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The minimum distribution requirements of Internal Revenue Code Section 401(a)(9) generally require that retirement plan participants withdraw at least a small portion of their account balances by April 1st of the year in which they turn 70½ or retire.Read more
Short-term interest rates have soared to their highest level in nearly a decade as the Federal Reserve continues to normalize interest rates.Read more
As you may be aware from our prior Top of Mind blog entry, the Bipartisan Budget Act of 2018 (more commonly known as the tax reform bill) changed a number of hardship distribution provisions, effective 1/1/2019, that would be applicable to all plans that permit distributions on account of hardship.Read more
On November 1 2019, the IRS announced the new 2019 retirement plan limits. The good news is that the applicable cost of living index did increase sufficiently for many standard limits to increase for 2019. The elective deferral limit under 402(g), for example, increased by $500 to $19,000 ($25,000 i…Read more
According to the Federal Reserve, household net worth, or the value of all assets less liabilities, rose by nearly $2.2 trillion in the second quarter to a record $106.9 trillion. In many cases, a large percentage of this increase in net worth has been driven by home ownership and rising real estate…Read more
While created as a way to save for medical expenses, health savings accounts (HSAs) can be a formidable option for retirement savings.Read more
Case Study: Progressive Thinking and Fiduciary Oversight Lead to Participants Positioned for Success
For The First Church of Christ, Scientist, headquartered in Boston, Massachusetts, discussion and decisions made by the retirement benefits committee are focused on putting their participants first.Read more
MEPs have been in the news lately, particularly as plan sponsors seek to protect themselves from litigation related to fees and fund offerings by joining forces with other employers to achieve economies of scale. What must employers consider before joining an MEP?Read more
In a recent amicus brief, higher education membership associations came to the defense of 403(b) plans in general, asserting that 403(b) plans are very different from their 401(k) counterparts.Read more
The recently enacted tax reform legislation has prompted a great deal of focus on pass-through entities. And for good reason: the pass-through provision affects many types of entities from a tax perspective, and may also have an impact on retirement plans.Read more