Independent Actuaries Blog Category: Tax Implications

DB Plans – Close vs. Freeze vs. Termination

In a recent blog we discussed concerns that defined benefit (DB) plan sponsors may have in the face of the COVID-19 outbreak. One of those concerns regards near-term contribution requirements that may be overly burdensome when coupled with severely reduced … Continue reading

CARES Act – Defined Benefit Plans

The Coronavirus Aid, Relief and Economic Security (CARES) Act passed the House of Representatives today and is expected to be signed by the President shortly. The CARES Act includes pension relief provisions that have an immediate effect on defined benefit … Continue reading

Hold Off Taking that RMD!

Participants in retirement plans are generally required to take Required Minimum Distributions (RMDs) beginning with the year in which they turn age 70½ (if that year was before 2020), or the year in which they turn age 72 (if that … Continue reading

You Get What You Pay For

We are not alone at IAI in having competitors who undercut us in price; it comes with being a part of a well-functioning democracy. One particular challenge we face, though, is a general misunderstanding of what it is we do, … Continue reading

Congress Passes Retirement Legislation

Yesterday (December 19), Congress passed a spending bill containing sweeping retirement plan legislation, designed to allow and encourage Americans to save more. The portion of the legislation pertaining to retirement is called the Setting Every Community Up for Retirement Enhancement … Continue reading

Required Minimum Distribution Time

A reminder that Required Minimum Distributions (RMDs) are payable for anyone over the age of 70-1/2. These rules can be complicated. For money held in an IRA, 401(k) or Profit Sharing Plan, the amount of the distribution is based on … Continue reading

Tax Season is Over! Could Your Business Use a Deduction?

Now that the extended tax season is over, it’s a great time to consider if a qualified retirement plan is right for your business. Since contributions to these plans are deductible, setting up a qualified retirement plan is an effective … Continue reading

Two Wrongs Don’t Make a Right

The deadline to make a contribution to a qualified defined benefit plan with a plan year of January 1st – December 31st is September 15th. If you missed this deadline and your plan has unpaid minimum required contributions, the IRS … Continue reading

We’ve Got Videos!

Did you know that we now make informational videos about retirement plans and related topics? This is part of our efforts to expand our Client Resources and General Resources, and make sure our clients and referral sources have the information … Continue reading

Changes in Pension Accounting Standards Taking Effect this Year

The soon-to-be-effective Accounting Standards Update (ASU) 2017-07 makes changes to the way pension plans are accounted for, designed to improve the transparency of pension plan operational costs. Under the old rules, all components of pension-related expenses were aggregated together as … Continue reading