safe harbor explanations for eligible rollover distributions.
Administrators of qualified retirement plans under Internal Revenue Code Section 402(f) must provide a written explanation of tax consequences when making distributions that are eligible for...
READ MORE
A quartet of GOP senators have introduced new legislation that would allow individuals facing financial challenges who are unable to make contributions to their tax-advantaged retirement accounts in 2020 to make catch-up contributions to these accounts in the coming years.
The Addressing Missed...
READ MORE
The IRS on July 17 issued a reminder that under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the rules regarding required minimum distributions (RMDs) are different in 2020.
The CARES Act waives RMDs during 2020 for IRAs and retirement plans, including beneficiaries with...
READ MORE
The IRS has updated the 2018 instructions for Form 8606—Nondeductible IRAs.
The IRS updated the Form 8606 to reflect tax relief for qualified 2018 disaster distributions.
The IRS notes that recent legislation provides special rules that may apply to a 2018 return if one received a distribution...
READ MORE
The postponed tax return due date of July 15, 2020 is fast approaching, and the IRS has issued a reminder that contributions to traditional IRAs made by that date are deductible on a 2019 tax return.
This means that taxpayers can file their 2019 tax return now and claim the deduction before the...
READ MORE
Data from the Investment Company Institute (ICI) reveals that retirement assets across the board took a hit in the first quarter, but it could have been worse.
DC plan assets were down 12.3% from the beginning of the year, dropping to $7.9 trillion for all employer-based DC retirement plans...
READ MORE
Summer is here, and part of the heat this year is compliance-related. Here are some deadlines to keep in mind:
July 15, 2020
Date by which, under Notice 2020-23 and 2020-32, certain actions that were due to be performed on or after March 30, 2020, and before July 15, 2020 can be performed...
READ MORE
While there's still no Form 5500 filing relief, Notice 2020-35, issued May 28, provides additional administrative relief regarding deadlines applicable to employment taxes, employee benefits and exempt organizations affected by the pandemic.
Under Code Section 7508A, the IRS is postponing...
READ MORE
The California Secure Choice Retirement Savings Investment Board has issued a request for proposals (RFP) for program consulting services for CalSavers, the state-sponsored program for employees whose employers do not offer a retirement plan.
The Board intends Request for Proposals No....
READ MORE
New Mexico has joined the list of states that provide a state-run retirement plan safety net. But while the legislation creating the New Mexico Work and Save program has been enacted, the state body that will implement it has some time to get it up and running.
Gov. Michelle Lujan Grisham (D)...
READ MORE
The IRS has provided questions and answers concerning the provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act and how they apply to and affect retirement plans and IRAs.
Specifically, the May 4 Q&As concern Section 2202 of the CARES Act, which provides for special...
READ MORE
ASPPA provides extensive coverage concerning a host of aspects of the pandemic and its consequences for plan sponsors, administrators, service providers and participants. This includes how developments resulting from it have affected plans and participants, and how they can be addressed; discussion...
READ MORE