RMDs generally were established to ensure that individuals begin withdrawing funds from their retirement plans, like 401(k)s, and IRAs, at a specific age. This policy helps the government collect taxes on these savings, which were initially tax-deferred. With people living longer, the age for RMDs was recently pushed back, giving your savings more time to grow before you dip in.
Read MoreCritics have called the 401(k) plan a “failed experiment” and maintain that it does not provide retirement security to low and middle income employees. Does the 401(k) plan really deserve a failing grade? Recent developments suggest otherwise.
Read MoreMost new plans will be required to have auto-enrollment and auto-escalation beginning in 2025. The “grab bag” guidance in Notice 2024-02 addresses how this requirement will be applied to mergers and spinoffs, but leaves other basic questions unanswered.
Read MoreClarification of the rules for electing Roth employer contributions should spur more plan sponsors and vendors to consider allowing them.
Read MoreHere are some developments that could change things for the better in 2024.
Read MoreIn this Op-ed for Bloomberg Tax, Carol Buckmann comments on the implications of this welcome delay in this new requirement applying to high earners.
Read MoreSECURE 2.0 expands the ability of plan sponsors to self-correct inadvertent plan errors without making a formal IRS filing. In Notice 2023-43, the IRS provides guidance to follow until a revised revenue procedure can be issued.
Read MoreA short provision of SECURE 2.0 raises a long list of compliance questions. Here are some of them.
Read MorePlan sponsors who want to help participants facing personal emergencies have many new options under SECURE 2.0.
Read MoreHere is a reference guide on the most comprehensive pension reform legislation since the Pension Protection Act of 2006.
Read MoreSECURE 2.0’s general changes apply to 403(b) plans, MEPs and ESOPs. However, there are also specific provisions targeted at these specialized plans and intended to solve their unique problems.
Read MoreSECURE 2.0 gives plan sponsors new tools to help participants with emergency needs and student debt.
Read MoreSECURE 2.0 contains big changes to the required minimum distribution rules, including changes that could encourage annuitization of 401(k) plan benefits. Here are the important takeaways.
Read MoreSECURE 2.0 directs the Department of Labor to establish a national participant lost & found database. While this is step forward in trying to unite former participants with their benefits, Carol explains why plan fiduciaries won’t be able to rely completely on this new tool.
Read MoreSeveral provisions of SECURE 2.0 ease penalties for IRA violations and provide new options for employers sponsoring SIMPLE-IRAs and SEPs.
Read More
