|05/04/2012||Roth Deferral Regulations Issued for Federal TSP|
| ||May 4, 2012 – The Federal Retirement Thrift Investment Board has issued
final regulations governing designated Roth accounts (Roth elective
deferrals) in the federal government’s Thrift Savings Plan (TSPs).
TSP-eligible persons include military personnel, civilian employees of
the federal government, and U.S. Postal Service employees.
|05/04/2012||IRS Releases More on Airline Settlement Rollovers|
| ||May 4, 2012 – The IRS has released more information on how airline employees will handle the movement to a Traditional IRA of amounts previously received in a qualified airline bankruptcy settlement and rolled over to a Roth IRA. (See “Airline Settlement Roth Rollover Option Modified” earlier in Ascensus’ Latest News.)
|05/04/2012||CFPB Clarifies Regulation Z Plan Contribution Issue|
| ||May 4, 2012 – A recent federal agency bulletin has provided clarity on
the ability of mortgage loan originating personnel to participate and
receive contributions in employer-sponsored retirement plans. Bulletin
2012-02 was issued in April by the Consumer Financial Protection Bureau
(CFPB), an agency created by the Dodd-Frank Wall Street Reform and
Consumer Protection Act of 2010 to oversee consumer financial
|05/02/2012||IRS Wants Forms 5500-EZ, 8955-SSA, Filed Electronically|
| ||May 2, 2012 – An IRS
representative has reportedly stated that the agency will seek the
support of Congress to require certain plan information returns to be
submitted electronically by all plans. These information returns are
Form 5500-EZ, Annual Return of One-Participant (Owners and Their Spouses) Retirement Plan, and Form 8955-SSA, Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits.
Monika Templeman, IRS Director of Employee Plans Examinations,
reportedly made this statement at a benefits conference this week.
|04/27/2012||2013 HSA Indexed Amounts Released|
| ||April 27, 2012 – The IRS has issued Revenue Procedure 2012-26, providing the health savings account (HSA) and high deductible health plan (HDHP) limits for 2013.
|04/26/2012|| ASCENSUS IS A TOP PLACE TO WORK|
| ||Dresher, Pennsylvania–April 26, 2012–Ascensus, a leading retirement plan solutions provider, has been recognized by The Philadelphia Inquirer as a 2012 Top Workplace. With almost 500 employees in its Dresher, PA, location and more than 1000 nationally, Ascensus earned this distinction in the mid-size category for companies with 150 to 500 employees based in the Delaware Valley.
|04/23/2012||Portman, Cardin to Join Forces for Retirement Advocacy|
| ||April 23, 2012 – Two names most closely associated with legislation promoting retirement savings say they will again join forces with the same objective. Sen. Rob Portman (R-OH) and Sen. Ben Cardin (D-MD) were key players in passage and enactment of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA)—legislation that greatly enhanced retirement saving opportunities within employer-sponsored retirement plans and IRAs.
|04/18/2012||IRS Issues Notice on Governmental Plans and Normal Retirement Age|
| ||April 18, 2012 – The IRS has issued Notice 2012-29, which describes forthcoming guidance—and invites public comment—on certain governmental plans and normal retirement age (NRA). The forthcoming guidance will modify the final regulations on NRA in pension plans (released in 2007), which permit participants to receive benefits before being “separated from employment” (in-service distributions).
|04/17/2012||May 2012 Interest Rates|
| ||April 17, 2012 – The IRS has issued Revenue Ruling 2012-13, providing the applicable federal rates for May. 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).
|04/12/2012||Federal TSP Adding Roth Deferral Option|
| ||April 12, 2012 – A Roth deferral
option for employees participating in the U.S. government’s federal
Thrift Savings Plan (TSP) may be available as early as May 7, 2012. The
Federal Retirement Thrift Investment Board issued regulations in
February of 2012, enabling plans to offer this option, making these
plans similar to 401(k), 403(b) and 457(b) deferral-type defined