IRAs (BenefitsLink.com)Headlines re IRAs, gathered by BenefitsLink.comFederal Thrift Saving Plan Adds a Roth Option- (Found June 24, 2008 ) Excerpt: "Early in 2008, the Thrift Savings Plan (TSP) added a new withdrawal option for TSP participants who are eligible to transfer their TSP accounts to a traditional IRA or to an eligible retirement plan. Eligible participants are now able to transfer their accounts to a Roth IRA." (FederalNewsRadio - WFED 1050 AM)http://www.federalnewsradio.com/index.php?sid=1365108&nid=169 Bill Would Order CalPERS to Offer IRAs to All Californians Working in the Private Sector- (Found June 24, 2008 ) Excerpt: "A bill in the state Assembly would require the California Public Employees' Retirement System, the mammoth pension fund for government workers, to offer individual retirement accounts for private-sector employees. The goal of the bill, AB2940, is to increase retirement savings among the vast number of people who have no plan at work and don't have the will or skill to open an IRA on their own." (San Francisco Chronicle)http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/04/12/BUL210438R.DTL Guidance Overview Beneficiaries Naming Beneficiaries - Examples and a New Form, the IRA Successor Beneficiary Form- (Found June 24, 2008 ) Excerpt: "May an individual retirement account (IRA) beneficiary name a beneficiary -- a successor to receive any remaining assets upon the beneficiary's death What are the benefits of doing so" (Wolters Kluwer)http://www.complianceheadquarters.com/ComplianceArticles/IRA_041808.aspx Guidance Overview If an Individual Rolls Over Two IRA Distributions in a 12-Month Period, What Are the Consequences- (Found June 24, 2008 ) Excerpt: "An IRA owner is allowed to roll over just one distribution from the same IRA, or the same assets, in a 12-month period. According to the instructions for filing Form 5498, an IRA custodiantrustee should report (or correct any reporting already completed) any ineligible rollover contribution as a regular contribution. This required reporting serves to make the second (or third, etc.) distribution from a single IRA in a 12-month period, taxable." (Wolters Kluwer)http://www.complianceheadquarters.com/Question/IRA_042308.aspx Introducing the Wealthy to Roth IRAs As the Income Limit on Roth IRA Participation Disappears in 2010- (Found June 24, 2008 ) Excerpt: "Advisors take heed: the income limit for those who can convert their retirement holdings from a traditional IRA to a Roth IRA (now applicable to anyone with a modified adjusted gross income of $100,000) disappears permanently in 2010, so high-net-worth folks -- even Bill Gates -- will be able to get a portion of their assets into a tax-free Roth account." (Investment Advisor)http://www.investmentadvisor.com/article.php?article=8735 A Stalwart of Retirement Planning: The IRA- (Found June 24, 2008 ) Excerpt: "Financial experts say that one often-overlooked resource is the humble Individual Retirement Account, or I.R.A., which has been a part of the personal finance landscape for so long that many of us take it for granted. . . . The rules for some I.R.A. contributions are so complex that many Americans may not realize they are eligible to make them . . . ." (The New York Times; free registration required)http://www.nytimes.com/2008/04/27/business/yourmoney/27iras.html?ex=1366948800&en=c14f... Principal IRA Rollover Suit Could Blaze New Territory- (Found June 24, 2008 ) Excerpt: "A lawsuit by former 401(k) participants against the Principal Financial Group appears poised to make new law. The lawsuit is over allegations that the company duped participants into IRA rollovers into Principal's proprietary mutual funds." (planadviser)http://www.planadviser.com/compliance/article.php/2141 More Companies Offer Roth 401(k)s, But Complexity Remains a Concern- (Found June 24, 2008 ) Excerpt: "Roughly 22% of corporations now offer a Roth 401(k) option to their workers, up from 12% last year, according to a survey from accounting firm Grant Thornton, which, along with Plan Sponsor Advisors and law firm Drinker Biddle, polled chief financial officers and human resources executives at nearly 200 companies." (Financial Week; free registration required)http://www.financialweek.com/apps/pbcs.dll/article?AID=/20080428/REG/608154123/-1/FWDailyA... Lousy 401(k) Lousy Economy Get a Roth!- (Found June 24, 2008 ) Excerpt: "From a pure tax standpoint, a Roth IRA is usually a better choice if you expect to be in a higher tax bracket when the time comes to make withdrawals. A pretax vehicle like a 401(k) or traditional IRA is a better option if you expect to be in a lower tax bracket when you retire.But if you've got a lousy 401(k) plan, the Roth IRA wins hands down, no matter how your tax situation is likely to shake out." (Money via CNNMoney.com)http://money.cnn.com/2008/04/25/pf/retirement/Roth_IRA.moneymag/?postversion=2008042912 House Passes Taxpayer Rights Bill, Including Provisions on IRAs and HSAs- (Found June 24, 2008 ) Excerpt: "The House on April 15, 2008, passed H.R. 5719, The Taxpayer Assistance and Simplification Bill of 2008, this year's version of taxpayer rights legislation. Among the items included in the legislation are provisions affecting IRAs and health savings accounts (HSAs)." (Wolters Kluwer)http://hr.cch.com/news/pension/043008a.asp |