Earlier this year, Pete Swisher of Unified Trust was interviewed by the CFDD for its' internet broadcasting station. The topic discussed was New Directions For Professional Practices. The discussion centers around how recent Health Care legislation may impact the 'M & A' activity in this industry and the impact on Qualified Plans as a result. It also touches upon the unique plan design sales opportunities. It is worth the listen. Below is the link.
click here
Monday, December 13, 2010
Monday, December 6, 2010
In Plan Roth Conversions
The Small Business Jobs and Credit Act, which was signed by President Obama in September 2010, permits 401(k) and 403(b) plans that have a Roth deferral program in place to also provide for an in-plan Roth rollover provision. This will be extended to 457(b) plans for plan years beginning after December 31, 2010.
An in-plan Roth rollover feature allows a participant who is eligible for a distribution to roll any vested amount to an in-plan Roth rollover account. If amounts are converted in 2010, the taxpayer can choose to recognize the income in 2011 and 2012 instead of in the year of the roll over.
Previously, a participant who wanted to convert to a Roth had to do this outside the retirement plan by rolling the money to a Roth IRA.
For more general information on implementing this feature, please follow the link to more frequently asked questions. Click here.
An in-plan Roth rollover feature allows a participant who is eligible for a distribution to roll any vested amount to an in-plan Roth rollover account. If amounts are converted in 2010, the taxpayer can choose to recognize the income in 2011 and 2012 instead of in the year of the roll over.
Previously, a participant who wanted to convert to a Roth had to do this outside the retirement plan by rolling the money to a Roth IRA.
For more general information on implementing this feature, please follow the link to more frequently asked questions. Click here.
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