April 1 is quickly approaching, so now is the time to verify if you or any of your employees must receive an initial RMD on April 1, 2019.
Initial Required Minimum Distributions (Defined Contribution Plans)
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457 Plans
457 plans cover retirement benefits for state and local government employees and some non-profit businesses. 457 plans are non-qualified, meaning they fall outside the guidelines, rules, and regulations of the Employee Retirement Income Security Act of 1974(ERISA). Plan administrators can choose to allow employees to contribute either pre-tax or after-tax dollars to their 457 plan, similar to a 401(k) plan. A 457 plan hasdifferent contribution limits and early withdrawal provisions than a 401k, and offers a unique “Double Limit Catch-Up” provision that allows almost-retired participants to make up for any eligible contribution years they missed. Wondering how a 457 plan might fit into your government retirement plan benefits package? Explore additional 457 plan details by reading our 457 plan articles on the Watkins Ross blog and connect with us here to get a customized look into how a 457 plan can impact your benefit structure.
Who Retains The Beneficiary Forms?
A beneficiary form determines who is entitled to the defined contribution retirement plan benefits upon the death of a participant. Is your form current?
2019 Defined Contribution Compliance Calendar
A qualified retirement plan must meet various requirements throughout the year, check out our defined contribution compliance calendar today!
Year-End Required Minimum Distributions (Defined Contribution Plans)
If you or your employees must take a required minimum distribution (RMD) by December 31, there are a few rules to consider.
Year-End Bonuses and Compensation (Defined Contribution Plans)
When running year-end bonuses and compensation through your payroll, be sure you know if you need to deduct employee deferral elections from the bonus.
Finding Missing Participants in Your Defined Contribution Plan
Finding missing participants can be frustrating and time-consuming, but employers and plan sponsors have the fiduciary responsibility to provide communication, statements and disclosures to them just as often as active employees.
Bipartisan Budget Act of 2018
The Bipartisan Budget Act of 2018 is a federal law regarding the US spending and budget that was signed into law by the President on February 9, 2018.
Salary Deferral Limits in Defined Contribution Plans
The 2018 contribution limit for salary deferrals is $18,500 and includes both pre-tax and after-tax Roth deferrals. This is an individual limit determined each calendar year and is aggregated across all defined contribution. This is important to remember for mid-year new hires or rehires.
How to Submit a Federal Withholding Tax Deposit
Wondering how to electronically submit a federal withholding tax deposit? While it may seem daunting, the IRS has made it easy for plan sponsors to submit these payments.
Required Minimum Distributions From Defined Contribution Plans
Required Minimum Distributions From Defined Contribution PlansOnce you reach age 70 ½, the IRS requires you to take money out of your retirement account. This withdrawal is called a Required Minimum Distribution (RMD). Most people don’t give RMDs much thought until...