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Beginning this year, you are able to roll over amounts in qualified employer sponsored retirement plan accounts, such as 401(k)s and profit sharing plans, and regular IRAs, into Roth IRAs, regardless of your adjusted gross income (AGI).
Read White PaperNot surprisingly, recent surveys indicate that the major employer objective vis-à-vis benefit plans is to control costs. Because Life and Disability cost only a fraction of other benefits they are often overlooked in the renewal planning process. However, with good plan design, employers can offer high quality benefits at reasonable and fairly predictable costs.
Read White PaperThere is a new mandatory electronic filing requirement (known as "EFAST2") that now applies to your Form 5500 filings. Paper filings will no longer be accepted starting with the 2009 Plan years.
Read MoreEmployees and employers, now more than ever, need to take the appropriate steps to ensure that prudent decisions are made in respect to employees saving at an adequate deferral rate, establishing an appropriate asset allocation mix, and planning to replace income throughout their retirement.
Read White Paper |
Recent Industry News |
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At the Summit |
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 October 2011
IRS Announces 2012 Pension Plan Limits
The Internal Revenue Service announced on October 20th the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2012. October 2011
Fall 2011
Regulatory UpdateOn July 13, 2011, the Department of Labor's (DOL) Employee Benefits Security Administration (EBSA) pushed back the applicability dates for fee disclosure rules. The extension gives covered service providers and plan fiduciaries additional time to prepare fee and investment-related information required for disclosure to employees. July 2011
DOL Extends Applicability Dates
Fee Disclosure Regulation Extension FinalizedThe new applicability date for the fiduciary-level fee disclosure regulation under Section 408(b)(2) of the Employee Retirement Income Security Act (ERISA) has been extended three months later than the proposed deadline extension, to April 1, 2012. June 2011
Department of Labor Update
Proposed 408(b)(2) Fee Disclosure Regulation ExtensionUS Department of Labor to extend and align applicability dates for retirement plan fee disclosure rules. May 2011
SEAL Act
Potential Legislation IntroducedLast week, US Senators Herb Kohl (D-WI) and Mike Enzi (R-WY) introduced legislation in effort to help ensure that retirement savings in defined contribution plans will last throughout retirement for retirees. May 2011
2011 Defined Benefit Plans Update
FAS & Funding IssuesFebruary 2011
DOL Extends Effective Date of ERISA 408(b)(2) Regulations
Fee Disclosure Applicability Date Now 1/1/2012The U.S. Department of Labor's Employee Benefits Security Administration announced on Feb. 11, 2011 that it intends to extend the applicability date for the new disclosure rules under section 408(b)(2) of ERISA to Jan. 1, 2012. December 2010
Administrative Guidance on In-Plan Roth Conversions
Small Business Jobs Act of 2010 UpdateOn November 26, 2010, the IRS issued guidance in a Q&A format that addressed many of the issues related to adding a feature to convert pre-tax accounts in a qualified 401(k) or 403(b) plan to a Roth after -tax account within the same Plan. November 2010
2011 Dollar Limitations for Pension Plans
No Change from 2010Limits of $16,500 for employee deferrals and $5,500 age 50+ "catch-up contributions" remain unchanged. October 2010
New White Paper Available
Looking Ahead (Again): The Implications of Market Volatility on Defined Benefit PlansThis paper provides an updated forward-looking analysis of both fiscal 2010 year-end disclosure results as well as 2011 and 2012 plan year funding requirements for calendar year plan sponsors based on market and yield curve performance through 9/30. October 2010
Employee Benefits Security Administration (EBSA)
Final Rules for Participant Fee Disclosure ReleasedFinal Rules to improve transparency of fees and expenses to participants in 401(k)-type Retirement Plans were released on October 14th 2010. October 2010
New White Paper Available
Small Business Jobs Act and Roth ConversionsOn September 27, 2010, the Small Business Jobs Act of 2010 was signed into law. One of the major components of this Act was the ability to convert pre-tax retirement accounts to after-tax Roth accounts within the Plan. September 2010
Small Business Jobs Act of 2010
Roth Conversions & Roth 457Both the Senate & House of Representatives have passed the Small Business Jobs Act of 2010 (and the President is expected to approve), which includes provisions that would allow for Roth contributions in a 457 plan and in-plan Roth conversions for eligible rollover distributions in qualified plans.  January 2012
2012 "Fair Share Contribution" Filing Requirement
Important Reminder - February 15th Massachusetts "Fair Share Contribution" Filing RequirementBy now you may have received a notice from the Massachusetts Division of Unemployment Assistance (DUA) regarding the requirements to complete the "Fair Share Contribution" (FSC) filing online report. For those employers who have been filing quarterly during 2011, this is one more quarterly report. For those who have not been required to file quarterly, this is an annual report required to be filed by February 15, 2012. (The period you will be reporting on is October 1, 2011 - December 31, 2011). The online filing will also entail completing the annual Employer "Health Insurance Responsibility Disclosure" (HIRD) report. December 2011
End of Year Action Items 2011
END OF YEAR ACTION ITEMS Long term disability imputed income: if LTD is a "gross up" or "tax choice" plan, employees recognize income to the extent of premiums paid by the company for LTD, thus paying the tax on the premium. In exchange, any benefits paid would be non-taxable under current law. Action: add cost of LTD to W-2's. Life insurance amounts over $50,000: The coverage over $50,000 results in "imputed income" to participants. Action: impute income on life insurance amounts over $50,000 by adding value of insurance protection to W-2'S. September 2011
Medicare Part D Notice and CMS Online Disclosure
Employees or Dependents eligible for Medicare must be provided with certain notices with regard to their employer's Rx coverage. In addition, plans that cover any Medicare Part D eligible individuals are required to file a disclosure with the Centers for Medicare Services ("CMS"). September 2011
Healthcare Reform Update - PPACA
Healthcare Reform Update - PPACA
Beginning last September 23rd, the major provisions of the Patient Protection and Affordable Care Act ("PPACA") have been phasing in to health insurance plans nationwide. Coverage for children up to age 26, $0 cost sharing for preventive care services, unlimited lifetime benefits and the elimination of coverage for non-prescription medicine under FSA plans are some of the mandates generally in effect for plans now. A number of the law's provisions, as we summarize below, are just now beginning to go into effect and are generating many questions and/or need to be addressed in the near future. June 2011
COBRA Reimbursement for New Hires
From time to time a client will inquire about ways to provide health coverage to certain newly hired employees while the new hires are in the client's plan's "waiting period." One way to do this is to pay for the new employee's COBRA coverage until they become eligible to join the company's plan. May 2011
Reporting the Cost of Health Care Coverage on the W-2 Effective for 2012 for Large Employers
According to a new IRS Notice "Large Employers" will be responsible to report the cost of their health plans on W-2's beginning next year. January 2011
Massachusetts Fair Share Filing Reminder: February 15th
By now you probably have received a notice from the Massachusetts Division of Unemployment Assistance (DUA) regarding the requirements to complete the "Fair Share Contribution" (FSC) filing online report. For those employers who have been filing quarterly during 2010, this is one more quarterly report. For those who have not been required to file quarterly, this is an annual report required to be filed by February 15, 2011. (The period you will be reporting on is October 1, 2009 - September 30, 2010). December 2010
Employer Notice Requirement
Children's Health Insurance ProgramEmployers sponsoring group health plans are required to advise employees of potential opportunities to qualify for a subsidy, through Medicaid in the state in which they live via the Children's Health Insurance Program (CHIP), to help them pay for employer sponsored health insurance. December 2010
2010 End of Year Action Items
Summit Benefit SolutionsIt certainly has been a tumultuous year for those who deal with employee benefits, as characterized by the passage of the mammoth Patient Protection and Affordable Care Act. While we are always looking at the larger picture, we want to make sure to keep up with the more routine items that need to be performed annually at year end. October 2010
Medicare Part D Notice Information
November 15th Deadline ApproachingGroup health plan sponsors offering prescription drug coverage must provide annual notices of creditable or non-creditable prescription drug coverage by November 15th each year. October 2010
New White Paper Available
Updated October 2010 National Healthcare Reform ReviewOctober 2010
W-2 Health Plan Cost Reporting Relief
Notice 2010-69This notice provides interim relief to employers with respect to reporting the cost of coverage under an employer-sponsored group health plan on Form W-2.  July 2011
Alternative Minimum Tax (AMT)
Summit Financial Strategies Tax InsightThe "Alternative Minimum Tax (AMT)" and how it may apply to you. June 2011
Calculating NUA
Summit Financial Strategies Tax InsightExamining "Net Unrealized Appreciation" of Employer Securities. October 2010
New White Paper Available
2010 Small Business Jobs ActA wide range of tax breaks and incentives are now available for the small business as a result of the recently enacted 2010 Small Business Jobs Act. Read about what tax changes in the new law your business can benefit from. July 2010
2010 Federal Tax Developments
Q1 2010 UpdateThe first quarter of 2010 brought many tax developments from Congress, the IRS and the courts. The following are some of these important federal tax developments below. July 2010
New White Paper Available
Dealing with Health Care Reform's New Regulations
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January 2012
Style Returns
2012 YTD as of January 23, 2012
August 2011
"Back to School Checklist"
Health Care Power of Attorney (HCPOA)July 2011
Revised Tax Facts 2011
Standard Mileage Rates changed as of 7/1/11.March 2011
Form 5500 -
Electronic Filing RequirementThere is a new mandatory electronic filing requirement (known as "EFAST2") that now applies to your Form 5500 filings. Paper filings will no longer be accepted starting with the 2009 Plan years.
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Securities and advisory services offered through Commonwealth Financial Network, Member www.finra.org and www.sipc.org, a Registered Investment Adviser. Fixed insurance products and services, as well as benefits consulting and plan administration, offered by Summit Financial Corporation are separate and unrelated to Commonwealth. Fixed insurance products and services, as well as tax services, offered by Summit Financial Strategies, Inc. are separate and unrelated to Commonwealth. This communication is strictly intended for individuals residing in the states of AL, AZ, CA, CO, CT, DC, DE, FL, GA, IL, ME, MD, MA, MI, NV, NH, NJ, NY, OH, OR, PA, RI, SC, TN, TX, VT, VA. No offers may be made or accepted from any resident outside these states due to various state regulations and registration requirements regarding investment products and services. |
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