| | From the Magazine | | Navigating RMDs | | Required minimum distributions (RMDs) are mandatory, annual withdrawals that participants must take when they turn 70 1/2 years old and are no longer employed, or when they work past that age then retire. Internal Revenue Service (IRS) rules apply to holders of 401(k), 403(b) and profit-sharing plans, as well as individual retirement accounts (IRAs), SEPs [simplified employee pension plans] and SIMPLE [savings incentive match plan for employees] IRAs. For IRAs, SIMPLE IRAs and SEPs, participants must take the RMD at 70 1/2, regardless of employment status. Sponsors need to know the required minimum distribution rules, as well as exceptions, how to calculate them, how recordkeepers help, how RMDs apply to beneficiaries, whether they apply to annuities, the consequences of not taking RMDs and tasks that may get overlooked.Read more > | | | Products, Deals and People | | Retirement Industry People Moves | | Nikki Newton is appointed president of Ivy Distributors Inc.; John Hancock Retirement Plan Services forms a new leadership team charged with enhancing the delivery of large customized retirement plans.Read more > |
|
| |
