IRAs (BenefitsLink.com)Headlines re IRAs, gathered by BenefitsLink.comGuidance Overview IRS Guidance on Treatment of Qualified HSA Funding Distributions- (Found June 24, 2008 ) Excerpt: "The IRS guidance reflects the rules provided in Code Sec. 408(d)(9), as added by the Tax Relief and Health Care Act of 2006 (P.L. 109-432), and includes numerous examples that illustrate how these rules should be applied." (Wolters Kluwer)http://hr.cch.com/news/pension/062008a.asp Advisers Should Help Investors Decide Whether to Move 401(k) Money Into an IRA- (Found June 24, 2008 ) Excerpt: "Retirement plan rollovers are reshaping the business of financial advice. In 2008 alone, $536 billion is expected to roll out of 401(k) plans into individual retirement accounts, according to Boston-based Cerulli Associates Inc." (Investment News; free registration required)http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20080623/REG/177511873/1031/RETIR... Opinion Remarks of IRS Commissioner, Tax Exempt and Government Entities, Before the 2008 Mid-Atlantic Benefits Conference (PDF)- (Found June 24, 2008 ) Excerpt: "I'll talk about two related but distinct issues. The first is how to find ways to promote wider coverage and participation to increase the percentage and number of workers meaningfully participating in a retirement plan of one sort or another. The second is somehow to find ways to make the 401(k) environment and the IRA environment friendlier to the individual with an account." (Internal Revenue Service)http://www.irs.gov/pub/irs-tege/miller_speech_0508.pdf House Committee OKs Extenders Package with Pension, Deferred Compensation Provisions- (Found June 24, 2008 ) Excerpt: "The House Ways and Means Committee, on May 15, 2008, approved the Energy and Tax Extenders Bill of 2008 (H.R. 6049), legislation that includes provisions affecting IRAs, qualified plan distributions, and nonqualified deferred compensation. The measure was scheduled to be considered by the full House on May 20, 2008." (Wolters Kluwer)http://hr.cch.com/news/pension/052908a.asp 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% added a Roth option as of March 31, 2008." (Employee Benefit Adviser; free registration required)http://eba.benefitnews.com/asset/article/587991/uptick-roth-401ks.html?pg= Consolidating Retirement Funds- (Found June 24, 2008 ) Excerpt: "Consolidating multiple retirement plans can help simplify life and gain control over qualified plan assets. For example, consolidating IRA and 401(k) assets with one institution may save both time and money. Assets can be transferred from one IRA provider to another without taxes or penalties." (The Republican Eagle)http://www.republican-eagle.com/articles/index.cfm?id=50105§ion=Business&freeb... Guidance Overview Retirement Plan Service Provider May Be Liable for Breach of ERISA Fiduciary Duty in Cross-Selling Rollover IRAs Invested in Proprie- (Found June 24, 2008 ) Pages 1-2 of 7 pages. Excerpt: "A federal district court in Iowa allowed class action claims to proceed against a financial services company for alleged breaches of fiduciary duty under the Employee Retirement Income Security Act of 1974, as amended ('ERISA'), resulting from the company encouraging retirement plan participants to roll over their 401(k) plan assets into IRAs invested in the company's proprietary mutual funds." (Goodwin Procter LLP)http://www.goodwinprocter.com/~/media/EFA06A707E7047039CC837693433CB37.ashx Americans' FY 2007 Retirement Assets Up $1.1 Trillion from 2006- (Found June 24, 2008 ) Excerpt: "Americans held $17.6 trillion in retirement assets at the end of 2007, up $1.1 trillion from year-end 2006, the Investment Company Institute reported." (Occupational Health and Safety)http://www.ohsonline.com/articles/62542/ Guidance Overview IRS Allows Tax-Free Withdrawal of Economic Stimulus Payments from IRAs- (Found June 24, 2008 ) Excerpt: "Financial institutions receiving the direct deposit of the Economic Stimulus Payment and making the distribution should report the deposit and distribution in the usual manner. Taxpayers will receive instructions in the Form 1040 package that will allow them to report the distribution on their individual income tax return in a manner that shows that the amount withdrawn is not subject to taxes or penalties." (Wolters Kluwer)http://hr.cch.com/news/pension/051308a.asp Text of Study: Ownership of Individual Retirement Accounts (IRAs) and 401(k)-Type Plans (PDF)- (Found June 24, 2008 ) Excerpt: "Growth in the number of 401(k)-type plans and the number of participants in those plans, which increased sharply in the 1990s, has slowed in recent years, according to a new EBRI study." (Employee Benefit Research Institute (EBRI))http://www.ebri.org/pdf/EBRI_Notes_05-2008.pdf |