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Client Service - Tax Edition |
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| Sponsors Think Rothification of 401(k)s Would Deter Participation |
| Seventy-eight percent of plan sponsors think that if 401(k) plans moved to Roth-only participant contributions, it would negatively impact participation, the Committee on Investment of Employee Benefit Assets Inc. (CIEBA) found in a membership survey. No members thought it would have a positive impact.
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| IRS Benefit/Contributions Limits for 2008-2018 |
| Find here a link to our sister publication’s chart denoting the 2018 maximum benefit and contribution limits set by the IRS, including current and historical limits on all types of tax-advantaged retirement accounts.
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| NIRS Says Changes to Saver's Credit Would Help More Retirement Savers |
| Research from the National Institute on Retirement Security found millions of low- to moderate-income individuals have been unable to use the Saver’s Credit, because the primary requirement to file for the credit is contributions to a qualified retirement plan. Among individuals whose income makes them eligible for the credit, many lack access to retirement accounts at work and cannot save through payroll deduction.
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| IRS Makes Effort to Encourage Use of Pre-Approved Plans |
| The agency has made significant changes to its opinion letter program for pre-approved retirement plans.
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| IRS Agents: What They Look for When Examining Hardships |
| Not only will IRS agents look for proof that the hardship was for an immediate and heavy financial need, they will be looking to see if plan sponsors followed notification requirements and third-parties followed reporting requirements.
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| Few See Income Drop After Claiming Social Security |
| Economists Jessica Holland and Kevin Pierce of the Statistics of Income (SOI) Division of the Internal Revenue Service (IRS) also contributed to the new analysis, ICI says. The effort involved researchers analyzing tax data from 1999 to 2010, finding that the median worker had replaced 103% of spendable income after claiming Social Security.
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