The IRS has announced that, for qualified retirement plans adopted in 2021 retroactive to the 2020 plan year, a 2020 Form 5500 will not be required.
August
12
2021
No 2020 Form 5500 Needed for Retroactive Qualified Plans
Posted by David J. Kupstas, FSA, EA, MSEA
in 401(k), Retirement, defined benefit, secure act, form 5500
with No Comments
May
21
2021
RMDs for Beneficiaries in Qualified Retirement Plans
Posted by David J. Kupstas, FSA, EA, MSEA
in 401(k), Retirement, RMD, 70 1/2, death, required minimum distribution, beneficiary, secure act, nonspouse
with No Comments
When an employee in a qualified retirement plan dies, the employee’s account balance has to be distributed to the beneficiary at a certain rate over a certain timeframe. The money cannot stay in the plan forever. What is that timeframe? When do distr...
April
29
2021
Catch-Up Contributions: A Good Thing for Both Men and Women
Posted by David J. Kupstas, FSA, EA, MSEA
in 401(k), Retirement, ADP test, catch-up contribution
with No Comments
Back in 2001, a law called the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) was passed. Some referred to it as the Bush Tax Cuts, Round One. The law had a number of provisions related to qualified retirement plans. Among these, in a sec...
March
11
2021
In 2020, as part of the CARES Act COVID-19 relief bill, Congress waived the requirement to take a minimum distribution from certain retirement accounts. The waiver wasn’t enacted until March, though, and by then many investors had already taken some ...
April
22
2020
This article is part of our continuing series on the coronavirus and its effects on qualified retirement plans. Recently, we wrote about ways employees affected by the coronavirus could access money from their retirement plans. Today, we are discus...
March
23
2020
Options for Accessing Retirement Plan Money Amid COVID-19 Outbreak
Posted by David J. Kupstas, FSA, EA, MSEA
in 401(k), Retirement, Financial Planning, distribution planning, coronavirus, covid-19
with No Comments
Amid the coronavirus (COVID-19) scare, we are getting reports that our clients are imposing layoffs, furloughs, and temporary shutdowns. It makes sense; if people aren’t coming to your business, there’s no work for the employees to do and no money t...
February
06
2020
Issues with Independent Contractors and Pension Plans
Posted by David J. Kupstas, FSA, EA, MSEA
in Retirement, Financial Planning, options
with No Comments
A number of our retirement plan clients have independent contractors performing services for them. There are often questions about whether these independent contractors can or should be covered in the company retirement plan. The answer can be boil...
January
30
2020
What You Need to Know About the SECURE Act
Posted by J. Saunders Wiggins, CFP®, AIF®
in 401(k), Retirement, Wealth Management, Financial Planning
with No Comments
By now you have likely heard about the SECURE Act recently passed by Congress. The Setting Every Community Up for Retirement Enhancement (SECURE) Act will increase access to workplace retirement plans and expand retirement savings, but what provision...
December
26
2019
Five Best Practices to Protect Your Retirement Nest Egg from Cybertheft
Posted by Joné E. Liuzza, ERPA, QPA, QKA
in 401(k), Retirement, Wealth Management, Financial Planning
with No Comments
I remember when I was 10, there was no such thing as a debit card. In fact, growing up in the ‘80s meant no internet, no PayPal, no direct deposit or any type of remote banking. While they make things extremely efficient and easy for us, these techno...
November
08
2019
Retirees receiving Social Security will see a small benefit increase in 2020. Savers in qualified retirement plans (but not IRAs) will have the ability to put a bit more money away in 2020.