Congressman Richard E. Neal (D-MA) introduced the Automatic IRA Act of 2010. The bill is a companion to one introduced in the Senate (S. 3760) that would require automatic IRA accounts by employees with 10 or more employees. The bill...
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A new bill (S. 3760) introduced by Senator Jeff Bingaman (D-NM) would require companies with ten or more employees to provide automatic IRAs to employees if the company does not offer a qualified retirement plan. The proposed bill includes tax...
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The Internal Revenue Service is providing administrative relief for sponsors of defined contribution plans, such as section 401(k) plans, that were affected by the storms and other severe weather in those counties in Alabama, Connecticut, Massachusetts, Mississippi, New Jersey, Rhode...
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In PLR 201024011, the IRS ruled that a state's restated deferred compensation plan constitutes an eligible deferred compensation plan as defined in Section 457(b), and the amounts of compensation deferred in accordance with the terms of the plan will be...
The U.S. Tax Court has issued a memorandum. In the memorandum, the tax court determines the value of a couple's interests in a vacation home transferred to a qualified personal residence trust, and it agrees with the IRS that the...
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Ruth Helman, Craig Copeland & Jack VanDerhei have posted their article "The 2010 Retirement Confidence Survey: Confidence Stabilizing, but Preparations Continue to Erode," EBRI Issue Brief, No. 304, March 2010, on SSRN. The abstract is below:"This paper presents key findings...
If you haven't made all the contributions to your traditional Individual Retirement Arrangement that you want to make - don't worry, you may still have time. Tax Tip 2010-61 lists 10 facts about setting aside retirement money in an IRA: ...
The U.S. Department of Justice has posted an article titled "ADA: Know Your Rights - Returning Service Members with Disabilities." The intro is below:"The ADA is a civil rights law that prohibits discrimination and guarantees that people with disabilities have...
Jeffrey Brown presented a paper titled "Automatic Lifetime Income and Retirement Income Security," today at Northwestern. The presentation was part of Northwestern's Advanced Topics in Taxation Series organized by Tom Brennan and Charlotte Crane. The abstract is below: This paper proposes that...
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In PLR 201008049, the IRS ruled that a murderer is the designated beneficiary of his victim's IRA, in order to determine the IRA distribution period. In addition, the IRS ruled that it will not penalize the murder victim's stepdaughter, the...
The Sloan Center on Aging & Work at Boston College has published an issue brief by Jacquelyn B. James, Elyssa Besen, Christina Matz-Costa & Marcie Pitt-Catsouphes titled "Engaged as We Age: The End of Retirement as We Know it?" From the introduction: "In...
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If you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement, you may be eligible for a tax credit. The IRS has released Tax Tip 2010-36 which lists the following six points about the Retirement Savings Contributions Credit:...
Some taxpayers may have needed to take an early distribution from their retirement plan last year. The IRS wants individuals who took an early distribution to know that there can be a tax impact to tapping your retirement fund. Tax Tip...
If you received Social Security benefits in 2009, you need to know whether or not these benefits are taxable. Tax Tip 2010-31 lists seven facts about Social Security benefits so you can determine whether or not they are taxable to you:...
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Rajni Jain and Vrinda Gupta have posted an article on SSRN titled "Pension Risk Under Extreme Scenarios - Capturing Tail Risk in Pension Schemes." The abstract is below: "In this paper, we aim to capture the tail risk - risk...
