Sanders College for All Act Mentions Using Tax on Financial Transactions to Cover College Expenses

While it probably won’t go anywhere, U.S. Senator Bernie Sanders (I-VT) mentioned in the “College for All Act” using funds from the financial transaction tax (this tax has not yet been approved either) to no only pay off al student loan debt, bu to also eliminate tuition and fees at all public four-year colleges and […]

Trend in Terminated Employees Keeping 401k Funds Invested

According to a 2019 study (The “2019 Universe Benchmarks” report) by Alight Solutions, a large number of participants are not liquidating their accounts and others are choosing to transfer them to IRAs or other qualified plans. Following is some information found in the report. 32% of separated participants during the first nine months of 2018 […]

Retirement Assets Up First Quarter of 2019

According to a report published on June 19, 2019 by the Investment Company Institute (ICI), total US retirement assets were $29.1 trillion as of March 31, 2019, up 7.4 percent from December 2018. Retirement assets accounted for 33 percent of all household financial assets in the United States at the end of March 2019. Sources: […]

Solo 401k & ROBS 401k Employee Plans Compliance Unit (EPCU)

From a ROBS 401k and a Solo 401k plan perspective, you might receive examination or compliance check letters.The EPCU develops compliance projects and performs data analysis to focus on areas of potential non-compliance. Taxpayers are initially contacted by correspondence, but the EPCU may follow up with additional letters and/or telephone calls. Most issues are resolved […]

Court Rules in Agreement with DOMA Under a California Law Case Regarding a Retirement Account

On May 16, 2019 the Ninth Circut ruled in favor of the domestic partner in a case where the administrator of a retirement plan denied payment of retirement benefits to  the surviving domestic partner. Under California law, registered domestic partners are given the same rights as spouses, and the same protections and benefits. The plaintiff […]

Another Bill (Inclusive Prosperity Act of 2019) Trying to Fee 401k Plans

This month Sen. Bernie Sanders (I-VT) and Rep. Barbara Lee (D-CA) introduced the Inclusive Prosperity Act of 2019 in an effort to once again try to tack on fees to 401k plans including solo 401k plans of course. If the bill passes, a transaction tax ranging from 0.005 to 0.10 percent would apply to trades […]

IRS Releases the 2018 Data Book

In May, the IRS released its annual “Data Book” for 2018. The report discusses activities conducted by the IRS during Fiscal year 2018 (October 1, 2017 through September 30, 2018). It provides information on returns filed and taxes collected, enforcement, taxpayer assistance, the IRS budget and workforce, and other selected activities. Highlights of the Data […]

The U.S. House Approves the SECURE ACT but Still Needs Blessing from The Senate

Designed to strengthen retirement savings,  on May 23, 2019 the U.S. House of Representatives approved by a vote of 417-3 the Setting Every Community Up for Retirement Enhancement (SECURE) Act (H.R. 1994). However, this landmark or legislation must also pass the Senate before it becomes law, bu the odds are very good that it will […]

DOL to Propose Another Fiduciary Rule in Late Summer of 2019

Early this month, the Committee on Education and Labor of the U.S. House of Representatives, Secretary of Labor Alexander Acosta discussed how the Department of Labor (DOL) and the Securities and Exchange Commission (SEC) plan to work together by the end of the year in rule making surrounding the Fiduciary rule.   SEC Chairman Clayton has […]

Bill Reintroduced by Senators to Create Federal Retirement Commission

It has been 4o years when Jimmy Carter was president since a federal commission has conducted a survey as extensive as the one (Federal Retirement Commission Act) reintroduced on May 14, 2019 by Sens. Todd Young (R-IN) and Cory Booker (D-NJ). The commission would be made up of the Secretaries of Treasury, Labor and Commerce, […]

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