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Qualified HSA Funding Distribution
WEBAll contributions (individual, employer and qualified HSA funding distributions made are combined for the year, and must not exceed the maximum annual limit ($3,500 for self-only coverage and $7,000 for family coverage in 2019, plus $1,000 for a catch-up contribution for those age 55 and older.) A qualified HSA funding distribution must be …
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The ABCs of 401(h) Plans
WEBA “401 (h) plan” is a retiree medical benefit account that is set up within a defined benefit pension plan (or money purchase pension plan or annuity plan) to provide for the payment of benefits for sickness, accident, hospitalization and “medical expenses” for retired employees, their spouses and dependents.
Hybrid retirement plans
WEBThe term hybrid plan refers to a category of defined benefit plans that uses a lump-sum based formula to determine guaranteed retirement benefits. Cash balance and pension equity plans are the two most common types of hybrid plans. The provisions of the governing plan document will specify which type of hybrid plan a participant may have.
The Latest on Secure 2.0
WEBThe Latest on Secure 2.0 Caution: Merging bills ahead! The House and Senate are closer to reaching common ground on retirement savings enhancement legislation the industry has named “SECURE 2.0.” The chambers are scrutinizing and synthesizing the latest iterations of the following three bills: HR 2954 Securing a Strong Retirement (SSR) Act S 4353 …
The New Way to Count Participants for Form 5500 Audits
WEBThe Form 5500 filing regulations, among other things, change the method of counting participants for purposes of determining when a defined contribution plan must file as a small plan, which also factors into whether the plan may be exempt from the IQPA audit requirement. Specifically, for 2023 and later plan years, plans are directed to count
IRC §401(h) Plans
WEBA “401 (h) plan” is a retiree medical benefit account that is set up within a defined benefit pension plan [1] to provide for the payment of benefits for sickness, accident, hospitalization and medical expenses for retired employees, their spouses and dependents if the arrangement meets the requirements of Internal Revenue Code …
Forms of SEP plan documents and when to use them
WEBThere are three document format options for SEP plans: 1) the IRS model form, which is IRS Form 5305-SEP Simplified Employee Pension – Individual Retirement Accounts Contribution Agreement; a prototype document offered by banks, insurance companies, mutual fund companies and other qualified financial institutions or forms …
Distributions from Nonqualified Deferred Compensation Plans
WEBA NQDC plan may allow employee elections regarding the timing and method of payment; or it can dictate the payment regime with no elections allowed. If participants have options, they record their distribution choices when they make their deferral elections. They must elect 1) when they will receive distributions from the NQDC plan, and 2) in
Is rendering advice to an HSA owner considered a fiduciary act
WEBUnder the fiduciary rule, if an advisor, for example, chooses to provide advice to an HSA owner he or she must satisfy a prohibited transaction exemption under the fiduciary rule, under which the advice is given 1) in the best interest of the HSA owner, 2) in exchange for a reasonable fee; and 3) with clearly understood disclosures that are …
Retirement Plans for Statutory Employees
WEBERISA consultants at the Retirement Learning Center (RLC) Resource Desk regularly receive calls from financial advisors on a broad array of technical topics related to IRAs, qualified retirement plans and other types of retirement savings and income plans, including nonqualified plans, stock options, and Social Security and Medicare.
Qualifying for Medicare on Spouse’s Record
WEBMedicare Part A coverage is premium-free for individuals who have forty quarters of covered employment for Social Security retirement benefits at age 65. If they don’t personally have the covered employment and are married, they may be able to qualify on their spouses’ record. [1] Note: if the older spouse has less than forty quarters they
Are Governmental Plans Exempt from ERISA
WEBGenerally, governmental retirement plans are fully exempt from Titles I and IV of ERISA. Those titles cover fiduciary duties, reporting and disclosure requirements, and termination insurance from the Pension Benefit Guaranty Corporation [ERISA Secs. 4 (b) (1) and 4021 (b) (2)]. A few of the provisions of Title II of ERISA apply to governmental
Plan Compensation and Imputed Income
WEBImputed income relates to group term life insurance (GTLI). Offering GTLI may affect the administration of an employer’s qualified retirement plan, depending on the definition of compensation selected for plan purposes. The first $50,000 of employer-provided GTLI is excludable from an employee’s taxable income pursuant to Internal …
Congress Releases SECURE 2.0 Technical Corrections Discussion …
WEBOn December 6, 2023, the committees of jurisdiction (in the Senate the Committee on Health, Education, Labor and Pensions (HELP) and in the House the Ways and Means Committee and the Education and the Workforce Committee) released a “discussion draft” of proposed technical corrections to the retirement plan-related portions of SECURE Act …
What is a Long-Term Incentive Plan
WEBA Long-Term Incentive Plan or LTIP is a type of compensation incentive program designed to reward executives for achieving the sponsoring company’s strategic objectives while maximizing shareholder value. It in not an IRC Sec. 401 (a) qualified retirement plan [e.g., profit sharing or 401 (k)], but rather, a way of compensating …
Defined Benefit Plan Annual Funding Notice
WEBThe Annual Funding Notice is one of several important retirement plan notifications that should be considered as part of a comprehensive financial planning process. It reveals important information about the overall health of a DB plan, such as how well the plan is funded, assets and liabilities, the plan’s investment policy, business …
Where Does SECURE Act 2.0 Stand
WEBRegarding retirement reform measures, first, the House and Senate must reconcile their differences between three foundational bills that are under consideration as SECURE 2.0: S 4808 Enhancing American Retirement Now (EARN) Act. Second, the House and Senate must pass one version of a final bill and send it to the president as either standalone
The Optimal Pair: 401 (k) + Cash Balance Plan
WEBSome consider Cash Balance Plans (CBPs) to be the next generation of qualified retirement plans. The size of the CBP market exceeds $1.3 trillion and is growing—up 60 percent in the last three years. Financial advisors should take note of this burgeoning movement that could increase their assets under management (AUM) and …
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