IRAs (BenefitsLink.com)Headlines re IRAs, gathered by BenefitsLink.comGuidance Overview IRS Guidance on 2008 Law Changes- (Found June 24, 2008 ) Excerpt: "The IRS has released guidance on several law changes going into effect in 2008. Of interest to defined contribution practitioners, Notice 2008-30 discusses distributions of gap period income for 402(g) corrections, rollovers of pretax plan accounts to Roth IRAs, and qualified optional survivor annuities." (SunGard Corbel LLC)http://www.relius.net/News/TechnicalUpdates.aspx?ID=394 Take Your 401(k) or Leave It Understand Your Options When Leaving a Job- (Found June 24, 2008 ) Excerpt: "In times of rising unemployment, workers who find themselves being laid off must decide whether to take their retirement plan with them or leave it with their employer. Knowing the advantages and disadvantages of retirement accounts, mainly 401(k) versus Individual Retirement Account, can help people decide what action is best for their retirement money in uncertain times." (MCCLATCHY-TRIBUNE NEWS SERVICE via SunHerald.com)http://www.sunherald.com/business/story/457122.html Guidance Overview To Convert or Not to Convert - to a Roth IRA - That is the Question (PDF)- (Found June 24, 2008 ) 10 pages. Excerpt: "Robert Keebler weighs the considerations in whether to convert to a Roth IRA. 2010 will present an unprecedented opportunity for this planning in the right circumstances due to the elimination of the current AGI limitation and the ability to stretch the income tax due on the conversion over a two year period." (R.S. Keebler and S.J Bigge in the Journal of Retirement Planning via Ataxplan Publications)http://www.ataxplan.com/bulletinBoard/pdfs/JORP_100307_KeeblerBigge.pdf IRA Hardship Loans Sought- (Found June 24, 2008 ) Excerpt: "So-called hardship loans from individual retirement accounts would be permitted under a bill introduced last month. The IRA Assistance Act of 2008 (HR 5641), co-sponsored by Reps. Thaddeus McCotter, R-Mich., and Ron Paul, R-Texas, would allow hardship loans from IRAs -- but not Roth IRAs -- for qualifying situations as determined by the Internal Revenue Service under current law . . . ." (Investment News; free registration required)http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20080401/REG/767832128/1091/INReg... Roth 401(k) vs. Regular 401(k) Calculator- (Found June 24, 2008 ) Schwab provides this Roth 401(k) calculator to help people make a determination about whether or not a Roth 401(k) is right for them. (Schwab Retirement Plan Services)http://scrs.schwab.com/tools/schwab_roth_401k_calc.htm The Best New Features of a Rich 401(k)- (Found June 24, 2008 ) Excerpt: "Over the past year or two, a combo of new government regulations and a chaotic stock market - not to mention the continued slashing of traditional pensions - has spurred many companies to revamp their 401(k) plans in ways that can pay off big-time. Unlike a regular 401(k), the Roth version - permanently greenlighted by Congress in 2006 - lets you make contributions only after the money is taxed. But withdrawals are tax-free. If you'll be in a higher bracket in retirement, a Roth..http://money.cnn.com/2008/04/01/pf/retirement/best_401k.moneymag/index.htm Guidance Overview Official Summary of the Taxpayer Assistance and Simplification Act, H.R. 5719 (PDF)- (Found June 24, 2008 ) 3 pages. Changes related to IRAs and HSAs are included. (American Benefits Council)http://www.americanbenefitscouncil.org/documents/hr_5719_110th_summary.pdf Official Guidance Text of Taxpayer Assistance and Simplification Act, H.R. 5719 (PDF)- (Found June 24, 2008 ) Excerpt: "To amend the Internal Revenue Code of 1986 to conform return preparer penalty standards, delay implementation of withholding taxes on government contractors, enhance taxpayer protections, assist low-income taxpayers, and for other purposes." (U.S. House of Representatives via American Benefits Council)http://www.americanbenefitscouncil.org/documents/hr_5719_110th.pdf Guidance Overview Relief Allows Penalty-Free Withdrawal of Economic Stimulus Payments from Certain Tax-Favored Accounts- (Found June 24, 2008 ) Excerpt: "For taxpayers who choose to leave the directly deposited amounts in their HSAs, IRAs, or other tax-favored accounts, the directly deposited amounts will count toward their contribution limits and will be subject to otherwise-applicable tax consequences, including any penalties resulting from excess contributions that are not timely corrected." (Employee Benefits Institute of America)http://www.ebia.com/weeklyguest/19375/20080523f3fd8e055eaf7d645c7adfdbd583aea6/BNL080501 Guidance Overview Former Participants Have Standing to Pursue Equitable, But Not Legal Remedies With Respect to IRA Rollovers (PDF)- (Found June 24, 2008 ) 2 pages. Excerpt: "Plaintiffs are former participants in 401(k) plans, who allege that in rolling over their plan accounts to IRAs, defendants violated ERISA. On April, 21 2008, a federal judge in Iowa ruled that former participants in a 401(k) plan lacked standing to pursue legal remedies under ERISA, despite the Supreme Court's recent ruling in LaRue v. DeWolff, Boberg & Assoc., Inc., 128 S. Ct. 1020 (2008), but held that standing was proper to pursue equitable relief under ERISA....http://www.sablaw.com/files/tbl_s10News/FileUpload44/18379/LegalAlertEmpBenFormerParticipa... |