IRAs (BenefitsLink.com)Headlines re IRAs, gathered by BenefitsLink.comCalPERS Committee Neutral on Proposed Private IRA Plan- (Found June 24, 2008 ) Excerpt: "The California Public Employees' Retirement System is about to vote on whether the mammoth public pension fund takes the first step to helping private individuals chart their financial future. But only after it can be convinced that such a plan is legal and that CalPERS controls it." (Sacramento Bee)http://www.sacbee.com/103/story/936568.html Safe Ways to Spend Your Nest Egg- (Found June 24, 2008 ) Excerpt: "But I think another reason those of us lucky enough to have accumulated retirement savings are reluctant to draw it down is fear of not doing it right. The looming concern for many who have only retirement savings and Social Security is outliving the savings. The prospect of a reduced standard of living toward the end of our lives is a real concern . . . ." (Washington Post; free registration required)http://www.washingtonpost.com/wp-dyn/content/article/2008/05/17/AR2008051700160.html Guidance Overview Bankruptcy Appellate Panel Upholds IRA Assets Exclusion- (Found June 24, 2008 ) Excerpt: "A U.S. Bankruptcy Court judge in Kansas was correct in turning aside an argument by a creditor that the funds now held in an IRA should be included in the pool of the debtor's assets used to repay debts. The lower court judge ruled -- and the appellate panel agreed -- that the creditor had not proven that the ESOP was improperly established or administered -- a prerequisite for putting the funds into the bankruptcy estate." (PLANSPONSOR.com)http://www.plansponsor.com/pi_type10/?RECORD_ID=41528 Guidance Overview IRS Provides Tax Relief for Certain Recipients of Stimulus Payments- (Found June 24, 2008 ) Excerpt: "Individuals who elected to have their federal tax refunds credited to their individual retirement arrangement (IRA), health savings account (HSA), Archer MSA, Coverdell education savings account (ESA) ,or qualified tuition program account (QTP or section 529 program) via direct deposit are eligible to withdraw those amounts on a tax and penalty-free basis." (RetirementDictionary.com)http://www.retirementdictionary.com/Updates-Tax-Relief-Stimulus-Payments-.htm Merrill Lynch Sees Uptick in Roth 401(k)s- (Found June 24, 2008 ) Excerpt: "The Merrill Lynch Retirement Group reports that, among the 1,700 plans on its proprietary record keeping system, 12% had added a Roth option as of March 31, 2008." (Employee Benefit News; free registration required)http://ebn.benefitnews.com/asset/article/587801/staying-current/merrill-lynch-sees-uptick-... Guidance Overview Distributions from Decedent's IRA to Beneficiary Calculated Based on Life Expectancy of Beneficiary- (Found June 24, 2008 ) Excerpt: "The IRS has privately ruled that the required minimum distributions (RMDs) from a decedent's two IRAs could be calculated for all past and future years based on the life expectancy of the beneficiary as determined under the Single Life Table of Reg. 1.401(a) (9)-9." (Wolters Kluwer)http://hr.cch.com/news/pension/052208a.asp Guidance Overview Third Circuit Opines That 'Rousey' Overruled 'Clark'- (Found June 24, 2008 ) Excerpt: "Many will remember how, close on the heels of the U.S. Supreme Court's 2005 decision in Rousey v. Jacoway, 125 S.Ct. 1561 (2005), the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 ('BAPCPA') was signed into law, providing IRAs with greater bankruptcy protection. . . . A recent Third Circuit Court case, In Re: Krebs, finally puts to rest some confusion going on in the Third Circuit about the impact of Rousey as it pertains to pre-BAPCPA bankruptcy cases."...http://www.benefitscounsel.com/archives/001828.html Guidance Overview New IRS Guidance on Transfers from IRAs to HSAs- (Found June 24, 2008 ) Excerpt: "The guidance is effective retroactively for taxable years beginning after December 31, 2006." (Faegre & Benson LLP)http://www.faegre.com/articles/article_2544.aspx |