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IRAs

The IRS has issued 2024 versions of Form 1099-R and 5498, as well as their instructions. These forms are used to report information concerning contributions and distributions, including those involving IRAs.  The IRS issued the forms as drafts—they are informational and not to be used for filing... READ MORE
In a positive sign that lawmakers are committed to fixing several errors contained in the SECURE 2.0 Act, the House and Senate have just released a draft technical corrections bill, including changes to allow catch-up contributions and provide parity for Starter 401(k)s championed by the American... READ MORE
The IRS has prepared the draft instructions for the Form 5329 for reporting additional taxes on qualified plans, including Roth and traditional IRAs and other tax-favored accounts from 2023. Employers, plan administrators and retirement plan professionals may find it worthwhile to remind plan... READ MORE
The Delaware EARNS Program Board is considering cooperation with the state-run retirement plans serving private-sector employees in Maine and Colorado, Elizabeth Bordowitz, Executive Director of the Maine Retirement Investment Trust, has confirmed.  Ted Griffith, Program Director of Delaware EARNS... READ MORE
The IRS has just announced the new contribution and benefit limits for 2024 and—reflecting the moderating inflation readings, the increases are modest. The headline is that next year the amount individuals can contribute to their 401(k) plans (not to mention 403(b) and most 457 plans, as well as... READ MORE
Required minimum distributions (RMDs) are among the many plan features affected by laws enacted and regulations issued in the last few years. An Oct. 24 session of the ASPPA Annual conference held at National Harbor addressed some of the consequences of those changes.  In “Participant Journey: Let... READ MORE
In an Oct. 24 morning session titled “Charting a New Course: Navigating Roth Changes in the Post SECURE 2.0 World” with ‘secret agent’ Shannon Edwards with TriStar Pension Consulting and Michelle Ueding, an employee benefits and executive compensation attorney with Kutak Rock, focused on all one... READ MORE
A new proposed fiduciary rule will be coming “very soon,” according to Assistant Secretary of Labor Lisa Gomez. She was joined by Carol Weiser, Benefits Tax Counsel at the Department of the Treasury, at an Oct. 24 session of the 2023 ASPPA Annual conference at National Harbor, MD.  Issuing... READ MORE
The challenges, opportunities, and complexities surrounding high-profile SECURE 2.0 provisions were tackled in an Oct. 23 morning session at the 2023 ASPPA Annual conference in National Harbor, Maryland. Bob Kaplan, the American Retirement Association's Director of Technical Education, and Robert... READ MORE
A panel at the Oct. 22 opening session of the 2023 ASPPA Annual Conference expressed agreement with the notion of closing the coverage gap but also evinced great concern over the effect legislation that would create a federal retirement savings program could have on the private-sector retirement... READ MORE
A hearing has been set concerning legislation that would make Massachusetts the next state to institute a state-run retirement program that would provide coverage for private-sector employees whose employers do not.  The Joint Committee on Financial Services of the Massachusetts legislature will... READ MORE
Analysis of the first state-sponsored retirement plan for uncovered workers—OregonSaves—supports earlier findings that auto-IRAs do, in fact, close the coverage gap. More specifically, a new paper examined Oregon’s program, started in 2017, which requires employers who did not offer any workplace... READ MORE
Where do things stand regarding retirement assets and plan participation in the United States? Two agencies give us a look.  Assets U.S. retirement assets as of New Year’s Eve in 2022 stood at a total of $37.8 trillion, says the Congressional Research Service (CRS) in U.S. Retirement Assets: Data... READ MORE
If you made an error with IRA contributions or discover one, there still is time to correct it. But not much time—the deadline for fixing those mistakes is Oct. 16, 2023.  Among the errors that could cause someone to seek to make an adjustment, observes Sarah Brenner, Director of Retirement... READ MORE
Any retirement fund invests its funds in some way to help them grow, and that includes those run by states. A look at how CalSavers handles the investment of its funds sheds some light on how one of the largest state-run retirement plans fosters growth of their funds.  Assets CalSavers had assets... READ MORE
The Department of Labor (DOL) sent a new version of a proposed fiduciary rule to the Office of Management and Budget (OMB) late Sept. 8 for review.   Known officially as “Conflict of Interest in Investment Advice,” it would redefine fiduciary investment advice under ERISA. According to a post on... READ MORE
CalSavers has expanded the range of services for which it is seeking professional assistance.  On Sept. 5, CalSavers issued an RFP (request for proposals) announcing that it is seeking a contractor to provide investment consulting services. CalSavers, the state-run program that provides retirement... READ MORE
Starting a state-run program could result in private-sector employers dropping their existing retirement benefit plans, warned some soothsayers. Not so, says an industry expert.  Kim Olson, Senior Officer of the Pew Charitable Trusts’ Retirement Savings Project took issue with such doom and gloom... READ MORE
The Maine Retirement Savings Program is getting closer to implementation. The Maine Retirement Savings Board has proposed a rule that would set the nuts and bolts of program operation.  Gov. Janet Mills (D) signed the Act To Promote Individual Retirement Savings through a Public-Private... READ MORE
The IRS released guidance on Aug. 25 that addressed Section 603 of the SECURE 2.0 Act with respect to Roth catch-up contributions. The guidance grants a two-year delay in the provision's effective date that mandates that catch-up contributions must be Roth for those earning more than $145,000.... READ MORE

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