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The recently enacted Tax Cuts and Jobs Act of 2017 (TCJA) will not affect 2018 pension plan limitations, the IRS said on Feb. 6 in IR-2018-19.
The Internal Revenue Code specifies dollar limits on benefits and contributions under qualified retirement plans and requires the Treasury Department to...
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Here are, in my estimation, the three biggest mistakes fiduciaries make.
Not knowing they are fiduciaries.
As noted above, a significant – and apparently growing — number of individuals who are, in fact, plan fiduciaries are oblivious to that reality. The reasons for that are varied, though the...
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New survey results from TD Ameritrade suggest that three-quarters of Americans are in the dark when it comes to 401(k) fees.The survey of more than 1,000 investors finds that the vast majority of people either erroneously believe they do not pay any 401(k) fees (37%), are unaware whether their plan...
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The ink is barely dry on the Tax Cuts and Jobs Act (TCJA) — it’s been on the books for less than two months. Panelists at a session of ASPPA’s Feb. 2 Tax Virtual Conference offered their take on what the new law means to retirement plan professionals.
The session, “Retirement Plan Threats and...
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Of course it depends on what factors you consider, but when considering the tax advantages, an argument can be made that HSAs are a better investment vehicle, particularly when used only for qualified medical expenses, a new report claims.
“HSA Investing: 3 Reasons Investing in an HSA is Not the...
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A recent paper touches on where retirement readiness fits into the financial wellness equation, and it’s not just in the obvious ways.In “The Power of the Wellness Effect: Seeing the Real Value of Employee Financial Health,” Prudential Retirement President and CEO Phil Waldek and Prudential Group...
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It has been heartening in recent weeks to see a number of employers announce plans to expand and increase benefit programs, offer bonuses, and increase the employer match. Better still, a recent survey indicates that more positive changes could lie ahead.
A decade ago, the headlines were filled...
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January opened with the ball dropping, but that may be about all that fell last month — at least as far as pension plan funding was concerned.In its regular analysis of how pension funds are faring, October Three applies current conditions and circumstances to two model pension plans: a traditional...
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The 2018 Eastern Regional Conference will be held at the Doubletree Center City Hotel in Philadelphia on Thursday, April 26 and Friday, April 27. One of only two live regional conferences to be sponsored by ASPPA in 2018, the Eastern Regional Conference has been designed to educate retirement plan...
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President Trump keeps talking up 401(k) balances — and the January results for the average 401(k) account balance certainly support that.An analysis by the nonpartisan Employee Benefit Research Institute (EBRI) found that the average account balance for younger (25-34), less tenured (1-4 years)...
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Two more House members, one from each major party, on Jan. 30 joined 132 of their peers as cosponsors of the Rehabilitation for Multiemployer Pensions Act.
Reps. Brian Fitzpatrick (R-PA) and Dina Titus (D-NV) signed on as cosponsors of H.R. 4444, a bill that calls for the creation of a Pension...
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Total monetary recoveries by the Employee Benefits Security Administration’s (EBSA) enforcement and oversight activity in fiscal year 2017 were up from the previous year, according to an annual fact sheet released by the agency.
The federal government’s fiscal year is Oct. 1-Sept. 30.
In FY 2017...
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The IRS has reviewed and updated the information it provides in frequently asked questions (FAQs) concerning recharacterizations of IRA contributions. It did so on Jan. 23.
The FAQs are as follows.
What is a recharacterization of a contribution to a traditional or Roth IRA?
A recharacterization...
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Whoever said ignorance was bliss surely wasn’t talking about fiduciary litigation.While I’ve had the opportunity over the past decade and change to peruse plenty of filings and findings related to excessive fee suits, the recent amended filing in a case against New York University (NYU) included...
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The Retirement Plan Academy is looking for individuals who want to have a positive impact on our profession.Specifically, we’re looking for ASPPA credentialed members who would like to participate in a committee that will help pick the topics and speakers for our webcasts.As a member of the Webcast...
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ERISA attorney Fred Reish looks at another “mistaken belief” about the fiduciary regulation.In a recent blog post on the fiduciary regulation, Reish explains that under that regulation, and the transition Best Interest Contract Exemption (BIC) — which has been in effect since June 9, 2017 — when an...
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A recent conversation between Trucker Huss’ Callan Carter and Diane Wasser of the CPA firm EisnerAmber LLC spotlights errors commonly found in a retirement plan audit.An auditor tests a sample of an employer’s employee population when reviewing a plan. Wasser says, and once he or she discovers an...
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In the wake of any new tax law, there are always issues that cause problems when the new provisions are put actually into practice. One such issue with the recently enacted Tax Cuts and Jobs Act: hardship withdrawals from a 401(k) plan to address a personal casualty loss of a principal residence...
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The ASPPA College of Pension Actuaries (ACOPA) has named longtime IRS executive Martin Pippins as its new Executive Director and Director of Regulatory Policy, effective May 1.
Pippins, a 30-year veteran of the IRS, served most recently as Director, Customer Service & Stakeholder Relations for...
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At a Jan. 24 session of the National Tax-deferred Savings Association’s 2018 NTSA Summit in Houston, American Retirement Association CEO Brian Graff discussed the most important federal legislative and regulatory developments affecting retirement plans. Tax Reform The recently enacted Tax Cuts and...
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