In the case of
qualified retirement plans, this could be the plan sponsor, plan administrator or any other plan fiduciary.
Administrators of employee benefit plans, as well as
qualified retirement plans should determine if they meet the definition of fiduciary.
QUALIFIED RETIREMENT PLANS THAT HAVE NOT BEEN properly updated or have not been operating according to plan provisions may be disqualified and, as a result, lose important tax benefits.
Contributions to HSAs are pre-tax, and
qualified retirement plans are tax-deferred, and both also accumulate tax-free.
Investment Advisor (Shrewsbury, NJ), a magazine serving independent financial advisors published by Wicks Business Information, has launched Retirement Plan Advisor/Interactive Edition, a monthly e-newsletter focusing on the needs of readers who offer 401(k) and other
qualified retirement plans to their clients.
The Treasury and IRS issued final regulations regarding minimum distribution rules for defined benefit plans and annuity products purchased with account balances in other types of
qualified retirement plans and IRAs.
Establishing and maintaining
qualified retirement plans is very costly for employers.
Even though
qualified retirement plans are subject to numerous pension law protections (namely, the Employee Retirement Income Security Act of 1974, more commonly known as ERISA), individuals often prefer not to leave their retirement funds under the control of an organization where they no longer work.
It also permits an employer to roll the assets from certain
qualified retirement plans (except 403(b) plans) to a new 401(k) plan.
As your business grows and income becomes more predictable, you should also plan to invest outside your
qualified retirement plans and outside your business itself.
VCR is a temporary, experimental program permitting employers that meet certain conditions to voluntarily correct operational defects in their
qualified retirement plans and avoid the risk that the IRS may disqualify their plans.
11 /PRNewswire/ -- The recently announced IRS voluntary compliance (VCR) program, designed to encourage sponsors of
qualified retirement plans to correct operational defects, provides an opportunity for companies to avoid future harsh penalties, says Coopers & Lybrand, the international accounting, tax and benefits consulting firm.
