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How a Qualified Plan’s Effective Date Contributes to a Plan’s Success
By Cindy Fairchild, QKA, CIPWith the passing of key retirement legislation in the last few years, there are many incentives for employers to adopt a qualified retirement plan that can provide...
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IRA Disclaimers: What to do When a Beneficiary Refuses to Inherit an IRA
By Chad Neumann, CIS, CIP, CISP, CHSP, CPTD, MCCTA beneficiary recently came into our financial organization and asked if she was required to take the assets from her father’s IRA. She would prefer if...
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The Importance of Establishing Sound Plan Policies and Procedures
By Michelle Freiholtz, MBA, QKC, QKA®, CIPYou’ve established your retirement plan. Contributions are coming in and distributions are going out. Everything seems to be running smoothly . . . until...
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What You’ll Need Before Opening an HSA
Employers are now preparing for benefits enrollment season, and chances are likely that you’ll soon experience an uptick in potential clients who want to set up new health savings accounts (HSAs) for...
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RMD Rules When an IRA Owner Dies
By Jodie Norquist, CIP, CHSPIf you’re uncertain about the RMD rules, you’re not alone. The rules can be complicated. And you may find that many beneficiaries don’t understand the rules either. Here’s...
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IRS Updates Procedures for Exceptions from Certain Electronic Filing...
On September 13, 2023, the IRS issued Revenue Procedure 2023-31, which addresses requests for undue hardship waiver or administrative exception from the electronic filing requirements for Form...
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Deposit Deadlines for Elective Deferrals
By Sheila Pawlicki, QKADoes it matter when elective deferrals are deposited into participants’ accounts? Yes. If deferrals are not deposited into participants’ accounts by the Department of Labor’s...
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Deadline Approaches for 2022 IRA Recharacterizations and Excess Contribution...
By Tammy Schultz, QPA, CISPThe deadline for IRA owners to recharacterize or remove their 2022 excess contributions is fast approaching. Typically, the federal tax return extension deadline is October...
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Traditional vs. Roth: What Should I Tell My Clients?
Opening an IRA can be a sound way for your clients to save for retirement. But first, they’ll need to choose what type of IRA—Traditional or Roth—that they want to invest in. They may ask you for...
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IRA Compliance — Are You Prepared for an IRS Audit?
Compliance is a critical concern for financial organizations that serve as IRA trustees, custodians, and issuers—and for good reason. IRS penalties for noncompliance and violation of IRA rules can be...
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Safe Harbor 401(k) Basics
By Anna Noble, QKA, QPA, TGPC, CIPWhat is a safe harbor 401(k) plan?A safe harbor 401(k) is a specific 401(k) retirement plan design that allows sponsoring employers to avoid certain compliance...
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A Refresher on IRA Rollovers
By Carrie Horn, CISP, CHSP, TGPC, QPAWe have a client that has retired and wants to roll over his 401(k) plan from his former employer into his Roth IRA with us. Is he restricted from doing so because...
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Q is for Qualified Coverdell ESA Distributions: Helping Your Clients Pay for...
The school year is back in full swing and for college and private school students, that means their tuition bills are due. They, along with their parents, might be calling or stopping by your branch...
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Common Misconceptions About Using Your HSA During Retirement
By Jodie Norquist, CIP, CHSPHealth savings accounts (HSAs) will celebrate 20 years in 2024, and these tax-advantaged accounts are more popular than ever for families and individuals who want to save...
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Take the Fear Out of IRA Portability
Halloween is just around the corner, but what may strike fear into the hearts of your staff may be greater than one night of goblins and ghouls. What may frighten them the most is when a client walks...
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Top-Heavy Testing
By Kathy Hamlin, QKA, QPA, CIPWhat does the top-heavy test measure?The top-heavy test in Internal Revenue Code Section (IRC Sec.) 416 compares the benefits that have accrued under the plan for key...
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Understanding the Details of IRA Rollover Restrictions
By Stacy Torkelson, CISP, CHSP, CFCI, QKA, SDIPMy client has two checks, one for $10,000 and another for $35,000, that were issued to him from two separate Traditional IRAs. Is he allowed to roll over...
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DOL Proposes Expanded Definition of Investment Advice Fiduciary
The Department of Labor (DOL) recently released a regulatory package that includes a proposed amendment to the regulations that define what constitutes an investment advice fiduciary under the...
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IRS Releases 2024 Cost-of-Living Adjusted Retirement Savings Limitations
The IRS has issued Notice 2023-75, which contains the 2024 cost-of-living increases for qualified retirement plan dollar limitations on benefits and contributions under the Internal Revenue Code...
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Reporting Escheated IRAs
By Jodie Norquist, CIP, CHSPMany financial organizations struggle with how to handle IRAs that are left unclaimed or abandoned. You may feel that you have exhausted all efforts to locate missing IRA...
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