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IRAs

The Chairman of the House Ways & Means Committee in July 24 remarks argued that it is time to get the SECURE Act over the goal line.  “There are not many examples of the sort of bipartisanship [we saw] on the SECURE Act that you can look to,” Rep. Richard Neal (D-MA) explained to delegates at... READ MORE
The IRS and the Department of Labor should establish a formal way of collaborating on oversight of prohibited IRA transaction exemptions, the Government Accountability Office (GAO) has recommended. The GAO undertook the study that led to its report, “Individual Retirement Accounts: Formalizing... READ MORE
A savings incentive match plan for employees of small employers (SIMPLE) IRA is intended to be a simplified way for employers and employees to contribute to retirement savings. But are they really simple? A recent analysis questions whether they really are as uncomplicated as they are purported to... READ MORE
An annual bellwether report on corporate retirement plans finds that the retirement readiness for participants in those plans is brighter due to plan design enhancements and adoption of prudent investing practices.  In fact, the usage of automatic enrollment has tripled since year-end 2007 and has... READ MORE
Perhaps consensus is a part of who we are as a people. But voices offering new ideas that challenge accepted mindsets are also part of who we are. And that applies to the discussion concerning retirement savings and preparedness as much as it does for anything else. There was lively debate in the... READ MORE
Picking up where they left off in the last Congress, the bipartisan duo of Sens. Rob Portman (R-OH) and Ben Cardin (D-MD) reintroduced their comprehensive “Retirement Security and Savings Act” on May 13.  The 132-page bill includes more than 50 provisions designed to strengthen Americans’... READ MORE
A measure that would create a board to study appropriate approaches to increase retirement savings by private-sector workers in Colorado reached the desk of Gov. Jared Polis (D) on May 13 and awaits his signature.Senate Bill 19-173 calls for the creation of a Colorado Secure Savings Plan Board that... READ MORE
The IRS announced on March 7 that victims of the severe storms, tornadoes and straight-line winds that took place on March 3, 2019 in Alabama may qualify for some forms of tax relief. Where and to Whom it Applies The relief applies to: individuals who reside or have a business in Lee County, and... READ MORE
There is less than a month to make required minimum distributions (RMDs) from traditional IRAs and employer-provided retirement plans to taxpayers who reached age 70½ in 2018. The IRS on March 5 in IR-2019-29 issued a reminder that the deadline is April 1. The April 1 deadline applies to owners of... READ MORE
IRAs have existed for 45 years – middle-aged in human terms. But that doesn’t translate to understanding, according to recent research that says Americans’ confidence in their knowledge of IRAs is low. In fact, just over a third of those studied by the LIMRA Secure Retirement Institute said they... READ MORE
All that stands between a bill establishing the New Jersey Secure Choice Savings Program and its becoming law is the signature of New Jersey Gov. Phil Murphy (D). The state Assembly passed the bill, which calls for the establishment of a state-run retirement savings plan for private-sector... READ MORE
The size of a required minimum distribution (RMD) one takes may be related to that individual’s income level, the Joint Committee on Taxation (JCT) found in a recent study. In “Estimating the Effects of the Required Minimum Distribution Rules on Withdrawals from Individual Retirement Arrangements... READ MORE
The ratification of the 22nd amendment in 1951 may limit U.S. Presidents’ tenure, but that doesn’t mean their influence over a host of areas ends when their terms of office do. And that includes retirement readiness. In “How 5 U.S. Presidents Continue to Influence Your Retirement Readiness Today... READ MORE
The IRS has issued a new version of Publication 560, “Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans)" for use in 2018 reporting. In addition to information about filing, Publication 560 contains information on the following: what type of plan to set up; how to set up a... READ MORE
Bills before the Oregon Senate would create a statutory responsibility for employers to indicate that they are exempt from participating in OregonSaves, and a penalty for not participating if they are eligible to do so. SB 165 would direct employers to indicate on annual state tax withholding... READ MORE
The Oregon State Treasury reports that OregonSaves, the state-run auto-IRA program for private-sector employees whose employers do not offer a retirement plan, continues to grow in registrations and assets. According to the Treasury, the number of employers registered with OregonSaves  and the... READ MORE
The Oregon State Treasury has announced that OregonSaves, the state-run auto-IRA program for private-sector workers in Oregon, continues to gain new participants and to grow in the balances set aside through the program. The Treasury says that by the end of 2018, OregonSaves membership and savings... READ MORE
Dec. 31 is the deadline for most retirees who must make required minimum distributions (RMDs) from 401(k), 403(b) and 457(b) and other retirement plans and IRAs. The IRS has issued a reminder, which applies to many retirees born before July 1, 1948, regarding the looming deadline in IR-2018-248.... READ MORE
OregonSaves, the first of the state-run IRA programs for private sector workers, is getting ready to take things up another notch. Specifically, the contribution rates for OregonSaves participants will, beginning Jan. 1, automatically increase 1% on the first day of each year, until they reach 10%... READ MORE
The Labor Committee of the New Jersey Senate will hold a hearing Dec. 3 on legislation that would create the New Jersey Secure Choice Savings Program, a state-run retirement plan for private-sector employees whose employers do not offer a retirement plan. Under the proposed plan, those employees... READ MORE

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