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.

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.

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November 29, 2012 at 5:30 pm Leave a comment

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.

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.

November 28, 2012 at 4:23 pm Leave a comment

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.

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.

November 27, 2012 at 8:32 pm Leave a comment

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.

Thanks for reading and have a wonderful day!   Please be sure to sign up for my blog, and follow me on twitter @ChristineGurney.

November 26, 2012 at 6:51 pm Leave a comment

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.

November 21, 2012 at 10:16 pm Leave a comment

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.

Thanks for reading and have a wonderful day!   Please be sure to sign up for my blog and follow me on twitter.

I am not selling my own or any one else’s TPA services through this blog or my book.

November 20, 2012 at 4:50 pm 1 comment

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.

November 19, 2012 at 6:41 pm Leave a comment

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Christine Gurney

A pension professional who shares her thoughts and ideas about the pension world for industry members and anyone else interested.

@ChristineGurney

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