company retirement plan | Ed Slott and Company, LLC

company retirement plan

Why You Should Not Roll Over Your Company Funds to an IRA

Wednesday, July 05, 2023
In her June 28, 2023 Slott Report post, Sarah Brenner discussed several reasons why it pays to roll over your retirement plan savings to an IRA. Another option is to keep your funds in the plan. Keep in mind, though, this may not always be possible. Sometimes your plan may force you to take your dollars out, for example when you reach the plan’s retirement age (normally, age 65) or if you have a small account balance.
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Why You Should Roll Over Your Retirement Funds to an IRA

Wednesday, June 28, 2023
If you are like most American workers, you will change jobs many times during your lifetime. With a job change, you will have a decision to make. What should you do with the funds in your retirement plan? One option is to do a rollover to an IRA. An IRA rollover offers some big benefits.
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The Two Types of 457(b) Plans

Wednesday, June 21, 2023
Some of you are aware that there are two types of section 457(b) retirement plans – governmental plans for state and local municipal workers, and “top hat” plans for highly-paid and managerial employees of tax-exempt employers like hospitals. What you may not know is that the two types of plans are different in several important ways.
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NUA and Silver in Your IRA: Today's Slott Report Mailbag

Thursday, June 15, 2023
Question: I have a large amount of stock from a previous employer in my 401(k). I had been reinvesting the dividends for the last 23 years since I left the company. I no longer want to reinvest the dividend to buy additional shares. Most of the stock has appreciated considerably since I bought it.
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Vesting in Company Plans and New IRS Forfeiture Rules

Wednesday, March 29, 2023
When you leave your job and aren’t fully vested in your company plan account, the plan will forfeit your unvested portion. Recently, the IRS issued new guidance clarifying the forfeiture rules.
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Bloody Mary and a 401(k)

Wednesday, March 22, 2023
Spring break. Warm breezes and ocean waves and fancy cocktails are top of mind. The aroma of coconut suntan lotion entwined with barbecue smoke floats on salty air. And when morning light flickers through the palm fronds, like Jimmy Buffett said, “I sure could use a Bloody Mary, so I stumbled over to Louie’s Backyard.”
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Inherited IRAs and Roth Conversions: Today's Slott Report Mailbag

Thursday, February 09, 2023
QUESTION: I just inherited my spouse’s inherited IRA (he got it from his father). He (my husband) was already taking required minimum distributions (RMDs) based on his own single life expectancy. My question is, do I have to empty that account in 10 years based on the SECURE Act? (I think this is correct, but if I don't have to do it, I don't want to!)
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Big Increase in Many 2023 Retirement Plan Contribution Limits

Monday, December 12, 2022
The IRS has announced the retirement contribution limits for 2023. Because many of these limits are tied to inflation, it shouldn’t come as a surprise that some of the limits had a big jump. Here’s a summary:
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Rollovers From a Company Plan & Inherited IRAs: Today's Slott Report Mailbag

Thursday, March 04, 2021

By Sarah Brenner, JD
Director of Retirement Education
Follow Us on Twitter: @theslottreport


Question:

I am 75 years old and am planning to retire this year.  I have a 401(k) plan with my employer and, I assume, need to roll it over into an IRA.  In this case do I need to take a 2021 RMD?  If so, how is it calculated?  I have taken RMDs on my other IRA accounts so I know how to use the factor according to my age, but what should the basis be?  Is it the value of my 401(k) on Dec. 31, 2020?

Thank you in advance.

John


Answer:

Hi John,

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SECURE Act Gives Businesses Extra Time to Establish New Retirement Plans

Wednesday, August 05, 2020
Hidden within the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) signed into law last December is a provision giving businesses extra time to establish certain new tax-qualified retirement plans. Prior to the SECURE Act, a new workplace plan had to be adopted by the last day of the employer’s tax year. Despite that deadline for adopting a new plan, businesses were always allowed extra time to make retroactive employer contributions for any year (including the plan’s first year). The employer contribution deadline is the due date (including extensions) of the company’s federal tax return.
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