Greetings loyal PLANADVISER readers! Over the last two months it has become a major part of our editorial mission to help the retirement planning industry come to terms with the challenges of the coronavirus pandemic. In that spirit, we offer below a recap of the most important commercial, regulatory and legislative actions taken by our political and industry leaders. We hope you find our coverage helpful and consider sharing some of what you read with a client or colleague.
Participant communications about coronavirus-related distributions should include language that state tax treatment may vary, or that participants should check with an expert about what state taxes may apply.
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Todd Kading, president and co-founder of LeafHouse Financial, discusses the importance of flexibility and innovation when the tough times arrive.
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Many participants appear to be battled hardened from the Great Recession and are enjoying at least some measure of protection from well-diversified default portfolios.
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Mark Waterstraat, president of consumer solutions at Alegeus, offers simple steps to coach clients through managing their health care finances after a layoff. For example, did you know that individuals can use HSA funds to pay COBRA premiums tax-free?
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The SECURE 2.0 Act makes 529s a more appealing investment and potentially an easy financial wellness option for sponsors intimidated by the student loan matching provision.
An individual in Ohio was recently indicted by a grand jury on charges that he fraudulently claimed the assets he withdrew from his retirement account would be used to purchase a primary residence and to pay medical expenses.
