The 2013 401k Contribution Limits were announced by the IRS on October 18, 2012. Every year, the limit can be adjusted by an index for inflation set at $500 increments. This means that the 2013 pre-tax contribution limit for 401k plans will be $17,500 up from $17,000. 2013 Maximum 401k Contribution Over 50 Increased By “Catch-Up” Contributions [...]
401(k) Regulations
408(b)(2) Disclosure Regulations Delayed to July 1, 2012
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The Employee Benefits Security Administration (EBSA) is releasing final 408b-2 regulations. In addition to removing the “Interim” tag on the regulations, a few changes were made to the disclosure rules. Most importantly, the effective date for 408b-2 compliance was moved back to July 1, 2012. The following are some of the newest 408b-2 regulation changes [...]
401k Loan Rules
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Today, the majority of 401k plans include provisions for a participant 401k loan. That means an employee can borrow money from his or her account and repay it through payroll deduction without incurring taxes or penalties. This article examines the details of 401k loans and discusses the pros and cons of taking a loan from retirement [...]
Small Business Jobs Act of 2010: Roth Conversions
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On September 27, 2010, the Small Business Jobs Act of 2010 (SBJA 2010) was signed into law. The new law significantly expands the potential use of the Roth tax treatment within employer retirement plans. Small Business Jobs Act Gives Many the Option to Rollover to Roth Beginning in 2010, new rules allowed employees who were [...]
QDIA — Rules for Qualified Default Investment Alternatives
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On October 24th, 2007 the Department of Labor (DOL) issued the long awaited qualified default investment alternatives (QDIA) final regulations. The DOL retained much of the proposed regulations, but also offer a few new opportunities as well as some new variables. Safe harbor relief is available to fiduciaries of participant-directed 401k plans where certain conditions [...]
401k Hardship Withdrawal — A Solution In Hard Times?
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As you know, the United States was hit hard this year by tornadoes. There was a record number of EF5, the most fierce of all tornadoes. The death toll is now the highest it has been since 1950. Many have lost homes, cars, and businesses. As a result of these natural disasters, many have [...]
Form 5500 — 2007 Changes
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Form 5500 Annual Return/Report of Employee Benefit Plans and related instructions were revised in 2007 by the U.S. Department of Labor (DoL), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC). According to a press release from the DoL, the three significant changes to the Form 5500 for plan year 2007 [...]
ERISA 408(b)(2) Final Regulations Effective July 1, 2012
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The Department of Labor (DoL) has recently released new rules regarding the ERISA 408(b)(2) Servicer Provider Rules and ERISA 404(a) Participant Disclosure Rules. 408(b)(2) regulations become effective July 1, 2012. Service Provider Rules (ERISA 408(b)(2)) The final rule extends the date of Service Provider Fee Disclosure to July 1, 2012. This allows service providers an [...]
2012 Maximum 401k Contribution
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For 2013 401k Contribution Limits, Click Here On October 20, 2011, the IRS announced 401k contribution limits for 2012. This means that the 2012 pre-tax contribution limit for 401k plans will be $17,000 up from $16,500 with an index for inflation set at $500 increments. 2012 Maximum 401k Contribution Over 50 Increased [...]
SAVE Act Would Help Small Business Retirement Plans
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Named the SAVE Act, Congress has reintroduced legislation that would give small businesses greater flexibility and enhanced incentives for sponsoring employer-based retirement plans for their employees as well as promote the disclosure of retirement savings in the form lifetime income to plan participants. The Small Businesses Add Value for Employees Act (SAVE Act) was recently [...]
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