Archive for November, 2012
IRS Sandy Relief Phone Forum for Retirement Plans
As I indicated recently, the IRS announced Sandy relief for participants in a qualified 401(k), 403(b) or 457(b) plan. Next month, the IRS will be conducting a phone forum regarding the relief. More information and sign up is available at http://www.irs.gov/Retirement-Plans/Phone-Forums-Retirement-Plans. Enrolled individuals are eligible for free continuing education credit for the forum.
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Government Public Pension Reform
Th following article from Time, “Can We Handle the Truth? Public Pensions Are Short on Cash”, by Dan Kadlec discusses the looming public pension crisis. Located at http://business.time.com/2012/10/19/can-we-handle-the-truth-public-pensions-are-short-on-cash/, the article discusses the problems with pension funding of public plans. The author makes an excellent point regarding the discrepancies between assumed and actual return rates. As a result, many of these plans are significantly underfunded.
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Sandy Relief – Contributions and Loan Payments from Retirement Plans
Recently, the EBSA has also announced Sandy relief. Located on their website at http://www.dol.gov/ebsa/newsroom/2012/EBSA112012.html#.ULVuf7TA5UQ, the EBSA details the available relief. The EBSA has indicated that they would provide some excise tax relief for late contributions and loan payments that were due solely to Hurricane Sandy. Their announcement provides greater detail.
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Retirement Plan Minimum Distributions Part II
As we approach the end of the year, participants who are required to take their minimum required distributions will need to make sure they do before year-end. A recording of an IRS phone forum entitled, Planned Distributions, is located at http://www.irsvideos.gov/SmallBusinessTaxpayer/RetirementPlans/PlannedDistributions. The recording discusses the laws regarding minimum distributions for qualified retirement plans.
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Happy Thanksgiving
Have a Happy Thanksgiving! My blog will return next Monday.
Thanks for reading and have a wonderful day! Please sign up for my blog and follow me on twitter @ChristineGurney. Please like my facebook author page at http://www.facebook.com/ChristineGurneyHsiung. If you have not already done so, please check out purchasing my book at https://www.createspace.com/3964647.
Retirement Plan Plan Sponsor Internal Controls
In their recent Employee Plan News located at http://www.irs.gov/Retirement-Plans/Internal-Controls-are-Essential-in-Retirement-Plans, the Internal Revenue Service (IRS) has an article about internal controls. They explain the importance of control and bring up good free resources that can be used. In addition, they cite common problems they encounter. For smaller plans in particular, discussing these controls with your vendors will be essential. For example, you may need help from whomever prepares your document, if it is not done internally, in order to ensure it is being amended timely.
For plan sponsors, I suggest reviewing my posts regarding internal controls and your TPA. I recommend doing your research and ensuring you have found the best. You need to confirm that basic controls are in place. My experience is those who have no interest in procedures and quality review will give you every song and dance to explain why you do not need solid controls. They are also the ones who eventually will cost you thousands of dollars in fines and corrections later down the road.
I discuss more on determining TPA qualifications in my book, A Short Guide to Finding a High Value, Low Fee Third Party Administrator (TPA) for Your Retirement Plan, available at amazon.com and https://www.createspace.com/3964647. My goal is to help plan sponsors make the best decision they can when selecting a TPA. I understand how difficult a decision this can be when you do not know what skills and credentials to look for. I have created this book to ease the process and enable plan sponsors to make good choices through my insights from working in the industry.
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I am not selling my own or any one else’s TPA services through this blog or my book.
Sandy Relief – Hardships and Loans from Retirement Plans
Not surprisingly, the IRS announced Sandy relief. Located on their website at http://www.irs.gov/pub/irs-drop/a-12-44.pdf, the IRS details the available relief. Participants in a qualified 401(k), 403(b) or 457(b) plan may be eligible. Participants will need to live or work in the affected zone. Expenses incurred must be from Hurricane Sandy.
Thanks for reading and have a wonderful day! Please sign up for my blog and follow me on twitter @ChristineGurney. Please like my facebook author page at http://www.facebook.com/ChristineGurneyHsiung. If you have not already done so, please check out purchasing my book at https://www.createspace.com/3964647.
