401k

Tax

Retirement Plans Can Make Loans, Hardship Distributions to Sandy Victims

The IRS announced on November 16, 2012, that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Sandy and members of their families.
AccountingWEB Life

Paychex Expands Retirement Services Offering to Fee-Based Financial Advisors

Paychex, Inc., ranked as one of the nation's largest 401(k) recordkeepers according to PLANSPONSOR magazine's 2011 Recordkeeping survey, has announced the launch of Paychex Advisor Select 401(k) Plan, a new offering that is specifically designed for fee-based financial and investment advisors.
Practice

Treasury Proposes New Rules for Annuity Options in Retirement Plans

The U.S. Treasury and the IRS have proposed a package of regulations and rulings intended to encourage retirees to invest some proceeds of their retirement accounts in annuities. Retirees have shown no interest in this type of investment because they are reluctant to invest their entire retirement account in an annuity.
Practice

Prepare your clients for upcoming 401(k) regulations

A new regulation set forth by the Department of Labor (DOL) states that 401(k) plan vendors will have until April 1, 2012, to disclose fees to plan sponsors, while plan sponsors will have until May 31, 2012, to disclose fees to employees on their quarterly statements.
A&A

Many baby boomers see retirement delayed at least four years

Half of Baby Boomer clients who have postponed retirement due to the economic downturn expect to work at least four years longer than they originally planned, according to CPA financial planners surveyed by the AICPA.
Tax

IRS announces 2011 pension plan limitations

The Internal Revenue Service recently announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2011.
AccountingWEB Life

Converting to a Roth IRA easier in 2010

A provision within the Small Business Jobs and Credit Act of 2010 passed by the House Thursday will allow participants in 401(k), 403(b), and 457 tax deferred plans to convert those savings into a Roth IRA account if employers sponsor a Roth IRA in their plan.
A&A

IRS looking for feedback on Roth 401(k) regulation

The Internal Revenue Service is seeking comments on an existing regulation that provides guidance on Roth 401(k) arrangements.
Tax

Recession blues: 401(k) loans and hardship withdrawals on the rise

Fidelity Investments, one of the nation's providers of workplace retirement savings plans, has released its quarterly data on the state of the 401(k) that show positive, steady savings behavior by the majority of participants. However, it also cited an increase in the use of loans and hardship withdrawals by participants.