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IRAs
We are all painfully aware of the complexity of the tax and labor laws we work with. It is, therefore, no surprise that Congress makes drafting mistakes when amending these laws—particularly with voluminous and technical laws, such as the SECURE 2.0 Act of 2022.
Unfortunately, once enacted, many...
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Vermont is now among the states providing a state-run plan for private-sector employees whose employers are not. Gov. Phil Scott (R) has signed into law the measure that called for the creation of their iteration.
On June 1, Scott signed S. 135, the bill that creates VTSaves. Action on the...
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The odds increased of Nevada becoming the next state to provide retirement plan coverage to private-sector employees whose employers do not, when the state Senate on May 29 voted in favor of legislation that would do just that.
SB305 was introduced on March 16, 2023.
ARA Support
The American...
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The Pennsylvania House of Representatives on May 24 passed HB 577, a bill that would create the Keystone Saves Program, which would be an automatic enrollment payroll deduction IRA retirement savings program.
The measure passed in a 106-95 vote. All 101 Democrats in the state House voted for it,...
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A title like this one was bound to happen; and I was tempted to publish it on April Fool’s Day—except that it’s really not a joke.
Where it comes from is the simple fact that any DC lifetime income program (ok, why not, let’s use the acronym DCLIP while we’re at it) that guarantees lifetime income...
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Minnesota became the latest state to officially launch a state-sponsored retirement plan for private-sector employees lacking coverage.
Gov. Tim Walz (D) signed HF0782, the measure that creates the Minnesota Secure Choice retirement program, into law on May 19, making it one of 12 states offering...
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April, it has been said, is the cruelest month. No offense to Chaucer, but CalSavers — the Golden State’s state-run retirement plan for private-sector employees whose employer do not offer one — may beg to differ. In the fourth month of 2023 its total assets surpassed half a billion dollars. ...
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CalSavers, the state-run retirement plan that covers private-sector employees whose employers don’t offer a plan, is growing — but so far this year, the expansion in assets is outstripping that of registrations.
Registrations
Month-to-month growth in employer registrations was still...
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The Land of 10,000 Lakes is poised to become the next to adopt a measure creating a state-run retirement program that provides coverage for private-sector employees whose employers do not.
The state Senate approved the bill that would do so on May 11, and the House had done so 10 days earlier; the...
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The Vermont House of Representatives has passed legislation that would create VTSaves, bringing the state one step closer to becoming the latest to establish a state-run retirement program to provide coverage to private-sector employees whose employers do not.
The state Senate had passed S.135 on...
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The IRS has issued an update to the 2022-2023 priority guidance plan.
The IRS had released the initial plan on Nov. 4, 2022, setting forth guidance priorities for the 12-month period from July 1, 2022, through June 30, 2023 (the plan year). It released an update to the plan in February.
The To...
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A bill that would establish a state-run retirement plan to provide coverage for employees whose private-sector employers do not is working its way through the Pennsylvania legislature.
The Commerce Committee of the House of Representatives on May 3 voted in favor of HB 577 in a 12-8, party-line...
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We’ve received numerous inquiries on the operational aspects of Roth provisions now that SECURE 2.0 expands the availability and benefits of Roth contributions in retirement plans.
In particular, I’ve seen a resurgence in Roth conversion questions. One much-discussed strategy is the Mega Backdoor...
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A perceived comfortable retirement may be hard to reach for many working Americans, as most say it will take at least $1 million to do so, although most don’t expect to reach that number.
According to findings from Schroders’ 2023 U.S. Retirement Survey of 2,000 U.S. investors nationwide,...
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A bill is before the Maine legislature that would amend the Maine Retirement Savings Program in a variety of ways.
Background. Gov. Janet Mills (D) signed the Act To Promote Individual Retirement Savings through a Public-Private Partnership (LD 1622) into law June 24, 2022. The legislation had...
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A measure that would create a state-run retirement plan to provide coverage for private-sector employees in Minnesota whose employers do not is under consideration in the state legislature.
Multiple committees in both the state Senate and House of Representatives looked at The Minnesota Secure...
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Connecticut Comptroller Sean Scanlon has announced that the registration deadline for MyCTSavings has been extended to Aug. 31, 2023.
The Connecticut Retirement Security Program — also known as MyCTSavings — is a state-sponsored program that provides retirement plan coverage for those whose...
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Vermont is the latest state to push for a mandatory auto-IRA for uncovered workers and is close to getting its wish.
The Green Mountain State’s Senate swiftly and unanimously passed the VTSaves public retirement initiative on Thursday, which was introduced with the support of AARP in March. ...
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The IRS has updated the information it provides concerning reporting contributions to IRAs. The information is contained in Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs).
What's New for 2022
The following information in Publication 590-A is new for 2022...
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The Treasury Department and the IRS seek feedback regarding the tax treatment of a nonfungible token (NFT) as a collectible under the tax law. The matter has relevance not only for saving and investment, but also for IRAs.
The announcement comes in IRS Notice 2023-27.
The IRS also seeks...
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