Archive for January, 2013

Ethics for Financial Service Professionals

The IRS will be hosting a phone forum next month regarding professional ethics for retirement plans.  I encourage everyone to sign up at http://www.irs.gov/Retirement-Plans/Phone-Forums-Retirement-Plans. Free CPE is also available. In addition, they love to receive questions so even if you cannot attend, I encourage you to send your questions to them for discussion.

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

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January 22, 2013 at 8:04 pm Leave a comment

Social Security Changes

Per the following article by Melanie Hicken, entitled “No more paper Social Security checks come March“, social security will soon be eliminating paper checks.  Located at http://money.cnn.com/2013/01/09/retirement/social-security-checks/index.html?iid=s_mpm, the story indicates that recipients will need to move to electronic transfers.

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 on amazon at http://www.amazon.com/Short-Guide-Finding-Value-Administrator/dp/147912821X/ref=sr_1_1?ie=UTF8&qid=1354850566&sr=8-1&keywords=christine+gurney+hsiung or from the publisher at https://www.createspace.com/3964647.

January 9, 2013 at 11:19 pm Leave a comment

In Plan Roth Contribution Conversions

The recently passed American Taxpayer Relief Act of 2012 has expanded retirement plan options and is located at http://www.govtrack.us/congress/bills/112/hr8/text.  As indicated, the law now allows any participant to convert from traditional 401(k) balances to Roth balances.  It should be noted that potential conversions would still need to be allowed by the plan document.

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 on amazon at http://www.amazon.com/Short-Guide-Finding-Value-Administrator/dp/147912821X/ref=sr_1_1?ie=UTF8&qid=1354850566&sr=8-1&keywords=christine+gurney+hsiung or from the publisher at https://www.createspace.com/3964647.

January 8, 2013 at 8:36 pm Leave a comment

Retirement Plan Distribution Withholding

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The Internal Revenue Service (IRS) has posted a great chart on their website at http://www.irs.gov/pub/irs-pdf/p5036.pdf.  This wonderful chart lists when the additional early 10% withholding is not required.  It lists the distribution situation and whether it applies to IRA’s or qualified retirement plans.  The website is well worth bookmarking!

Thanks for reading and have a wonderful early weekend!   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 on amazon at http://www.amazon.com/Short-Guide-Finding-Value-Administrator/dp/147912821X/ref=sr_1_1?ie=UTF8&qid=1354850566&sr=8-1&keywords=christine+gurney+hsiung or from the publisher at https://www.createspace.com/3964647.

January 7, 2013 at 7:47 pm Leave a comment

Retirement Plan Corrections

New procedures for retirement plan corrections have been issued.  Located on the IRS website at http://www.irs.gov/Retirement-Plans/New-Revenue-Procedure-Updates-EPCRS, the page summarizes the changes which include new 403(b) plan and defined benefit pension plan related issues.  The page includes a direct link to the text of the revenue procedure at http://www.irs.gov/pub/irs-drop/rp-13-12.pdf.

I recommend Plan Sponsors have an Enrolled Retirement Plan Agent (ERPA) who has been tested and trained on correction process perform any needed corrections on their plan. An Enrolled Actuary specializing in defined benefit plan issues may be a better option for those retirement plans.  Likewise, an ERISA attorney may also be another good option depending on the complexity of the problem. I discuss more on determining provider qualifications in my book, A Short Guide to Finding a High Value, Low Fee Third Party Administrator (TPA) for Your Retirement Plan.

Thanks for reading and have a wonderful early weekend!   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 on amazon at http://www.amazon.com/Short-Guide-Finding-Value-Administrator/dp/147912821X/ref=sr_1_1?ie=UTF8&qid=1354850566&sr=8-1&keywords=christine+gurney+hsiung or from the publisher at https://www.createspace.com/3964647.

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January 3, 2013 at 4:54 pm Leave a comment

Happy New Year!

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Happy New Year!  First, I wanted to thank all my followers.  Reflecting back on the last year, I am so grateful to everyone I have met and heard from through this endeavor.  It has been refreshing to go from seeing ethics ignored, to being able to work toward change and encounter so many like-minded people.  We can all make a difference in improving the pension industry!  To those who currently work in the pension industry, I encourage you to obtain credentials such as the ERPA that show a commitment to ethics and quality work.  For individuals who utilize TPA services, I recommend ensuring that you choose a TPA with a strong commitment to ethical and quality administration.

I am looking forward to an even better 2013 (if that is possible)!

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 on amazon at http://www.amazon.com/Short-Guide-Finding-Value-Administrator/dp/147912821X/ref=sr_1_1?ie=UTF8&qid=1354850566&sr=8-1&keywords=christine+gurney+hsiung or from the publisher at https://www.createspace.com/3964647.

January 2, 2013 at 6:21 pm Leave a comment


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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