(October 27, 2016) Today, the Department of Labor (DOL) released the first in a series of frequently asked questions (FAQs) designed to assist financial organizations as they adapt their IRA and retirement plan policies and procedures in anticipation of the new fiduciary regulations scheduled to become effective April 10, 2017.

The recently published 24-page FAQ focuses primarily on the newly created best interest contract (BIC) exemption as well as other exemptions that were created (or modified) as a direct result of the new regulatory definition concerning investment advice fiduciaries.

In its ongoing effort to assuage industry concerns regarding the challenges posed by the new fiduciary regulations, the DOL reiterates its position that "compliance assistance is a high priority for the Department" and that the Departments focus during implementation "will be marked by an emphasis on assisting (rather than citing violations and imposing penalties) on plans, plan fiduciaries, financial institutions and others who are working diligently and in good faith to understand and come into compliance with the new rules and exemptions."

 

IRS Makes Significant Updates to EPCRS Correction Program

(July 19, 2021) The IRS Employee Plans Compliance Resolution System (EPCRS) permits any plan sponsor…

Emergency and Retirement Savings Act of 2021 Introduced in Senate

(June 2, 2021) On May 27, 2021, Senators James Lankford (R-OK) and Michael Bennet (D-CO),…

Postponed Deadlines for IRA/HSA Contributions and Other Time-Sensitive Acts For West Virginia Storm Victims

(June 1, 2021) On May 27, 2021, the IRS issued WV-2021-01 to provide affected taxpayers"…

Portman-Cardin Reintroduce Retirement Savings Bill

(May 24, 2021) On May 20,2021, Senator Rob Portman (R-Ohio) along with Senator Ben Cardin…

Postponed Deadlines for IRA/HSA Contributions and Other Time-Sensitive Acts For Tennessee Storm Victims

(May 14, 2021) On May 13, 2021 the IRS issued TN-2021-01 to provide affected taxpayers" who…

Publication 590-B to be Revised Soon

(May 14, 2021) On May 13, the IRS posted to its website its intention to…

2022 HSA COLAs Issued

(May 10, 2021) The IRS issued Revenue Procedure 2021-25 to announce the 2022 cost-of-living adjustments…

Retirement Plan Legislation In the Works

(May 6, 2021) On Wednesday May 5, 2021, the House Ways & Means Committee approved…

IRS Announces Additional Postponed Deadlines for IRA/HSA Contributions and Other Time-Sensitive Acts

(April 30, 2021) On April 29, 2021 the IRS issued News Release KY-2021-01 and News…

IRS Confirms Postponed Deadlines for IRA/HSA/ESA Contributions and Form 5498 Series Filing

(March 30, 2021) With the issuance of News Release IR-2021-67 and Notice 2021-21, the IRS…

PPE Considered Qualified Medical Expense

(March 26, 2021) On March 26, 2021, the IRS released Announcement 2021-7 notifying taxpayers that…

IRA & HSA Contribution Deadline Presumably Extended to May 17th

(March 17, 2021) The Treasury Department and Internal Revenue Service announced today in News Release…

IRS Announces Postponed Deadlines for Time-Sensitive Acts for Texas & Louisiana Winter Storm Victims

(March 10, 2021) UPDATE:  On March 10, 2021, the IRS issued News Release LA-2021-02 to provide…

New IRS Withholding Forms for 2022

(March 9, 2021) The Form W-4P has been split into two forms for 2022, Form…

IRS Announces Postponed Deadlines for Time-Sensitive Acts for Oklahoma Winter Storm Victims

(February 25, 2021) On February 22, 2021, the IRS issued News Release IR-2021-43 to provide “affected…

IRS Posts Taxpayer Form to Report Coronavirus-Related Distributions and Repayments

(February, 12, 2021) The IRS has posted the 2020 version of the new Form 8915-E,…

DOL Announces New Investment Advice Rule Will Go Into Effect on February 16, 2021

(February 12, 2021) The Department of Labor (DOL) confirmed in a news release on Friday,…

UPDATE: President Trump Signs the Covid Relief Package

(December 28, 2020) On Sunday December 27, 2020, signed the Covid relief package into law…

Congress Approves Coronavirus Relief Package

(December 28, 2020) UPDATE: President Trump Signed the Covid Relief Package into Law (December 22, 2020) Stretching…

DOL Finalizes Fiduciary Investment Advice Rule

(December 17. 2020) The Department of Labor (DOL) announced on Tuesday, December 15, 2020, that…

IRS Finalizes Rollover Rules for Qualified Plan Loan Offsets

(December 8, 2020) On December 7, 2020, the IRS issued final regulations concerning the extended…

IRS Issues Guidance Concerning Termination of 403(b) Arrangements

(November 17, 2020) The IRS recently published guidance, in the form of Revenue Ruling 2020-23,…

Final Regulations Updating Life Expectancy Tables Posted

(November 6, 2020) The IRS has posted a preview of the final regulations (TD 9930)…

2021 COLAs Issued

(October 26, 2020) On October 26, 2020, the IRS issued IRS Notice 2020-79 to announce the 2021cost-of-living…

IRS Addresses Withholding and Reporting on Escheated Qualified Plans

(October 16, 2020) The IRS has released Revenue Ruling 2020-24 addressing federal income tax withholding and…

List of Permissible Reasons for Self-Certified Late Rollover Expanded

(October 16, 2020) The IRS has released Revenue Procedure 2020-46 which modifies and updates Revenue…

Taxable Wage Base Increase for 2021

(October 13, 2020) The Social Security Administration has announced in a news release that the…

House Passes New COVID-19 Relief Bill; Negotiations Continue

(October 5, 2020) On Thursday, October 1, the House of Representatives passed the Health and…

IRS Issues Final Regulations for Income Tax Withholding on Periodic Distributions

(September 28, 2020) The IRS has issued final regulations updating the federal income tax withholding…

IRS Issues SECURE ACT Q&As in Notice 2020-68

(Septmeber 2, 2020) On September 2, 2020, the IRS issued Notice 2020-68 providing guidance in…

New Safe Harbor 402(f) Language Issued

(August 6, 2020) Notice 2020-62 has been issued by the IRS modifying the safe harbor…

IRS Issues Reminder to Taxpayers of CARES Act Relief

(July 29, 2020) On July 29, 2020, the IRS issued News Release IR-2020-172 as a…

DOL Announced New Proposed Class Exemption for ERISA Fiduciaries

(June 30, 2020) The Department of Labor (DOL) has announced that a new proposed class…

IRS Publishes Relief Guidance for Safe Harbor 401(k) Plans

(June 29, 2020) In Notice 2020-52, issued on June 29, 2020, the IRS provides guidance…

IRS Announces Significant 2020 RMD Rollover Relief

(June 23, 2020) The IRS has just announced in Notice 2020-51 significant relief for IRA…

IRS Issues Details Regarding Coronavirus-Related Distributions and Enhanced Access to Retirement Plan Loans Under the CARES Act

(June 19, 2020) The IRS has released Notice 2020-50 to providing details regarding the CARE Act…

Notice 2020-42 Provides Temporary Relief to Physical Presence Requirements for Certain Plan Administrator/Notary Public Witnesses

(June 5, 2020) In response to various administrative challenges resulting from the ongoing coronavirus pandemic, the…

2019 IRS Form 5498 Series Deadline Further Postponed to August 31, 2020

(May 28, 2020) On May 28, 2020, the IRS announced in Notice 2020-35 that they…

IRS Issues Proposed Regulations for Income Tax Withholding on Periodic Distributions

(May 27, 2020) In response changes made by the Tax Cuts and Jobs Act of…

DOL Finalizes Safe Harbor Rule for Electronic Disclosure

(May 27, 2020) The U.S. Department of Labor (DOL) announced a final rule on May…

2021 HSA COLAs Issued

(May 20, 2020) The IRS issued Revenue Procedure 2020-32 to announce the 2021 cost-of-living adjustments (COLAs)…

House Passes New COVID-19 Relief Bill

(May 18, 2020) On Friday, May 15th, the House passed the HEROES Act, which has…

Proposed COVID-19 Relief Bill Contains Additional RMD Relief and Other Retirement Provisions

(May 12, 2020) On May 12, 2020, the House of Representatives introduced the Health and…

IRS Posts CARES Act FAQs

(May 5, 2020) On May 4th, the IRS posted FAQs on its website pertaining to…

Federal Agencies Issue Disaster Relief Guidance for Employee Benefit Plans

(April 29, 2020) The Department of Labor (DOL) today, in concert with several other federal…

Form 5498 Deadline Extended to July 15th

(April 11, 2020) On April 10, 2020, the IRS issued Notice 2020-23 that postponed numerous…

Treasury Extends Deadlines for Numerous Time-Sensitive Acts

(April 11, 2020) On April 10, 2020, the IRS issued Notice 2020-23 to provide taxpayer…

IRS Issues Additional Coronavirus Relief Including 60-Day Rollover Relief

(April 10, 2020) On Thursday, April 9, 2020, the IRS issued Notice 2020-23 providing expanded…

IRS’s National Distribution Center is Closed

(April 10, 2020) The IRS has posted to its website a notification that the IRS’s…

UPDATE: President Trump Signs the CARES Act!

(March 27, 2020) On Friday, March 27, 2020, the CARES Act was signed into law…

House of Representatives Approves the CARES Act

(March 27, 2020) A few minutes ago, the House of Representatives passed the Coronavirus Aid,…

Senate Unanimously Passes the CARES Act

(March 26, 2020) The Senate unanimously passed the Coronavirus Aid, Relief, and Economic Security Act…

Massive $2 Trillion Federal Stimulus Package Will Immediately Impact Retirement Providers

(March 27, 2020) UPDATE: Earlier today, the House of Representatives passed the Coronavirus Aid, Relief,…

IRS FAQs Confirms July 15th Contribution Deadline

(March 25, 2020) On March 24, 2020, the IRS posted FAQs on its website related…

IRS Confirms July 15th Tax Filing Deadline

(March 21, 2020) On March 20, 2020, the IRS issued Notice 2020-18 officially extending the…

Contribution Deadline Extended to July 15th

(March 20, 2020) On March 20, 2020, at the direction of President Trump, Treasury Secretary…

IRS Confirms IRA/HSA Contribution Deadline Remains April 15th

UPDATE:  On March 20, 2020, at the direction of President Trump, Treasury Secretary Steven Mnuchin announced…

Tax Payment Deadline Extended; Tax Filing Deadline & IRA/HSA Deadline Contribution Unchanged

UPDATE:  On March 20, 2020, at the direction of President Trump, Treasury Secretary Steven Mnuchin…

HSA-Compatible HDHPs May Pay COVID-19 Related Expenses

(March 11, 2020) On March 11, 2020, the IRS issued Notice 2020-15 stating that high deductible…

IRS Posts Fact Sheet Summarizing SECURE Act Changes

(March 3, 2020) The IRS recently posted a Fact Sheet, FS-2020-04, to its website that…

Publication 590-B Posted

(February 21, 2020) The IRS has posted the 2019 version of Publication 590-B, Distributions from Individual…

Final Version of 2020 Instructions for Forms 1099-R and 5498 Posted

(February 20, 2020) The IRS posted a final version of the 2020 Instructions for Forms 1099-R…

Second DRAFT Version of 2020 Instructions for Forms 1099-R and 5498 Posted

UPDATE: The IRS posted posted a final version of the 2020 Instructions for Forms 1099-R…

Publication 590-A Posted

(February 11, 2020) The IRS has posted the 2019 version of Publication 590-A, Contributions to…

DRAFT Version of 2020 Instructions for Forms 1099-R and 5498 Posted

UPDATE: The IRS has released a second draft version of the 2020 Instructions for Forms…

IRS Issues SECURE Act Relief for Erroneous RMD Statements

(January 24, 2020) On January 24, 2020, the IRS issued IRS Notice 2020-06 providing guidance…

UPDATE: President Trump Signs the SECURE Act!

(December 20, 2019) On Friday, December 20, 2019, the SECURE Act was signed into law…

Congress Passes SECURE Act

(December 19, 2019) The House of Representatives and Senate have passed an appropriations package to…

SECURE ACT Attached to Spending Bill Set to Pass By Year-End

(December 16, 2019) By end of day on Monday, December 16, 2019 it was official—Congress…

IRS Issues Proposed Regulations with Updated Life Expectancy Tables

(November 8, 2019) The IRS has issued proposed regulations [REG-132210-18] and a notice of public…

2020 COLAs Issued

(November 6, 2019) On November 6, 2019, the IRS issued Notice 2019-59 to announce the…

Taxable Wage Base Increase for 2020

(October 11, 2019) The Social Security Administration has announced in a news release that the…

IRS Address Issues Guidance Regarding Uncashed Retirement Plan Checks

(August 15, 2019) On August 14, 2019, the IRS issued Revenue Ruling 2019-19, which addresses…

Proposed Regulations Issued Regarding MEP “One Bad Apple Rule”

(July 5, 2019) On July 3, 2019, the IRS published proposed regulations [REG-1215008-18] in response…

Definition of Preventive Care for HSA-Compatible HDHPs Expanded

(July 19, 2019) On July 19, 2019, the IRS issued Notice 2019-45 expanding the list…

Executive Order Provides Directive for Changes to HSAs

(June 25, 2019) On June 24, 2019, President Trump signed an Executive Order on health…

Regulations Address Withholding on Retirement Plan Distributions Delivered Outside of United States

(May 31, 2019) On May 31, 2019, the IRS issued proposed treasury regulation [REG–132240–15]  regarding…

2020 HSA COLAs Issued

(May 28, 2019) The IRS issued Revenue Procedure 2019-25 to announce the 2020 cost-of-living adjustments (COLAs)…

House Passes Significant Retirement Reform Legislation

(May 23, 2019) On May 23, 2019 the full House overwhelmingly passed H.R. 1994, the…

Portman-Cardin Introduce Retirement Savings Bill

(May 14, 2019) On May 14, 2019, Senator Rob Portman (R-Ohio) along with Senator Ben…

Student Loan Repayment Bill Introduced

(May 14, 2019) On May 13, 2019, Senator Ron Wyden, D-Oregon, introduced The Retirement Parity…

Retirement Plan Legislation on the Fast-Track

(April 3, 2019) On Tuesday, April 2, 2019, the House Ways & Means Committee approved…

Senators Introduce Companion Bill

(April 2, 2019) On April 1, 2019, Senate Finance Committee Chairman Chuck Grassley, R-Iowa, and…

Retirement Plan Legislation Proposed

(April 1, 2019) On March 29, 2019 the Ways & Means Committee Chairman Richard Neal…

Publication 590-B Posted

(January 28, 2019) The IRS has posted the Publication 590-B, Distributions from Individual Retirement Arrangements…

Proposed Legislation Would Provide Relief for Federal Employees Affected by Shutdown

(January 17, 2019) On January 15, 2019, Representative Pete Olson (R-TX) introduced legislation that if…

2019 Instructions for Forms 1099-R and 5498 Posted

(January 2, 2019) The IRS has posted 2019 versions of Forms 1099-R and 5498, as…

Publication 590-A Posted

(January 2, 2019) The IRS has posted Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs)…

2019 Forms 1099-R and 5498 Posted

(December 21, 2018) The IRS has posted the 2019 versions of Form 1099-R, Distributions From…

2018 IRA/HSA Contribution Deadline April 15th For Most; Extended For Some

(December 19, 2019) The deadline for making IRA contributions (i.e., regular contributions, spousal contributions and…

Retirement Plan Legislation Proposed

(November 29, 2018) On November 26, 2018, the House Ways and Means Committee Chairman Kevin…

IRS Issues Proposed Hardship Withdrawal Regulations

(November 14, 2018) The Treasury Department has released proposed regulations addressing hardship withdrawals from 401(k)…

2019 COLAs Issued

(November 1, 2018) On November 1, 2018, the IRS issued Notice 2018-83 to announce the…

DOL Issues Proposed Rule Expanding Access to MEPs

(October 23, 2018) As anticipated, on October 22, 2018, the Department of Labor (DOL) issued…

IRS Issues Proposed Rule on De Minimis Reporting Errors

(October 17, 2018) The IRS has issued proposed regulations [REG-118826-16] relating to penalties for failure to…

Relief Granted for Victims of Hurricane Michael

(October 16, 2018) The IRS has issued several pronouncements which provide retirement plan (including IRA)…

Taxable Wage Base Increase for 2019

(October 11, 2018) The Social Security Administration has announced in a news release that the…

IRS Releases Updated EPCRS Guidance

(October 5, 2018) On September 28, 2018, the IRS released in Revenue Procedure (Rev. Proc.)…

New Safe Harbor 402(f) Language Issued

(September 18, 2018) Notice 2018-74 has been issued by the IRS modifying the safe harbor explanations…

Relief Granted for Victims of Hurricane Florence

(September 15, 2018) The IRS has issued several pronouncements which provide retirement plan (including IRA)…

Tax Reform 2.0 Unveiled, Substantive Retirement Provisions Included

(September 11, 2018) On Monday, September 10, 2018, House Republicans unveiled a package of legislative…

President Trump Signs Executive Order Aimed at Expanding Access to MEPs

(September 4, 2018) President Trump, on Friday, August 31, 2018, signed an Executive Order stipulating…

Expanded Features for SIMPLE IRAs Proposed

(July 13, 2018) On July 11, 2018, Senators Mark Warner (D-VA) and Susan Collins (R-ME)…

2018 Form 5498 Posted

(July 6, 2018) The IRS has posted the 2018 version Form 5498, IRA Contribution Information.…

IRS Proposes Changes to Requirements for Filing Information Returns Electronically

(June 3, 2018) On May 31, 2018, the IRS published proposed Treasury regulations (REG-102951-16) that…

IRS Addresses Withholding and Reporting on Escheated IRAs

(May 29, 2018) UPDATE:  Notice 2018-90 extended relief to payments made before the earlier of Janaury…

2019 HSA COLAs Issued

(May 11, 2018) The IRS issued Revenue Procedure 2018-30 to announce the 2019 cost-of-living adjustments…

HSA Family Contribution Reverted To $6,900

(April 26, 2018) The Internal Revenue Service has announced that the maximum contribution amount for…

Tax Filing Deadline Update

(April 18, 2018) The Internal Revenue Service announced yesterday that it is providing taxpayers an…

HSA Contribution Clarification & Transition Relief

(March 19, 2018) Eligibility to contribute to a health savings account (HSA) is, in part,…

5th Circuit Court of Appeals Strikes Down DOL Fiduciary Rule

(March 19, 2018) In a decision that caught at least some industry observers by surprise,…

IRS Posts Form to Report Distributions and Repayments Relating to 2017 Disasters

(March 16, 2018) The IRS has posted a 2017 version of the new Form 8915B,…

House Introduces RESA Companion Bill

(March 15, 2018) Yesterday, Representatives Mike Kelly (R-PA) and Ron Kind (D-WI) introduced a companion…

Retirement Enhancement and Savings Act of 2018 (RESA 2018) Introduced

(March 13, 2018) On Friday, March 9, 2018, Senator Orrin Hatch (R-UT) and Senator Ron…

2018 HSA Family Contribution Limit Reduced

(March 5, 2018) The IRS has announced, in Revenue Procedure 2018-18, that the maximum 2018…

Publication 969 Posted

(March 5, 2018) The IRS has posted Publication 969, Health Savings Accounts and Other Tax-Favored…

IRS Posts New Disaster Relief Publication

(March 5, 2018) The IRS has posted a new publication, Publication 976, Disaster Relief, to…

Publication 590-A Posted

(March 1, 2018) The IRS has posted the 2017 version of Publication 590-A, Contributions from…

IRS Posts Forms to Report Distributions and Repayments Relating to 2016 Disasters

(February 28, 2018) The IRS has posted 2016 and 2017 versions of the new Form…

Bipartisan Budget Act of 2018 Includes Retirement Provisions

(February 12, 2018) To the surprise of many within the retirement services industry, the 620-page…

Publication 590-B Posted

(February 7, 2018) The IRS has posted the 2017 version of Publication 590-B, Distributions from…

2018 COLAs Not Affected by Tax Cuts & Jobs Act

(February 6, 2018) In News Release IR-2018-19, the IRS announced today that the Tax Cuts…

IRS Expected to Post Hurricane-Related Taxpayer Forms/Publications Soon

(February 5, 2018) The IRS is expected to post final versions of the following taxpayer…

2017 IRA/HSA Contribution Deadline

(January 31, 2018) The deadline for making Traditional and Roth IRA contributions as well as…

IRS Confirms 2017 Conversions May Be Recharacterized

(January 18, 2018) The IRS has updated the IRA FAQs-Recharacterization of IRA Contributions on its website to…

Back-Door Roth IRA Contributions Endorsed by Congress

(January 12, 2018) A back-door Roth IRA contribution whereby an individual who is not eligible…

Effective Date of Recharacterization Repeal Clarified

(December 29,2017) There has been confusion surrounding the effective date of the provision in the…

House and Senate Pass Tax Reform Bill; Awaiting President Trumps Signature

(Updated December 22, 2017) President Trump signed the Tax Cuts & Jobs Act into law…

DOL Delays Key Investment Fiduciary Requirements to Mid-2019

(November 29, 2017) As anticipated, the Department of Labor (DOL) has recently announced a further…

2018 COLAs Issued

(October 19, 2017) On October 19, 2017, the IRS issued Notice 2017-64 to announce the…

President Signs Bill Providing Access to Retirement Plan Savings for Hurricane Victims

(October 2, 2017) On September 29, 2017, President Trump signed into law the Disaster Tax Relief…

House & Senate Pass Special Retirement Plan Legislation for Hurricane Victims

(September 29, 2017) On September 28, 2017, the House of Representatives and Senate both passed…

Relief Granted for More Hurricane Victims of Hurricanes

(September 19, 2017) The IRS has issued several pronouncements which provide retirement plan (including IRA)…

DOL Guidance for Hurricane Irma Victims

(September 18, 2017) The Department of Labor (DOL) has issued News Release 17-1297-NAT which provides guidance or…

IRS Posts UPDATED IRA Documents

(September 16, 2017) On September 16, 2017, the IRS posted updated model IRA document language…

IRS Liberalizes Access to Plan Loans & Hardship Distributions for Hurricane Irma Victims

(September 13, 2017) The IRS has issued Announcement 2017-13 that provides potential retirement-plan specific relief to Hurricane…

DOL Posts FAQs for Participants and Beneficiaries Following Hurricane Harvey

(September 5, 2017) The Department of Labor (DOL) has released a set of Frequently Asked…

DOL Guidance for Hurricane Harvey Victims

(September 5, 2017) The Department of Labor (DOL) has issued News Release 17-216-NAT which provides guidance for…

Retirement Plan Relief for Victims of Hurricane Harvey

(September 5, 2017) The IRS has issued several pronouncements which provide relief to victims of…

Treasury Announces Steps to Wind Down myRA Program

(July 28, 2017) ​Washington, D.C. – The U.S. Department of the Treasury today announced that…

2018 HSA COLAs Issued

(May 4, 2017) The IRS issued Revenue Procedure 2017-37 to announce the 2018 cost-of-living adjustments…

DOL Announces 60-Day Delay to Fiduciary Rule Effective Date

(April 5, 2017) On Tuesday, April 4, 2016, the Department of Labor (DOL) released information…

DOL Proposes 60-Day Delay for Fiduciary Rule

(March 1, 2017) The Department of Labor (DOL) today released a notice of proposed rulemaking…

2017 Instructions for Forms 1099-R and 5498 Posted

(December 13, 2016) The IRS has posted the final version of the 2017 Instructions for…

2016 IRA/HSA Contribution Deadline

(December 7, 2016) The deadline for making Traditional and Roth IRA contributions as well as…

Department of Labor Issues FAQ Concerning Fiduciary (aka "conflict-of-interest") Regulations

(October 27, 2016) Today, the Department of Labor (DOL) released the first in a series…

2017 COLAs Issued

(October 27, 2016) The IRS issued Notice 2016-62 today to announce the 2017 cost-of-living adjustments…

IRS Provides Loan/Distribution Flexibility for Victims of Louisiana Storms

(August 30, 2016) In Announcement 2016-30, the IRS outlines specific relief that is potentially available…

DOL Publishes Final Rule on State-Sponsored IRAs

(August 25, 2016) Today the United States Department of Labor (DOL) published final rules that…

Wavier of 60-Day Rollover Requirement, Effective Immediately

(August 24, 2016) Earlier today, the IRS published important new guidance concerning rollover relief for…

2017 HSA COLAs Issued

(May 2, 2016) The IRS issued Revenue Procedure 2016-28 to announce the 2017 cost-of-living adjustments…

Final Fiduciary Regulations Signal Industry-Wide Changes

(April, 6, 2016) On Wednesday, April 6, 2016, the Department of Labor (DOL) released the…

IRA Bankruptcy Exempt Amount Increases

(March 14, 2016) When the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA)…

President Obama Outlines Retirement Savings Changes

(January 28, 2016) The White House has released a fact sheet that identifies several proposals…

Alert: Legislative Changes Enacted

On Friday, December 18, 2015, Congress presented, and President Obama signed into law, the “Consolidated…

QCD Permanency Legislation Pending

(December 16, 2015) Late last night, the House Ways and Means committee came to an…

DOL Releases Guidance on State-Sponsored IRAs

(November 16, 2015) The United States Department of Labor (DOL) published a significant package of…

myRA® Program Expands by Adding New Funding Methods

(November 5, 2015) On November 4, 2015, the Treasury Department has announced that the myRA®…

Proposed Regulations Published Regarding Treatment of Same-Sex Marriage for Federal Tax Purposes

(October 23, 2015) The U.S. Department of the Treasury and the Internal Revenue Service (IRS)…

2016 COLAs Issued

On October 21, 2015, the IRS issued News Release IR 2015-118 to announce the 2016…

2016 HSA COLAs Issued

(May 5, 2015) The IRS issued Revenue Procedure 2015-30 to announce the 2016 cost-of-living adjustments…

DOL Issues New Fiduciary Regulations

On Tuesday, April 14, 2015, the Department of Labor (DOL) published a sweeping package of…

QCDs Extended for 2014

(December 22, 2014) President Obama signed the Tax Increase Prevention Act of 2014 into law…

Transition Rule Announced for IRA Rollovers

(November 10, 2014) The IRS released News Release IR-2014-107 and Announcement 2014-32 as follow-up to…

2015 COLAs Issued

On October 23, 2014, the IRS issued News Release IR 2014-99 to announce the 2015…

Long-Awaited IRS Guidance Clarifies Rollover Options for After-Tax Savings

(September 18, 2014) The IRS has released long-awaited guidance in the form of Notice 2014-54…

House Passes QCD Permanency Bill

(July 17, 2014) On July 17, 2014, the House of Representatives passed the America Gives…

IRS Withdraws Proposed Regulation on 12- Month Rollover Rule

(July 11, 2014) As part of its ongoing initiative to change its enforcement policy with…

QLAC Final Regulations Impact RMD Calculations

(July 2, 2014) On July 2nd the Treasury released final regulations relating to the use…

IRS Provides Clarification to New Rollover Rule

(June 19, 2014) Convergent has recently learned from IRS officials that the IRSs position outlined…

Inherited IRAs Not Protected From Bankruptcy

(June 12, 2014) On June 12, 2014, the United States Supreme Court ruled unanimously that…

2015 HSA COLAs Issued

(April 23, 2014) The IRS issued Revenue Procedure 2014-30 to announce the 2015 cost-of-living adjustments…

SSA Letter Forwarding Program Discontinued

(April 17, 2014) The Social Security Administration has announced that the Social Security Administration will…

IRS Notice Provides Guidance on Application of Windsor Decision

(April 4, 2014) The IRS has released Notice 2014-19 which provides guidance on the prospective…

Guidance Issued to Promote Rollovers to Employer Plans

(April 3, 2014) The U.S. Department of Treasury and the IRS has issued Revenue Procedure…

New Rollover Rule Applies Separately to Roth

(March 27, 2014) Included in the March 27, 2014, edition of the IRSs Employee Plan…

IRS Changes Rollover Rule

(March 20, 2014) The IRS released Announcement 2014-15 today announcing that the agency intends to…

MyRA Information Posted

The Treasury Department has posted information on its TreasuryDirect website regarding the myRA (my Retirement…

Tax Court Ruling Conflicts with 12-Month Rollover Rule

A recent decision from the United States Tax Court regarding the 12-month rollover rule is…

Obama Announces Retirement Initiatives

As part of the 2014 State of the Union address, President Barack Obama pledged to…

2014 COLAs Issued

On October 31, 2013, the IRS issued News Release IR 2013-86 to announce the 2014…

2014 COLAs Likely to Be Released October 30th

The Bureau of Labor Statistics has announced it has scheduled the release of the September…

DOL's EBSA Follows IRS with Guidance Recognizing Same-Sex Marriages

On September 18, 2013, the U.S. Department of Labor's (DOL's) Employer Benefits Security Administration (EBSA)…

Same-Sex Marriages Will Be Recognized for Federal Tax Purposes

On August, 29, 2013, the Department of the Treasury and the Internal Revenue Service (IRS)…

Plan Investment Disclosure Timing May Be Reset

The U.S. Department of Labor's Employee Benefits Security Administration released Field Assistance Bulletin (FAB) 2013-02…

Supreme Court Case Likely to Effect Employer Sponsored Retirement Plans and IRAs

On Wednesday, June 26, 2013, the United States Supreme Court ruled on theUnited States v.…

Proposed Legislation Could Stall Issuance of Fiduciary Regulations

On June 19, 2013, the House Financial Services Committee passed the Retail Investor Protection Act…

IRA Bankruptcy Exemption Amount Increases

When the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) was enacted the…

2014 HSA COLAs Issued

On May 2, 2013, the IRS issued Revenue Procedure 2013-25 to announce the 2014 cost-of-living…

Update: IRS Comments on "Carryback 2012 QCDs

As part of the American Taxpayer Relief Act of 2012 (ARTA), the IRA option for…

American Taxpayer Relief Act of 2012 Contains Retirement Plan Related Provisions

H.R. 8, the American Taxpayer Relief Act of 2012 (ATRA) has been passed by both…

DOL Issues Retirement Plan Guidance for Hurricane Sandy Victims

On November 20, 2012, the Department of Labor's Employee Benefits Security Administration issued a news…

IRS Relaxes Loan and Hardship Withdrawal Rules for Hurricane Sandy Victims

On November 16, 2012, the IRS released Announcement 2012-44 providing potential relief to Hurricane Sandy…

Tax Relief for Victims of Hurricane Sandy and Hurricane Isaac

The IRS has issued numerous news releases which grant tax relief for victims of Hurricanes…

2013 COLAs Issued

On October 18, 2012, the IRS issued News Release IR 2012-77 to announce the 2013…

IRS Letter Forwarding Program Discontinued

In Revenue Procedure 2012-35, the IRS announced that the IRS's letter forwarding program is no…

Senate Passed ESA Bill Now With House

A modified version of the Middle Class Tax Cut Act (S. 3412), which was recently…

Senate Tax Bills Include Extension of ESA Sunset Provisions

Senators on both sides of the aisle have recently introduced tax bills that include a…

IRS to Increase Focus on Retirement Plan Compliance

As a direct result of the Madoff scandal, the IRS has focused considerable compliance efforts…

IRS to Develop Strategy to Target Noncompliance with IRAs

According to several reports released in recent years by the Treasury Inspector General for Tax…

DOL Issues FAQs on Fee Disclosure Rules

The U.S. Department of Labors Employee Benefits Security Administration (EBSA) has issued guidance intended to…

Roth Regulations for TSP Issued

On May 7, 2012, the Federal Retirement Thrift Investment Board issued final regulations pertaining to…

2013 HSA COLAs Issued

On April 27, 2012, the IRS issued Revenue Procedure 2012-26 to announce the 2013 cost-of-living…

Financial Advisor Magazine Article Spotlights 2012 Roth Conversion Opportunity

Mr. Ben Norquist, Founder and President of Convergent Retirement Plan Solutions, was recently interviewed for…

Additional Reporting Codes for 2012 Released

The IRS has posted the 2012 Form 5498. Included in the updated participant instructions are…

Traditional IRAs May Now Receive Airline Payments Rollovers

The FAA Modernization and Reform Act of 2012 that was signed into law on February…

IRA-Related Provisions in President's Budget Proposal

On February 13, 2012, President Obama released his budget proposal for fiscal year 2013. While…

Proposed Guidance Package on Lifetime Income

Over time the use of annuities and other lifetime income in retirement plans has been…

Final Service Provider Fee Disclosure Regulations Issued

On February 2, 2012, the Department of Labors Employee Benefits Security Administration (EBSA) issued final…

2011 IRA Contribution Deadline - April 17, 2012

The deadline for making Traditional and Roth IRA contributions for tax year 2011 is Tuesday,…

2012 COLAs Issued

On October 20, 2011, the IRS issued News Release IR 2011-103 to announce the 2012…

DOL to Re-propose Fiduciary Rule

The Department of Labor has announced that it will re-propose its rule on the definition…

DOL Issues Interim Electronic Disclosure Policy

The U.S. Department of Labors (DOL) Employee Benefits Security Administration EBSA issued Technical Release 2011-03…

Tax Relief for Victims of Hurricane Irene (And Other Disaster Situations)

The IRS has issued numerous news releases which grant tax relief for victims of Hurricane…

DOL's EBSA Issues Final Rule to Extend Applicability Date for Fee Disclosure

The Department of Labor's (DOL) Employee Benefits Security Administration (EBSA) issued a final rule that…

Automatic-Enrollment IRAs - Coming to a Business Near You

"Automatic-Enrollment IRAs; Coming to a Business Near You" recently authored by Ben Norquist, CPC, CISP…

DOL's EBSA to Extend Applicability Dates for Fee Disclosure Rules

On June 1, 20111, the Department of Labors (DOL's) Employee Benefits Security Administration (EBSA) published…

Update: IRS Comments on Carryback 2010 QCDs

As part of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act, the IRA…

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act Becomes Law

On Friday, December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and…

Tax Compromise and Year-End Roth Conversion Implications

On Monday, December 6, 2010, President Obama announced that his administration had reached a tentative…

2010 IRA Contribution Deadline - April 18, 2011

The deadline for making Traditional and Roth IRA contributions for tax year 2010 is April…

IRS Releases Notice 2010-84 "In-Plan" Roth Conversion Guidance

As anticipated, the IRS has issued additional guidance on the new in-plan Roth conversion option…

IRS Posts In-Plan Conversion Information

The IRS has posted to its website information regarding "in-plan conversions", including information as to…

DOL Issues New Proposed Regulations on Definition of Fiduciary

On October 21, 2010, the Department of Labor Employee Benefits Security Administration (EBSA) issued new…

President Obama Signs In-Plan Roth Conversion Legislation

H.R. 5297, the Small Business Jobs Act of 2010, was signed into law by President…

President Obama's Signature on In-Plan Roth Legislation Imminent

H.R. 5297, the Small Business Jobs Act of 2010, has been passed by both the…

Fee Disclosure Interim Final Regulations Issued

On July 15, 2010, the Department of Labor Employee Benefits Security Administration (EBSA) issued interim…

2011 HSA COLAs Issued: Amounts Unchanged From 2010

The IRS recently issued Revenue Procedure 2010-22 to announce the 2011 cost-of-living adjustments (COLAs) applicable…

Tax Filing/IRA Contribution Deadline Postponed for Certain Residents of Massachusetts, Rhode Island, New Jersey, and West Virginia

Due to recent storms and flooding, President Obama has declared several counties in Massachusetts, Rhode…

DOL Issues Investment Advice

On Friday, February 26th, 2010, the Department of Labor issued proposed investment advice regulations. The…

Financial Advisor Magazine Article Spotlights the Roth Conversion Optimizer

Mr. Ben Norquist, Founder and President of Convergent Retirement Plan Solutions, was recently interviewed for…

IRS Releases Notice 2009-82

On September 24, 2009, the IRS issued time-sensitive guidance concerning the 2009 waiver of the…

Obama Administration Announces

In an announcement issued by President Barack Obama and Secretary Tim Geithner on September 5,…

IRS Guidance on Employer Plan-to-Roth IRA Rollovers

Notice 2009-75, released on September 8, 2009, describes the federal income tax consequences of rollovers…

President Signs Bill That Modifies the Federal Thrift Savings Plan

On June 22, 2009, President Obama signed H.R. 1256, the Family Smoking Prevention and Tobacco…

Wall Street Journal Article on Roth Conversion

Mr. Ben Norquist, Founder and President of Convergent Retirement Plan Solutions, was recently interviewed for…

FRC Retirement Forum

Mr. Ben Norquist, Founder and President of Convergent Retirement Plan Solutions, participated on a panel…

Pershing Insight Conference

Mr. Ben Norquist, Founder and President of Convergent Retirement Plan Solutions, along with Beverly Flaxington,…

Immediate Elimination of Conversion Eligibility Requirements Proposed

H.R 2814, proposed by Rep. Joseph Pitts (R-PA), would eliminate the $100,000 conversion income limit…

IRS Releases Comprehensive Auto Enrollment Guidance

Final regulations regarding automatic enrollment arrangements were published February 24th, 2009. These regulations affect 401(k),…

Roth IRA Conversions—A Golden Opportunity for Advisors and Clients

Imminent changes to the Roth IRA rules will open the door to more than $1…

Convergent Retirement Plan Solutions, LLC,of Brainerd, MN, and Archimedes Systems, Inc. of Waltham, MA, have jointly developed a new web-based tool designed to help advisors identify optimal roth conversion ratio.

Convergent and Archimedes Systems, Inc. of Waltham, MA, announced today that they have jointly developed…

Final Investment Advice Regulations Published, But Wait. . .

Final investment advice regulations were published in theFederal Registeron January 21, 2009, but not before…

IRS Releases Notice 2009-9

On Friday, January 09, 2009, the IRS released Notice 2009-9. The notice provides guidance to…

President Bush Signs RMD Legislation

H.R. 7327, the Worker, Retiree and Employer Recovery Act of 2008 was signed into law…

No Relief for 2008 RMDs

Treasury Assistant Secretary for Legislative Affairs Kevin Fromer explained in a letter to Congressman George…

President Bush's Signature on 2009 RMD Relief Imminent

H.R. 7327, the Worker, Retiree and Employer Recovery Act of 2008 is awaiting President Bush's…

Pension Relief Legislation

On Thursday, December 11, 2008, the U.S. Senate passed pension relief legislation affecting both IRAs…

403(b) Relief

On Thursday, December 11, 2008, the IRS issued Notice 2009-3 providing temporary relief during 2009…

DOL Issues IRA/401(k) Advice Guidance

On August 22, 2008, the Department of Labor (DOL) published three significant documents pertaining to…

Convergent Retirement Plan Solutions, LLC Announces the Addition of SEI and The Calvert Group to its Growing List of IRA Clients

Brainerd, MN - July 10, 2008 - Convergent Retirement Plan Solutions, LLC announced that it…

The HEART Act Provides Tax Relief For Military

On June 17, 2008, President Bush signed into law the Heroes Earnings Assistance and Relief…

Ben Norquist to present at FRC Retirement Conference

Mr. Ben Norquist, President and CEO of Convergent Retirement Plan Solutions, will be among industry…

Relief for Direct Deposit of Economic Stimulus Payments Made to IRAs and Other Tax-Favored Account

On April 30, 2008, the IRS released Announcement 2008-44 which allows for Economic Stimulus Payments…

PPA Guidance Issued by IRS

On March 5, 2008, the IRS released Notice 2008-30. This notice contains guidance on distribution-related…

IRS Issues 403(b) Guidance

On November 27, 2007, the IRS issued the much-anticipated, follow-up 403(b) guidance in the form…

At Last . . . Final QDIA Regulations Issued

On October 24, 2007, the Department of Labor (DOL) published the long-awaited final regulations on…

Final 403(b) Regulations Issued

On July 23, 2007, the IRS issued the much anticipated final 403(b) regulations. The final…

Final Roth Regulations Issued

On April 27, 2007, the IRS released final regulations on the distribution and taxation of…

IRS Releases Final 415 Regulations

On April 4, 2007, the IRS issued final regulations governing Internal Revenue Code Section (IRC…

PPA Guidance Issued by IRS

On January 10, 2007, the IRS released IRS Notice 2007-7. This notice contains guidance on…

President Bush Signed the Tax Relief and Health Care Act of 2006

On December 20, 2006, President Bush signed the Tax Relief and Health Care Act of…

President Bush Signs The Pension Protection Act of 2006 Into Law!

On August 17, 2006, President Bush signed the Pension Protection Act of 2006 into law.…

President Bush Signs the Heroes Earned Retirement Opportunities (HERO) Act

President Bush signed The Heroes Earned Retirement Opportunities (HERO) Act (H.R. 1499) into law on…

The Tax Increase Prevention and Reconciliation Act Will Open the Roth IRA Conversion Flood Gate

On May 17, 2006 , President Bush signed the Tax Increase Prevention and Reconciliation Act…

FDIC Insurance Limits to Increase April 1

The Federal Deposit Insurance Corporation (FDIC) approved final rules that will raise the deposit insurance…

Baucus Bill Will Aid Retirement Savings, National Savings to Improve America's Economic Competitiveness

Washington, DC -- Legislation has been introduced by U.S. Senator Max Baucus (D-Mont.), Ranking Democrat…

IRS Offers Relief to Employers with SIMPLE IRA Plan

The Employee Plans division of the IRS has announced that it is offering employers with…

Mr. Norquist to Speak at NTSAA National Conference

Ben Norquist, CPC, CISP, president of Convergent Retirement Plan Solutions, LLC will present "Beyond Investments:…

Convergent and Archimedes Join Forces to Create Web Retirement Income Planning Toolkit

Convergent Retirement Plan Solutions, LLC of Brainerd, MN, and Archimedes Systems, Inc. of Waltham, MA,…

IRS Issues Final Roth 401(k) Regulations

Following months of industry anticipation, the IRS issued final Roth 401(k) regulations on December 30,…

Gulf Opportunity Zone Act (GOZA)

On December 21, 2004 , President Bush signed theGulf Opportunity Zone Act (GOZA) of 2005.…

IRS Releases Notice 2005-92 Providing Guidance On Katrina Legislation

The IRS has released Notice 2005-92 to offer guidance on the changes brought about by…

Temporary Regulations For IRA Annuity Conversions To Roth IRA

The IRS has released temporary regulations to address the issue of determining the fair market…

RMDs With Qualified Disclaimers Clarified By IRS

In Revenue Ruling 2005-36 , the IRS has helped to eliminate some of the about…

IRS To Increase EP Scrutiny

Carol Gold, director of Employee Plans, Tax-Exempt and Government Entities Division , recently informed the…

Roth 401(k)

The Roth IRA took the retirement world by storm in 1998 with benefits such as…

Orphan Plans

In response to requests from financial organizations, recordkeepers and plan participants the Department of Labor…

Safe Harbor Rollover

March 28, 2005 is the effective date for the new safe-harbor rollover requirements forcing employers…