|
|
|
6 New Job Opportunities
|
| |
|
[Official Guidance]
Draft of IRS Publication 721: Tax Guide to U.S. Civil Service Retirement Benefits, for Use in Preparing 2023 Returns (PDF)
35 pages, Dec. 11, 2023. "What's New: [1] Qualified disaster distributions.... [2] Distributions to terminally ill individuals.... [3] Increase in age for mandatory distributions.... [4] Expanded exception to the tax on early distributions from a
governmental plan (including both govern mental defined benefit and governmental defined contribution plans) for qualified public safety employees." MORE >>
Internal Revenue Service [IRS]
|
|
[Sponsor]
Revolutionize Your Health & Welfare Plans
FTW & RTO Benefits join forces for compliance documents, advanced testing, and unrivaled efficiency. Together we’re redefining Health & welfare compliance. Learn More!
|
|
|
|
[Guidance Overview]
New Distribution Options to Encourage Savings
"SECURE 2.0 (S2) includes a number of provisions designed to encourage workers to save more for retirement.... [O]ne way Congress attempted to do this is by ensuring that those who do contribute have access to their accounts when they need it. To that end, S2 creates at least 4
new types of distributions and makes changes to several others." MORE >>
DWC
|
|
[Guidance Overview]
What Plan Sponsors Should Know About DOL's New Fiduciary Proposal
"The proposal primarily targets financial services firms, such as financial advisers, insurance agents and brokers, asset managers, and defined contribution (DC) plan recordkeepers. While the direct effect on plan sponsors appears modest, plan vendors may decide to modify their
service models -- including associated fees -- and sales practices if the proposal is finalized as is." MORE >>
Mercer
|
|
DOL's Gomez Lays Out Fiduciary Rule's Chief Goals at Start of 2-Day Hearing
"The 'chief aim' of the Retirement Security Rule: Definition of an Investment Advice Fiduciary, Gomez said during her opening remarks, 'is to make sure that when individual retirement investors turn to investment professionals for sound advice rooted in their best
interest, they get just that -- advice that is prudent, loyal, candid and free from overcharges.' " MORE >>
ThinkAdvisor
|
|
PEPs Demonstrate Benefits for University Plan Sponsors
"Asked why they had chosen to join a pooled solution, the majority of institutions who reported having done so identified lower costs and less administrative
responsibility. Proponents of pooled plans argue they can offer lower 401(k) fees for workers, reduce liability and allow employers to outsource plan operation. They can also offer some features a company might not offer through a SEP, such as insured or non-insured retirement income options." MORE >>
RPAG
|
|
Delaware Expands Auto-IRA Program, Joins Colorado Consortium
"Delaware ... is partnering with Colorado's interstate consortium of state-run retirement savings programs to launch Delaware EARNs with the goal of expanding retirement savings among private sector workers. The state auto-IRA will be available to Delaware private sector
employees who don't have access to a retirement plan on a voluntary basis, and is fee-free for employers." MORE >>
planadviser
|
|
[Opinion]
Fiduciaries Must Show They Can Serve Main Street Investors to Win DOL Rule Debate
"Like Bill Murray in the movie 'Groundhog Day,' fiduciary advocates keep stepping in the same puddle during the debate over the DOL rule. Insurance and brokerage trade associations say that it will mean the end of advice for Main Street investors. If the fiduciary side
wants to win, it needs to prove them wrong." MORE >>
InvestmentNews; subscription may be required
|
|
[Opinion]
ARA Presses for Plan-Level Advice Protection in DOL Fiduciary Rule at DOL Hearing
"[ARA CEO Brian Graff] noted that the SEC's Regulation Best Interest (Reg BI) and the NAIC's Model Rule cover individual investors, not those in retirement plans, resulting in a regulatory gap the DOL's proposed Retirement Security Rule would close.... [He]
emphasized that under the current federal and state regulatory framework, most small business owners trying to offer a retirement plan to their employees are often provided no regulatory protection from the advice they receive regarding plan investment options." MORE >>
American Retirement Association [ARA]
|
|
Employee Benefits Jobs
|
|
|
|
|
Relationship Manager
Compass Retirement Consulting Group, Inc./Compass 360, LLC
Remote / NH / Hybrid
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected New Discussions |
|
Employer Match as Roth (as Per SECURE 2.0)
"I have a client asking about the mechanics of making the employer matching contribution as Roth, as allowed under Secure 2.0. In particular how the taxes are being handled. Is the Match being put through payroll, or are companies paying the taxes independently?"
BenefitsLink Message Boards
|
|
Form 8955-SSA: Reporting Participants Who Have Received Distribution
"On the old Schedule SSA, reporting terminated participants with unpaid vested benefits was mandatory but reporting them after they had received a distribution was optional. So, we never did it. Now we have a little over 2,000 people who were probably reported as term vesteds
with a balance and never removed upon subsequent payment. Their payment dates were from 1994 to 2005. The problem we have now is that these people are receiving letters from the Social Security Administration reporting that they may have a benefit due. It is sometimes difficult to convince people that they were paid. After all, a government agency is telling them to contact us. We have the check number, amount, and payment date, and even in
most cases signed distribution election forms, but we no longer have the canceled checks so people don't always believe us. And much of our information is on microfilm which requires in-person research, which is a bit of a hassle. How appropriate would it be, the next time we file the 8955-SSA, to report these people as having been paid out? Is this a huge red flag? Would it trigger unwelcome attention from some agency or
another?"
BenefitsLink Message Boards
|
|
Distribution of 402(g) Excess Contributions
"During the 2022 plan year, the company made the deductions from payroll, but they were never submitted to the recordkeeper. They were in the process of changing payroll providers. When the contributions were deposited (late) in 2023, 3 participants were over the 402g excess. The
plan sponsor is now requesting a distribution of these excess amounts. The accountant is telling the client remove the 402g excess and report/pay penalty on the form 5330. I believe they are confusing the late contribution and needing to file a 5330 for that. Since none of the impacted participants are over 59 1/2, can they distribute the money from the 402g excess? I realize they will be double taxed (2022) and then in year of distribution.
If they are allowed to distribute, I believe they are subject to the 10% premature distribution penalty. Can/Should they distribute the money? I am thinking there is no distributable event to permit the distributions, therefore the money stays in the plan."
BenefitsLink Message Boards
|
|
|
Press Releases |
|
Mike Tuffin Appointed AHIP President & CEO
AHIP [America's Health Insurance Plans]
|
|
Alera Group Retirement Plan Services Acquires Fraser Group
Alera Group
|
|
George Morrison Joins DATAIR as a Document Attorney
DATAIR Employee Benefit Systems, Inc.
|
|
|
Webcasts and Conferences
(Retirement Plans / Executive Compensation) |
|
Fundamentals of Qualified Retirement Plans (2024): Session 1
January 11, 2024 WEBINAR
ASC
|
|
SECURE 2.0 - Reshaping the Retirement Landscape
January 24, 2024 WEBINAR
TRA [The Retirement Advantage]
|
|
2024 Enrolled Actuaries Conference
March 10, 2024 in DC
Conference of Consulting Actuaries
|
|
|
Last Issue's Most Popular Items |
|
Summary of 2024 Benefit-Related Cost-of-Living Adjustments (PDF)
Mercer
|
|
IRS Issues Proposed Regs for Long-Term, Part-Time Employees
Ascensus
|
|
Is This a Good Time to Buy That Single Premium Immediate Life Annuity?
Ken Steiner, FSA Retired
|
|
Unsubscribe |
Change Email Address
Search Past Issues |
Privacy Policy
Submit an Article |
Contact Us |
Advertise Here
Copyright 2023 BenefitsLink.com, Inc. All materials contained in this newsletter are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of BenefitsLink.com, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.
BenefitsLink® Retirement Plans Newsletter, ISSN no. 1536-9587.
Links to web sites other than BenefitsLink.com and EmployeeBenefitsJobs.com are offered as a service to our readers. We are not involved in their production and are not responsible for their content.
|
