Retirement Plan Records Retention

The IRS has added a useful article, “Maintaining Your Retirement Plan Records ” to their website at http://www.irs.gov/Retirement-Plans/Maintaining-Your-Retirement-Plan-Records. In the article, the IRS points out different items that plan sponsors need to keep such as plan documents, amendments, and participant statements. They also discuss maintaining your records until after all benefits and assets have been paid.

Thanks for reading and have a wonderful day! Please sign up for my blog and follow me on twitter @ChristineGurney. Please follow me on Pinterest at http://www.pinterest.com/chrisgurneyerpa/. 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 amazon.com and directly from the publisher at https://www.createspace.com/3964647.

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December 23, 2014 at 12:24 pm Leave a comment

401(k) Fee Lawsuit

NPR published an article, “Lockheed Martin Case Puts 401(k) Plans On Trial” by Jim Zarroli located at http://www.npr.org/2014/12/15/370794942/lockheed-martin-case-puts-401-k-plans-on-trial. The story discusses a lawsuit against a company for allegedly including excessive fee funds in their retirement plan and allowing their record-keeper to charge exorbitant fees on their retirement plan.  The situation underscores the importance of reasonable fees.  Plan sponsors are responsible for confirming that the fees their investment funds and service providers charge are justified.

Thanks for reading and have a wonderful day! Please sign up for my blog and follow me on twitter @ChristineGurney. Please follow me on Pinterest at http://www.pinterest.com/chrisgurneyerpa/. 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 amazon.com and directly from the publisher at https://www.createspace.com/3964647.

December 16, 2014 at 12:24 pm Leave a comment

2014 Retirement Plan Minimum Distributions

As the end of year approaches, participants who are required to take their minimum required distributions and are not eligible for the April first year extension, will need to make sure they do so before year-end.   The IRS has put out a nice synopsis of the rules on their website, ” Most Retirees Need to Take Required Retirement Plan Distributions by Dec. 31″ located at http://www.irs.gov/uac/Newsroom/Most-Retirees-Need-to-Take-Required-Retirement-Plan-Distributions-by-Dec.-31.

Thanks for reading and have a wonderful day! Please sign up for my blog and follow me on twitter @ChristineGurney. Please follow me on Pinterest at http://www.pinterest.com/chrisgurneyerpa/. 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 amazon.com and directly from the publisher at https://www.createspace.com/3964647.

December 9, 2014 at 12:24 pm Leave a comment

More on IL Pension Reform

Many states have discussed reforming their pension systems.   Illinois is going through an interesting time right now.   The Chicago Tribune has an article entitled “Landmark State Pension Law Struck Down by Springfield Judge” by Ray Long and Hal Dardick located on their web site at http://www.chicagotribune.com/news/local/politics/chi-key-ruling-on-illinois-pension-law-expected-friday-afternoon-20141120-story.html.  The article discusses legislation that was trying to cut Cost of Living (COLA) adjustments and create a longer wait time before being able to receive retirement benefits.

Thanks for reading and have a wonderful day! Please sign up for my blog and follow me on twitter @ChristineGurney. Please follow me on Pinterest at http://www.pinterest.com/chrisgurneyerpa/. 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 amazon.com and directly from the publisher at https://www.createspace.com/3964647.

December 2, 2014 at 12:24 pm Leave a comment

Saver’s Credit Benefits

Screen Shot 2014-11-24 at 1.13.39 PMThe IRS posted a nice article, “Plan Now to Get Full Benefit of Saver’s Credit; Tax Credit Helps Low- and Moderate-Income Workers Save for Retirement”, about the saver’s credit of up to $1,000 (or $2,000 if married) this month at http://www.irs.gov/uac/Newsroom/Plan-Now-to-Get-Full-Benefit-of-Saver’s-Credit-Tax-Credit-Helps-Low-and-Moderate-Income-Workers-Save-for-Retirement. The article provides a nice reminder that some plan participants may be eligible for this credit, and the article provides a brief recap of the restrictions. The release date reflects great timing on the IRS’s part. This is the time to take advantage of this great opportunity for participant 401(k) contributions before the final 2014 payroll.

Thanks for reading and have a wonderful day! Please sign up for my blog and follow me on twitter @ChristineGurney. Please follow me on Pinterest at http://www.pinterest.com/chrisgurneyerpa/. 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 amazon.com and directly from the publisher at https://www.createspace.com/3964647.

November 25, 2014 at 12:24 pm Leave a comment

Financial Statements for Plans


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In October, Benefits Magazine ran an article, “Financial Statements-Gaining a Deeper Understanding”. The story explains different parts of employee plan financial statements. The author includes a reminder that those in charge of the plan are responsible in the end for those statements and their accuracy (Reinhardt, Joseph A. (2014). Financial Statements- Gaining a Deeper Understanding. Benefits Magazine, 51 (10), 47.). His point underscores the importance of plan sponsors reviewing the statements and making sure they understand them. Plan sponsors need to ensure those preparing their statements have all the information they need, and that they are qualified and doing an appropriate job just like any other service provider.

Thanks for reading and have a wonderful day! Please sign up for my blog and follow me on twitter @ChristineGurney. Please follow me on Pinterest at http://www.pinterest.com/chrisgurneyerpa/. 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 amazon.com and directly from the publisher at https://www.createspace.com/3964647.

November 19, 2014 at 12:24 pm Leave a comment

Sheltering Inherited IRAs

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Last month, Benefits Magazine ran an article, “Supreme Court Holds Inherited IRAs Are Not Exempt From the Bankruptcy Estate”. The story discusses a case, Clark et ux. v. Rameker, Trustee, et al., that appeared before the U.S. Supreme Court. The Court commented on the distinction between inherited and other IRAs, such as Roth and Traditional, in bankruptcy proceedings. The Court concluded that the funds are not considered to be for retirement and that account holders may not seek to shelter the funds in bankruptcy (Benefits Magazine (2014). Supreme Court Holds Inherited IRAs Are Not Exempt From the Bankruptcy Estate. Benefits Magazine, 51 (10), 59.).

Thanks for reading and have a wonderful day! Please sign up for my blog and follow me on twitter @ChristineGurney. Please follow me on Pinterest at http://www.pinterest.com/chrisgurneyerpa/. 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 amazon.com and directly from the publisher at https://www.createspace.com/3964647.

November 10, 2014 at 12:24 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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