Archive: Retirement

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CARES Act Retirement Plan and IRA Provisions

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020. This legislation includes many COVID-19 relief provisions, including some that impact defined contributions plans such as 401(k) and 403(b) and IRAs. Most of these provisions are designed to relieve many of the restrictions associated with gaining access […]

New Private Foundation Tax Rate

The new year has brought us the Setting Every Community Up for Retirement Enhancement Act of 2019, referred to as the SECURE Act, which contains a number of significant changes to IRA and 401(k) retirement plans.    Changes include: Repeal of maximum age at which traditional IRA contributions can be made An increase to age […]

Significant Retirement Changes under the SECURE ACT

As 2019 came to a close, the president signed into law the SECURE Act, which stands for “Setting Every Community Up for Retirement Enhancement.” The law, which took full effect on January 1, 2020 with the exception of just a handful of provisions, stands for more than just a catchy acronym—the SECURE Act could have […]

SECURE Act Finally Becomes a Reality

After some delay and with great anticipation, the Setting Every Community Up for Retirement Enhancement (SECURE) Act has been signed into law. The bill was approved by the House of Representative earlier this year but stalled in the Senate until it was passed last week as part of the Further Consolidate Appropriates Act 2020, a […]

Inherited an IRA? It’s Not Always 100% Taxable

Beneficiaries of an inherited individual retirement account (IRA) are typically not privy to the income tax filings of the decedent. The result is that some beneficiaries end up paying more tax on their inherited IRA distribution than was required. How does this happen? One answer: basis. Unlike other assets, the basis of an IRA in […]

Legislative Changes to Retirement Savings

Bipartisan legislation that would make several significant changes to retirement planning is making its way through both the House and Senate. The legislation is a result of the growing retirement income crisis with many Americans struggling to have enough savings to maintain their standard of living in retirement. The House recently approved the Setting Every […]

House Takes First Step to Changing Retirement Plans

For several months, we have heard that some changes to retirement plan were on the horizon. The first official step to making that a reality was taken on May 23, 2019 when the House of Representatives passed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act), which aims to improve the retirement system […]

IRS Announces Dollar Limits on Compensation and Benefits

On November 1, the Internal Revenue Service (IRS) announced the 2019 cost-of-living adjustments to various limits affecting employee benefit plans, with very little change. The more common limits are detailed below for 2018 and 2019. 2019 2018 401(k) & 403(b) Elective Deferrals $19,000 $18,500 Catch-Up Contribution for participants age 50 and over $6,000 $6,000 Defined […]

401(k) Auto Enrollment Trends

Hardly a day goes by when we don’t hear about the retirement crisis in America. In response to this crisis, many employers automatically enroll employees in their 401(k) retirement plans. Automatic enrollment allows an employer to automatically withhold contributions from an employee’s wages and increase that withholding amount each year. Download our “401(k) Auto Enrollment […]

Significant Changes to Form 5500 Proposed

The Internal Revenue Service “IRS”, the Department of Labor “DOL” and the Pension Benefit Guaranty Corporation “PBGC” (the agencies) recently proposed significant changes to the Form 5500 requirements for employer sponsored benefit plans. If approved, the changes would be the most significant since implementing the EFAST2 electronic filing system in 2009. As such, the filing […]