The IRS has issued final regulations for hybrid retirement plans, such as cash balance plans, that clarify and add flexibility about how an employer credits interest in such plans. The final regulations clarify the definition of "market rate of retu...
October
23
2014
New rules for cash balance plans offer flexibility
Posted by J. Saunders Wiggins, CFP®, AIF®
in Retirement, Tax Strategy, Financial Planning
with No Comments
October
22
2014
The Social Security Administration has announced its cost-of-living adjustments for 2015. Retirees aren’t going to be too thrilled about the 1.7 percent increase in monthly benefits. This will be the fifth time in six years that the COLA is less th...
September
17
2014
“Americans Are Not Saving Enough for Retirement.” Have you ever seen a news story with that headline or something similar? Sure you have. Even casual followers of the news probably see it at least once a year. It’s a story that’s been around fore...
August
15
2014
O Former Employee, Where Art Thou?
Posted by David J. Kupstas, FSA, EA, MSEA
in 401(k), Retirement, Financial Planning
with No Comments
You may remember the hit CBS television series Without a Trace from the previous decade. At the beginning of each episode, the FBI would learn of a person who had “gone missing.” Anthony LaPaglia’s character, Jack Malone, and his team of FBI specia...
July
10
2014
Treasury Department issues final rules regarding Longevity Annuities
Posted by J. Saunders Wiggins, CFP®, AIF®
with No Comments
An increasing concern for many Baby Boomers and retirees is whether or not they will outlive their retirement savings. As a result, insurance companies have been lobbying to allow qualified longevity annuity contracts (QLACs) inside 401(k) plans. The...
June
30
2014
Who would have thought that inherited IRAs are not retirement funds? However, this is the case when it comes to bankruptcy proceedings. According to the U.S. Supreme Court, inherited IRAs are not exempt by U.S. Bankruptcy Code as retirement funds. Th...
June
11
2014
Many plan participants do not know their 401(k) plan beneficiary designation supersedes a will or trust. Consider a beneficiary designation a legally binding document without an expiration date.
May
23
2014
The IRS has released Rev. Proc. 2014-32 which establishes a temporary one-year pilot program for penalty relief for late filing of Form 5500-EZ.
April
08
2014
A recent article in The Wall Street Journal touted the virtues of defined benefit pension plans for self-employed individuals and small business owners in general. Defined contribution plans such as 401(k)s are sufficient for an owner looking to put...
March
25
2014
In 2014, the IRS is expected to issue approval for the pre-approved 401(a) and 401(k) plan documents that have been updated to comply with tax law changes since the previous restatement mandated by the IRS.