DOL Releases Interim Final Rule on Lifetime Income Disclosures

The U.S. Department of Labor (DOL) has released their Interim Final Rule in response to the SECURE Act’s requirement that administrators of defined contribution plans (such as 401(k) plans) provide participants with disclosures regarding estimated lifetime income payments. The SECURE Act amended the pension benefit statement rules under ERISA section 105 to include a lifetime …

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Thinking About a Roth Conversion This Year?

The low tax environment coupled with market volatility makes Roth Conversions even more appealing this year. The current tax rates are set to sunset after 2025; possibly sooner should there be a change in administration after this election season. Roth IRAs are an important retirement planning tool because not only do they grow tax free, …

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Tapping Retirement Savings During a Financial Crisis

As the number of COVID-19 cases began to skyrocket in March 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The legislation may make it easier for Americans to access money in their retirement plans, temporarily waiving the 10% early-withdrawal penalty and increasing the amount they could borrow. Understanding these new guidelines …

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Department of Labor Announces E-Delivery Final Rule

Amidst the ongoing Coronavirus situation, the Department of Labor announced final rules regarding electronic communications from retirement plan fiduciaries to their participants. These rules are intended to “enhance the effectiveness of ERISA disclosures and significantly reduce the costs and burden associated with furnishing many of the recurring and most costly disclosures.” 1 The most significant …

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Four Questions on the Roth Five-Year Rule

The Roth “five-year rule” typically refers to when you can take tax-free distributions of earnings from your Roth IRA, Roth 401(k), or other work-based Roth account. The rule states that you must wait five years after making your first contribution, and the distribution must take place after age 59½, when you become disabled, or when …

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