Friday, 30 November 2018 Bloomberg Tax: IRS Issues Proposed Regulations on Estate and Gift Tax Exclusion Clawbacks The IRS recently proposed regulations that clarify it will not “clawback” gifts made under the temporarily increased estate and gift tax exemption levels in the Tax Cuts and Jobs Act (TCJA) should those levels be decreased in the…
Retirement security
Friday, 07 September 2018 With only 12 legislative days left before Congress recesses for the midterm elections, the House and Senate began completing essential business this week. The House Ways and Means Committee looks set to vote on a Tax Reform 2.0 package next week, with a full House vote planned for later this month,…
Friday, 31 August 2018 While the House remained on recess this week, the Senate continued accomplishing the essentials of government. They passed a number of key Appropriations bills and voted to confirm over a dozen of President Trump’s judicial nominations after party leaders struck a deal to allow Senators to return to their districts. Yesterday,…
Proposed Legislation Could Expand Multiple Employer Plan Opportunities.
Topics: Retirement security, Tax treatment
The Senate Finance Committee unanimously approved a bill that would allow unrelated employers to join “pooled employer plans,” which are multiple employer plans (“MEPs”) meeting certain requirements that are treated as single plans for ERISA purposes. The MEP proposal is included in a bill, known as the Retirement Enhancement and Savings Act of 2016, which…
State-Based Retirement Savings Arrangements Are Coming – Better Be Aware.
Topics: DOL, ERISA, Qualified Plans, Regulation, Retirement security
A growing number of states are considering providing broader access to retirement savings programs for the private sector. The DOL has issued guidance to support these efforts, which provides that states can implement a retirement savings program that will not run into problems with ERISA.
Administration’s FY 2017 Budget – Part II- Targeting Retirement Plans & Savings.
Topics: IRAs, Life insurance products, Qualified Plans, Retirement security, RMDs
The WRMarketplace is created exclusively for AALU members by the AALU staff and Greenberg Traurig, one of the nation’s leading tax and wealth management law firms. The WRMarketplace provides deep insight into trends and events impacting the use of life insurance products, including key take-aways, for AALU members, clients and advisors. The AALU WRNewswire and…
Treasury Issues Final Regulations to Facilitate Use of Longevity Annuity Contracts within Retirement Accounts
Topics: 457b, Annuities, IRAs, Life insurance products, Qualified Plans, Retirement security, Tax treatment
In announcing the release of final regulations (“final regulations”) which are intended to increase the attractiveness and practicality of utilizing a particular type of deferred annuity—called a QLAC (“qualifying longevity annuity contract”)—within retirement accounts to avoid exhausting retirement savings, Mark Iwry, the Treasury’s deputy assistant secretary for retirement and health policy stressed: As boomers approach…
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