Countdown to New Year’s Eve

Robin Weingast Retirement SolutionsOn New Year’s Eve, most of us will be counting down until the stroke of midnight, when we can wish our friends and family a happy and healthy 2015. But December 31 is an important deadline in the world of retirement planning. As detailed in this article,  New Year’s Eve is the deadline for most 2014 required minimum distributions to be made. The RMD for 2014 is based on the taxpayer’s life expectancy on Dec. 31, 2014, and their account balance on Dec. 31, 2013.

There are some exceptions, particularly if you are still working or if you reached age 70 1/2 in 2014, but you should take note and be sure not to miss this important deadline!

If you have any questions about how to be compliant with this deadline or to explore if you are eligible for an exception, please contact the Robin Weingast and Associates team today.

 

 

What you Need to Know in 2015

2014 is coming to an end and the Robin S. Weingast & Associates team has been busy preparing for 2015. We value working with our clients and want to give you the most current information on what you have to look forward to in the new year.

As we told you in October, the IRS issued information geared towards helping to increase the use of income annuities in 401(k) plans. Plan sponsors can now voluntarily include deferred income annuities in a target date fund used as a default investment, making it easier for employees to consider using lifetime income. We posted the full announcement and would be happy to speak with you about how to take advantage of these new important guidelines.

Beginning in 2015, the IRS increased retirement fund contribution limits. This change reflects cost-of-living increases and could have major implications for you and your employees. Click to expand this graphic and se what the new limits are.

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New York-based businesses should know that on December 31, the statewide hourly minimum wage for non-exempt (i.e., hourly) employees will rise from $8.00 to $8.75 (and then to $9.00 on December 31, 2015). Just as significantly, the minimum weekly salary for certain exempt employees – executives and administrators – will also increase on December 31: from $600.00 to $656.25 (and then to $675.00 on December 31, 2015). The wage increase also affects those in the food service and hospitality industries. You can read more about it here (the post also contains information about minimum wage changes in other states).

There are some small changes to the Affordable Care Act that may impact your business. This site summarizes everything that will change in 2015, and we are happy to talk through what these changes mean for your benefits plans and for your business.

Earlier this year, we let you know that the IRS announced an 2016 deadline for pre-approved document restatements. Here’s a refresher on what that means for you. Remember that our team is here to help you with this process.

We hope you found our Need to Know Blog, monthly resources, and updated newsletters a valuable source of must-have information. If you have any suggestions for topics we should cover, please contact us and we’d be happy to cover them on our website.

The Robin Weingast team is ready to offer guidance and help you develop solutions and innovative approaches to respond to any new regulatory changes. We look forward to making 2015 a happy and successful year for you.