| 02/05/2013 | IRS Seeks Input for In-Plan Roth Rollovers Guidance | | | The IRS is seeking input from retirement industry practitioners as the agency drafts guidance on provisions of the American Taxpayer Relief Act (ATRA) enacted in early 2013. Speaking this week at a national benefits conference, IRS officials indicated that the Service would welcome ideas and suggestions as they draft guidance on in-plan Roth rollovers in employer-sponsored retirement plans.
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| | 09/18/2012 | Tax Deadline Relief to Hurricane Isaac Victims | | | September 18, 2012 – The IRS has updated News Release LA/MS-2012-15 describing deadline postponements granted as a result of Hurricane Isaac. Louisiana parishes covered by the grant of relief include Ascension, Assumption, Iberville, Jefferson, Lafourche, Livingston, Orleans, Plaquemines, St. Bernard, St. Charles, St. Helena, St. James, St. John the Baptist, St. Mary, St. Tammany, Tangipahoa, Terrebonne, and Washington. Initial relief was limited to tax return filings and tax payments, but has now been extended to cover other time-sensitive tax-related acts.
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| | 09/14/2012 | IRS Updates MEP Determination Letter Procedures | | | September 14, 2012 – The IRS has updated procedures within the Internal Revenue Manual that apply to obtaining a determination letter for a multiple employer plan (MEP). This update follows on the heels of the Department of Labor issuing a ruling (Advisory Opinion 2012-04A) describing what does and does not constitute a legitimate MEP.
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| | 09/13/2012 | ASCENSUS BUSINESS DEVELOPMENT CONSULTANTS DRIVE RESULTS FOR FINANCIAL ADVISORS | | | Dresher, Pennsylvania–September 13, 2012 – Ascensus, a leading retirement plan solutions provider, announces expanded efforts to drive results for financial advisors in retirement plan servicing. Ascensus Business Development Consultants (BDCs)—part of the company’s Strategic Partners group—are aligning with advisors who have a significant portion of their business practice oriented toward defined contribution (DC) plans.
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| | 09/10/2012 | September 2012 Interest Rates | | | The IRS has posted a website link to Revenue Ruling 2012-24, containing the applicable federal rates for September. (The IRS released these rates on August 21, 2012, but did not post a link at that time.) These rates are used for such purposes as calculating distributions from retirement arrangements that meet the substantially equal periodic payment requirements of IRC Sec. 72(t)(2)(A)(iv).
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| | 09/10/2012 | IRS PLR Cites USPS Delay in Approving 60-Day Rollover Waiver | | | August 3, 2012 – The IRS has issued private letter ruling (PLR) 201236038, granting a taxpayer the right to complete an IRA rollover beyond the normal 60-day deadline for such action. In this PLR request, the taxpayer claimed to have mailed the rollover check to the receiving financial organization for deposit into an IRA within the statutory 60-day period, but the organization did not receive the check until after the deadline had passed.
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| | 09/04/2012 | CA Senate Approves Retirement Plan for Private Sector | | | September 4, 2012 – The California State Senate last Friday approved a bill to establish a state-managed automatic enrollment retirement savings option for certain private sector workers. The bill was passed by the California Assembly earlier that day. At the time of this writing, it was undetermined whether the bill would be signed into law by Governor Jerry Brown.
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| | 08/31/2012 | IRS Letter Forwarding Program for Retirement Plans is Ending | | | August 21, 2012 – The IRS announced today, in Revenue Procedure 2012-35, that the letter forwarding program available to plan sponsors, administrators, and qualified termination administrators (QTAs) is ending. This program was used to locate missing retirement plan participants and beneficiaries when plans or their agents lacked current address information and were unable to locate individuals by conventional means.
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| | 08/29/2012 | Congress to Address IRA Charitable Distributions Soon | | | August 29, 2012 – The Senate Finance Committee yesterday released updated bill text, revenue estimates, and an analysis of the Family and Business Tax Cut Certainty Act of 2012. This bill contains a number of tax provision extensions, including an extension through 2013 of the popular IRA qualified charitable distribution option.
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| | 08/21/2012 | IRS Ruling on Post-Death Plan-to-IRA Rollover | | | August 21, 2012 – The IRS has issued Private Letter Ruling (PLR)
201233022 enabling the personal representative of a deceased plan
participant to complete a rollover from a qualified retirement plan to
an IRA.
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