October 23 2014

New rules for cash balance plans offer flexibility

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 22 2014

Retirees to get 1.7% bump in Social Security for 2015

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

Retirement Saving: Can We Change This Tired Old Story?

“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?

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

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

Is your inherited IRA the same as a traditional IRA?

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

A Surprising Fact About Your 401(k) Plan and Beneficiary Designation

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

Thank you, IRS! Pilot program for late Form 5500-EZs announced

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

It's Not Nice to Keep a Secret

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

PPA Restatement for most IRS 401(a) Profit Sharing and 401(k) Plans

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.