| 07/25/2012 | August 2012 Interest Rates | | | July 19, 2012 – The IRS has
released the applicable federal interest rates for August 2012 as
included in Revenue Ruling 2012-21. These rates are used for such
purposes as calculating retirement arrangement distributions that meet
the substantially equal periodic payment requirements of IRC Sec.
72(t)(2)(A)(iv).
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| 07/20/2012 | Coverdell ESA Provisions in Senate Tax Bills | | | July 20, 2012 – In the U.S.
Senate, both the Democrat-drafted Middle Class Tax Cut Act and the
Republican-drafted Tax Relief Act of 2012, which provide a one-year
extension of 2001 and 2003 tax cuts, contain provisions affecting
Coverdell education savings accounts (ESAs). Both bills would maintain
current-law rules associated with ESAs, as modified by the Economic
Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).
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| 07/19/2012 | Ascensus Appoints Cheryl Courtney as New Regional Vice President | | | Dresher, Pennsylvania–July 19, 2012–Ascensus, a leading retirement plan solutions provider, announced today that Cheryl Courtney has been appointed Regional Vice President of its “West” territory. In this position, Courtney will oversee Ascensus’ distribution networks in southern California, Nevada and Hawaii and work with the company’s business partners and financial advisor clients to expand their business in the region.
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| 06/20/2012 | July 2012 Interest Rates | | | June 20, 2012 – The IRS has released the applicable federal interest
rates for July 2012 as included in Revenue Ruling 2012-20. These rates
are used for such purposes as calculating retirement arrangement
distributions that meet the substantially equal periodic payment
requirements of IRC Sec. 72(t)(2)(A)(iv).
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| 06/20/2012 | IRS No-Signature Form 8955-SSA Filing Extension Guidance | | | June 20, 2012 –IRS proposed regulations that will permit Form 8955-SSA filing extensions to be submitted without signature is scheduled for publication in tomorrow’s Federal Register. For service providers who deal with many plans that seek filing extensions, this is welcome news.
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| 06/13/2012 | IRS Revenue Rulings Clarify Use of Deferred Annuities in Retirement Arrangements | | | Heightened concern over American
workers outliving their financial resources has led Congress and
several regulatory agencies to look for options to extend savings
accumulations over a worker’s lifetime. In February 2012, the IRS
issued proposed regulations for what it calls “qualified longevity
annuity contracts,” and accompanying guidance in the form of two revenue
rulings to enhance understanding of those regulations.
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| 06/13/2012 | IRS May Allow Form 8955-SSA Submissions Unsigned | | | June 13, 2012 – Highly placed
IRS and Treasury officials have reportedly indicated that pending
guidance will allow submission of Form 5558, Application for Extension of Time to File Certain Employee Plan Returns, without a signature, when applying for an extension of time to file Form 8955-SSA, Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits.
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| 06/01/2012 | HSA Bill to Be Blended With Other Legislation | | | June 1, 2012 – H.R. 5842, the Restoring Access to Medication Act, announced earlier this week in Latest News,
would repeal the provision of the Patient Protection and Affordable
Care Act that requires obtaining a prescription for over-the-counter
medications in order for their cost to be considered a qualified medical
expense for health savings accounts, Archer medical savings accounts,
and health flexible spending account (FSA) purposes.
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| 05/31/2012 | Bills Would Alter HSA, MSA Provisions | | | May 31, 2012 – Few expect 2012
to be a year when major savings-related legislation is enacted, but two
House bills introduced in May would affect health savings accounts
(HSAs) and Archer medical savings accounts (MSA). Both bills have been
referred to the House Ways and Means Committee. (There currently are no
companion Senate bills.)
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