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Test Your Smarts on…401(k)s and IRAs What you don’t know won’t hurt you. That might be true in some circles. But it isn’t the case with retirement accounts such as 401(k)s, defined-benefit plans, individual retirement accounts, profit-sharing plans and ESOP plans—especially when it comes to distribution rules. In fact, not knowing something might cost you a lot of money in penalties and fines, as well as lost opportunities. Here’s a quiz to test your knowledge, based on some frequently asked questions directed to Ben Norquist, president and chief executive of Convergent Retirement Plan Solutions; Beverly DeVeny, director of retirement education for Ed Slott & Co.; and Denise Appleby, the CEO of Appleby Retirement Consulting Inc. and RetirementDictionary.com. 1. True or false. Roth 401(k) owners must take required minimum distributions, or RMDs, just as owners of traditional 401(k)s do. ANSWER: True. The Roth 401(k), a cousin of the Roth IRA, is funded with after-tax c
Final Rule: Overtime Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales and Computer Employees under the Fair Labor Standards Act The Department published a Notice of Proposed Rulemaking (NPRM) in the Federal Register on July 6, 2015 ( 80 FR 38515 ) and invited interested parties to submit written comments on the proposed rule at www.regulations.gov by September 4, 2015. The Department received over 270,000 comments in response to the NPRM from a variety of interested stakeholders. The feedback the Department received helped shape the Final Rule. Key Provisions of the Final Rule The Final Rule focuses primarily on updating the salary and compensation levels needed for Executive, Administrative, and Professional workers to be exempt. Specifically, the Final Rule: 1. Sets the standard salary level at the 40th percentile of earnings of full-time salaried workers in the lowest-wage Census Region, currently the South ($913 per