Advertisement
IRAs
A new survey finds that Americans are feeling better about their financial situation — though that may be dampening their enthusiasm for good financial resolutions.According to Fidelity Investments’ eighth annual New Year Financial Resolutions Study, 45% say they are in a better financial situation...
READ MORE
Elections, it is said, have consequences. And the retirement industry is among those for whom the results that became clear in the early hours of Nov. 9 signals that change is on the horizon. In the Nov. 15 ASPPA webcast, “What the Election Means to the Retirement Industry,” Brian Graff, CEO of the...
READ MORE
Plan fiduciaries who acted “in blatant disregard of the express terms of the plan document and of their fiduciary duties” came out on the losing end of a lawsuit.An investigation by the Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) determined that, after California...
READ MORE
Regulatory Paul Reveres are sounding the clarion call about the impending effective date of the Department of Labor’s (DOL) fiduciary rule. It’s not exactly a middle-of-the-night surprise, but it is coming. A recent paper offers ideas on preparing for the rule’s April 10, 2017 effective date.In “...
READ MORE
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...
READ MORE
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 letter to...
READ MORE
They may not have very much in common, but the two major party presidential candidates seem to be on the same page when it comes to state-run auto-IRA programs.According to Politico, Diana Furchtgott-Roth, a volunteer adviser to Donald Trump’s campaign, affirmed Trump’s support for the state auto-...
READ MORE
While the industry has spent a lot of time, energy, effort and money getting ready for the Labor Department’s fiduciary regulation, four of the nation’s leading ERISA legal experts offer some final words of counsel — and caution.Asked to provide any words of advice for those trying to comply with...
READ MORE
The Senate Finance Committee has cleared two pieces of retirement legislation that are now pending before the full Senate, including one that includes a new brand of multiple employer plan (MEP) for the private sector.Meet the PEP — and the PPPOne of the bills, the Retirement Enhancement and...
READ MORE
Much has been written about the need to increase participants’ retirement savings during their accumulation phase and help them better prepare for the decumulation phase after retiring. A recent paper argues that while there are challenges, the sky is far from falling — and in fact there is much...
READ MORE
A new plan sponsor survey offers insights into the issues regarding retirement income adoption by workplace retirement plans. Service providers may find it instructive in anticipating and meeting plan needs.More than a third of 212 plan sponsor respondents (37%) agree that solvency determination (i...
READ MORE
The IRS on Aug. 30 announced a significant relaxation in the restrictions that normally apply to plan loans and hardship distributions to Louisiana flood victims and members of their families.In Announcement 2016-30, the IRS says that the following individuals may be eligible to take advantage of...
READ MORE
A new study looks at the benefits of both — and calls into question the conventional wisdom on who benefits most, and how participants should approach those options.In “Tax Uncertainty and Retirement Savings Diversification,” researchers from the University of Arizona and the University of Missouri...
READ MORE
The IRS recently issued its 2016-17 Priority Guidance Plan, and it contains an array of goals for projects relevant to retirement plans. The plan outlines objectives the IRS intends to pursue during the period July 1, 2016-June 30, 2017.The IRS’ plans include the following projects relevant to...
READ MORE
The IRS has provided a self-certification procedure designed to help recipients of retirement plan distributions who inadvertently miss the 60-day rollover window.In Revenue Procedure 2016-47, the IRS explains how eligible taxpayers, “encountering a variety of mitigating circumstances,” can qualify...
READ MORE
There is qualified good news for retirement plans based on results concerning second quarter and July performance, according to two recent analyses.Average 401(k) and IRA balances grew from the first to the second quarter of 2016, reports Fidelity Investments. Average 401(k) balances grew by almost...
READ MORE
A new private letter ruling (PLR) from the IRS says that the required minimum distribution (RMD) rules apply to a designated IRA beneficiary even though a state court modified the beneficiary designations. The IRS released PLR 201628006 on July 8.Note that PLRs are applicable only to the specific...
READ MORE
This year, there were three named tropical systems in the Atlantic Ocean by June 5 — the first time ever that there were three named storms by such an early date. And two of them made landfall in the United States. With the official Atlantic hurricane season just begun (the National Oceanic and...
READ MORE
Many advisors — and advisory firms — have assumed that recommending a recordkeeper under the new fiduciary regulation wouldn’t constitute a fiduciary act. But that assumption may be wrong.The final fiduciary regulation, as did the 2015 proposal, places a great deal of emphasis on investment...
READ MORE
The IRS has published final regulations regarding disbursements from a designated Roth account that is directly rolled over to an eligible retirement plan.Specifically, the IRS has removed the requirement that each disbursement from a designated Roth IRA that is directly rolled over to an eligible...
READ MORE