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
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.