Ascensus Appoints Kevin Cox as Head of College Savings Unit; Carl Negin Joins Company as Chief Marketing Officer

By Ascensus February 6, 2018

Financial Industry Veterans Will Help Lead Ascensus into a New Era of Growth. Ascensus, a technology-enabled service provider that helps more than 7 million Americans save for the future, is pleased to announce the appointment of Kevin Cox as head of the firm’s college savings unit and the hiring of Carl Negin as the company’s […]

IRS Wants Hurricane Distributions Reported as Penalty Tax Exception on 2017 Forms 1099-R

By ERISA News February 2, 2018

The IRS has recently updated its webpage entitled About Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. with a note under Recent Developments regarding the reporting of retirement and IRA distributions to individuals affected by Hurricanes Harvey, Irma, or Maria. The note, dated January 2018, mandates the use of […]

529 Account Owners Reach Milestone $100 Billion in Assets Saved on the Ascensus Platform

By Ascensus January 30, 2018

Total Savings Assets Could Finance Four-Year Education for Over 1.24 Million Students. Ascensus, a technology-enabled service provider that helps more than 7 million Americans save for the future, is pleased to announce that 529 account owners have saved over $100 billion on the firm’s recordkeeping platform. In total, these savings could finance a four-year college […]

Kathleen Connelly Addresses Changing Retirement Fee Arrangements in the 401(k) Industry

By Paula Aven Gladych, Employee Benefit News January 30, 2018

EVP Kathleen Connelly ​addresses ​changing retirement fee arrangements in the 401(k) industry, in a recent article published by Employee Benefit News. 401(k) plan clients ​​​​are skeptical of ​Fidelity’s decision to charge new clients (with $20 million or less in assets) a 0.05% fee on any Vanguard funds held in their retirement plans​.​ ​​​​Regarding Ascensus’ ​pricing methodology, Connelly notes, “At Ascensus, we made decisions that […]

IRS Releases 2018 General Instructions for Certain Information Returns

By ERISA News January 30, 2018

The IRS has released the 2018 version of the General Instructions for Certain Information Returns (Forms 1096, 1097, 1098, 1099, 3921, 3922, 5498 and W-2G). These instructions are for a series of forms used to report transaction and other information for IRAs, health savings accounts (HSAs), employer-sponsored retirement plans, Coverdell education savings accounts (ESAs), and […]

IRS Notice Addresses Withholding Issues for the Post-Tax Reform Period

By ERISA News January 30, 2018

The IRS has issued Notice 2018-14 to address several tax withholding issues during the transition to a much revamped tax code under Public Law 115-97, known throughout the enactment process as the Tax Cuts and Jobs Act. Most of the Notice content addresses general wage withholding. One aspect, however, addresses withholding on certain distributions from retirement savings […]

David Musto Appointed Chair of the Defined Contribution Institutional Investment Association

By Ascensus January 29, 2018

President of Ascensus to Provide Strategic Direction for DCIIA Executive Committee Ascensus, a technology-enabled service provider that helps more than 7 million Americans save for the future, is pleased to announce that David Musto, president of Ascensus, has been appointed chair of the Defined Contribution Institutional Investment Association (DCIIA). The DCIIA is a nonprofit association […]

Ascensus Continues to Add to Defined Contribution and Defined Benefit Expertise with Agreement to Acquire Qualified Plans LLC

By Ascensus January 25, 2018

Agreement Allows Firm to Expand TPA Presence in Southeastern U.S. Ascensus, a technology-enabled service provider that helps more than 7 million Americans save for the future, has entered into an agreement to acquire Qualified Plans LLC (“Qualified Plans”). The third-party administration (TPA) firm will immediately become part of Ascensus TPA Solutions. Headquartered in Savannah, Georgia, Qualified Plans […]

Washington Pulse: RETIRE Act Promotes Electronic Delivery of Retirement Plan Information

By ERISA News January 23, 2018

Tax reform legislation grabbed the headlines at the close of 2017. But another year-end bill could significantly change how retirement plans deliver participant and beneficiary communications. The Receiving Electronic Statements To Improve Retiree Earnings (RETIRE) Act would allow plan administrators to use electronic delivery as the default delivery method for virtually any required plan document. […]

Geno Cufone Discusses Plan Sponsors’ 401(k) Contribution Behavior

By Nick Thornton, BenefitsPRO January 22, 2018

I​n a recent article published by BeneiftsPro​, Geno Cufone discusses whether retirement plan sponsors will increase their 401(k) contributions in light of recent tax reform. Although some plan sponsors have increased matches to 401(k) plans in recent years, time will tell if an industry-wide trend is emerging. Cufone notes, “The younger generation is smarter—they’re looking for employers to establish that […]

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