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IRAs

  CalSavers, the state-run retirement plan that covers private-sector employees whose employers don’t offer a plan, is growing — but so far this year, the expansion in assets is outstripping that of registrations.    Registrations    Month-to-month growth in employer registrations was still... READ MORE
The Land of 10,000 Lakes is poised to become the next to adopt a measure creating a state-run retirement program that provides coverage for private-sector employees whose employers do not. The state Senate approved the bill that would do so on May 11, and the House had done so 10 days earlier; the... READ MORE
The Vermont House of Representatives has passed legislation that would create VTSaves, bringing the state one step closer to becoming the latest to establish a state-run retirement program to provide coverage to private-sector employees whose employers do not. The state Senate had passed S.135 on... READ MORE
The IRS has issued an update to the 2022-2023 priority guidance plan.  The IRS had released the initial plan on Nov. 4, 2022, setting forth guidance priorities for the 12-month period from July 1, 2022, through June 30, 2023 (the plan year). It released an update to the plan in February.   The To... READ MORE
A bill that would establish a state-run retirement plan to provide coverage for employees whose private-sector employers do not is working its way through the Pennsylvania legislature.  The Commerce Committee of the House of Representatives on May 3 voted in favor of HB 577 in a 12-8, party-line... READ MORE
We’ve received numerous inquiries on the operational aspects of Roth provisions now that SECURE 2.0 expands the availability and benefits of Roth contributions in retirement plans. In particular, I’ve seen a resurgence in Roth conversion questions. One much-discussed strategy is the Mega Backdoor... READ MORE
A perceived comfortable retirement may be hard to reach for many working Americans, as most say it will take at least $1 million to do so, although most don’t expect to reach that number.   According to findings from Schroders’ 2023 U.S. Retirement Survey of 2,000 U.S. investors nationwide,... READ MORE
A bill is before the Maine legislature that would amend the Maine Retirement Savings Program in a variety of ways.  Background. Gov. Janet Mills (D) signed the Act To Promote Individual Retirement Savings through a Public-Private Partnership (LD 1622) into law June 24, 2022. The legislation had... READ MORE
A measure that would create a state-run retirement plan to provide coverage for private-sector employees in Minnesota whose employers do not is under consideration in the state legislature.  Multiple committees in both the state Senate and House of Representatives looked at The Minnesota Secure... READ MORE
Connecticut Comptroller Sean Scanlon has announced that the registration deadline for MyCTSavings has been extended to Aug. 31, 2023.  The Connecticut Retirement Security Program — also known as MyCTSavings — is a state-sponsored program that provides retirement plan coverage for those whose... READ MORE
Vermont is the latest state to push for a mandatory auto-IRA for uncovered workers and is close to getting its wish. The Green Mountain State’s Senate swiftly and unanimously passed the VTSaves public retirement initiative on Thursday, which was introduced with the support of AARP in March.   ... READ MORE
The IRS has updated the information it provides concerning reporting contributions to IRAs. The information is contained in Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs). What's New for 2022    The following information in Publication 590-A is new for 2022... READ MORE
The Treasury Department and the IRS seek feedback regarding the tax treatment of a nonfungible token (NFT) as a collectible under the tax law. The matter has relevance not only for saving and investment, but also for IRAs.  The announcement comes in IRS Notice 2023-27.  The IRS also seeks... READ MORE
If a measure before the Oregon Senate becomes law, ABLE accounts would be added to the options available to employees in Oregon. If enacted, the new option would be available beginning Jan. 1, 2025.  SB 571 provides that if an employer offers or provides contributions to employee retirement... READ MORE
Private-sector employees in the Silver State whose employers do not offer a retirement plan could be covered by a state plan, if a bill now before the state Senate is passed and enacted.  Senate Chief Majority Whip Dallas Harris (D-Clark County) on March 16 introduced SB 305, a measure that would... READ MORE
In what appears to address changes under the SECURE 2.0 Act, the IRS has issued updated information for reporting concerning IRAs, as well as a fresh reminder concerning required minimum distributions (RMDs).  IRA Reporting   The IRS has issued an updated version of Publication 590-B,... READ MORE
The IRS issued two notices extending deadlines for qualified plan and IRA amendments required due to various pieces of legislation, including the SECURE Act, CARES Act, and Miners Act. In the latest ASPPA asap, Denise Matthews-Serra, CEBS, MSPM, CPC, QKC, QPA Mutual of America, discusses Notice... READ MORE
After many years of saving in a defined contribution (DC) plan, what does a retirement-age participant typically do with the money they’ve accumulated? New research by Vanguard breaks it down. As an issue that has increasingly piqued the interest of policymakers, plan sponsors and recordkeepers,... READ MORE
The Administration’s fiscal year 2024 budget proposes massive tax increases on corporations and upper-income taxpayers, including a proposal from the Build Back Better Act[1] to limit how much taxpayers are allowed to accumulate in their retirement plans.   According to the Treasury Department’s... READ MORE
April 1, 2023, is the last day, in most cases, for retirees who turned 72 during 2022 to begin taking distributions from IRAs, 401(k)s and similar workplace retirement plans. The IRS issued a reminder about the impending deadline on March 9.   RMDs, the IRS reminds, generally are made by the end... READ MORE

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