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IRAs
On March 31, the American Retirement Association (ARA) provided an expert discussion of the key elements in the Coronavirus Aid, Relief and Economic Security (CARES) Act in a special webcast.
The ARA’s Retirement Education Counsel Robert Richter, Director of Technical Education Bob Kaplan and...
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The IRS Office of Tax Exempt and Government Entities has outlined its priorities for fiscal year (FY) 2020.
“In FY 2019, we implemented and provided additional guidance on TE/GE-related provisions of the Tax Cuts and Jobs Act, and in FY20 we’ll continue to look for ways to help taxpayers and...
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The IRS on March 24 updated its website to indicate that it has extended until July 15, 2020 the deadlines for making contributions to workplace-based retirement plans, IRAs and health savings accounts for 2019.
These extensions are in accordance with IRS Notice 2020-18, which extended the...
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The Oregon Retirement Savings Board is proposing that a temporary extension of two deadlines related to OregonSaves be made permanent.
In October 2019, the board, which administers the state-run plan that offers a way to save for retirement for employees whose employers do not offer a retirement...
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The Maryland Small Business Retirement Savings Program (MSBRSP) is seeking proposals for program administration and investment management services. It seeks them to assist in the development of Maryland$aves, a state-sponsored, payroll-deduction IRA retirement savings program.
The MSBRSP will...
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The IRS has updated comprehensive resources designed to help anyone making IRA contributions or receiving IRA distributions for tax year 2019 or considering making retirement donations before April 15, 2020.
The publications, both of which address the unique features of Roth IRAs and traditional...
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Roth 401(k)s are more prevalent—and popular—than ever. But is that good—or bad—for retirement?
A recent op-ed[i] in The Wall Street Journal explored the potential implications—“What ‘Rothifying’ 401(k)s Would Mean for Retirees”— (subscription required), though the focus is on tax policy as well...
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Increasing participation in retirement plans is the most important—but not the only—way to improve retirement readiness, says a recently released report.
“Why Are 401(k)/IRA Balances Substantially Below Potential,” a Center for Retirement Research at Boston College paper, discusses the reasons...
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The IRS has issued the draft instructions for the 2020 IRS Forms 1099-R and 5498: Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. But these instructions are only drafts, and are not to be used for actual filing.
The information to be...
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Rep. Josh Gottheimer (D-NJ) announced Jan. 27 that he is introducing legislation intended to increase retirement savings by changing the tax treatment of capital gains from the sale of a principal residence.
Under Gottheimer’s Senior Housing Improvement and Retirement Accounts (IRA) Act,...
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Decumulation — actually tapping into funds set aside for retirement — garners less attention than accumulation. But a recent article takes a look at that lesser-explored aspect of retirement funding and argues for a strategic approach.
In “Bridging the Retirement Gap: Crack the Nest Egg Before...
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The future looks bright, as many Americans are feeling optimistic about their current and future financial situation, and many plan to take proactive steps to help meet their financial goals.
According to Fidelity Investments’ 2020 New Year Financial Resolutions Study, 82% of Americans say they...
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In a major victory for the advocacy efforts of the American Retirement Association, the most comprehensive retirement savings policy bill since the Pension Protection Act of 2006 took another big step toward becoming law yesterday.
Years in the making, the Setting Every Community Up for Retirement...
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When it created savings incentives by making it possible to set money aside in accounts such as IRAs and 401(k)s, Congress also intended to discourage early withdrawals from those accounts. However, such withdrawals happen nonetheless, and the Congressional Research Service (CRS) has prepared a...
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Two retirement and economic policy analysts from opposite ends of the policy spectrum have come together to agree that the 401(k) system has not lived up to its capability.
Andrew Biggs, a resident scholar at the American Enterprise Institute and Alicia Munnell, Director of the Center for...
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The asset allocation found in IRAs in many cases is drastically inconsistent with the asset allocation found in the 401(k) plans before rolling over to IRAs, according to a new issue brief from EBRI.
As such, the organization warns that despite 401(k) plan sponsors devoting considerable...
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Your company has a 401(k) plan. You just acquired another company, and it has SIMPLE IRA. You have learned that a company that offers a SIMPLE IRA cannot also sponsor another plan. What do you do?
A recent blog post from DWC – The 401(k) Experts offers some ideas.
“Mixing the worlds of 401(k)...
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The time is ripe for chambers of commerce to pursue association retirement plans (ARPs) argues an industry expert. The Department of Labor (DOL) on July 29 issued a final rule that makes it easier for small businesses to offer retirement savings plans to their workers through ARPs.
Speaking at a...
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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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Any day now the IRS is expected to release the contribution and benefits limits applicable to retirement plans.
The folks at October Three project that, based on the 1.76% increase in CPI-U between the 3rd quarter of 2018 and the 3rd quarter of 2019, we can expect increases in most limits...
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