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Temporary Relief for Retirement Plan Participants

Posted by Scott Farnes on Aug 27, 2020 8:09:00 AM

Temporary administrative relief has been issued that helps certain retirement plan participants or beneficiaries who need to make participant elections by allowing flexibility for remote signatures. Generally, signatures of the individual making the election must be witnessed by a notary public or in the presence of a plan representative. This includes a spousal consent as well.

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Topics: Personal Finance, Retirement

Retirement Accounts: Rollover Relief for RMDs

Posted by Taylor Bennett on Jul 21, 2020 8:02:00 AM

Generally, taxpayers must begin taking a required minimum distribution (RMD) from a defined-contribution retirement plan, including a 401(k) or 403(b) plan, or an IRA when they reach age 72 (70 1/2 if they reached 70 ½ before January 1, 2020). The RMD for any year is the account balance as of the end of the immediately preceding calendar year divided by a distribution period from the IRS's "Uniform Lifetime Table" and is the minimum amount you must withdraw from your account each year.

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Topics: Personal Finance, Retirement

Retirement Contributions Limits Announced for 2020

Posted by Taylor Bennett on Dec 6, 2019 8:44:00 AM
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Topics: Personal Finance, Retirement

Take Retirement Plan Distributions by December 31

Posted by Scott Farnes on Dec 4, 2019 8:21:00 AM
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Topics: Personal Finance, Taxes, Retirement

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