403b Plans
Benefits play a major role in the employee experience, as most can attest on a personal and professional level, writes Ted Godbout in MarketBeat; but he adds that new research suggests that it’s simply not enough to make benefits available to employees.
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I fear that by the time you read this, we will be entering a government shutdown or will be moments away from one. Fingers crossed that we can all come together to keep things up and running.
Regardless of that, September has been a very busy month for the NTSA.
Educating the Educators
I am...
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Tech Talk discusses the circumstances under which a 403(b) plan may qualify for a safe harbor exemption and, therefore, not be subject to ERISA.
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Tech Talk discusses which agencies other than the Department of Labor and its Employee Benefits Security Administration have a role in regulating and overseeing 403(b) plans or investment options provided to participants.
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Registration is open for the 2024 NTSA Summit! The conference—Feb. 25-27 in San Diego, CA—is the only industry event designed for 403(b) and 457(b) professionals. But that’s not all! It will include:
Tailored general sessions, workshops, and up to 12 continuing education (CE) credits
A...
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Tech Talk discusses the kinds of 403(b) plans that are not subject to ERISA.
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Taking action in advance to protect vital documents can be helpful when a disaster strikes, a principle that applies to retirement plans and administration as well as other records and functions, writes John Iekel in MarketBeat.
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The American Retirement Association (ARA) was recently informed of a legal scheme in Texas—a community property state—that allows younger workers to raid up to 100% of their defined contribution (DC) plan (such as a 401(k), 403(b) or 457 plan) account balance without incurring the tax penalty for...
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Tech Talk discusses the kinds of 403(b) plans that are covered by ERISA.
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The IRS on Aug. 21 issued an update to the 2022-2023 priority guidance plan, which still includes plans to take action relevant to 403(b)s.
The IRS had released the initial plan on Nov. 4, 2022, setting forth guidance priorities for the 12-month period from July 1, 2022, through June 30, 2023 (the...
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Tech Talk looks at a discussion by the Government Accountability Office (GAO) of service providers with which sponsors of 403(b) plans work.
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The Government Accountability Office (GAO) recently reviewed the Department of Labor’s (DOL) 403(b) plan oversight efforts and concluded better educational material is needed to inform plan sponsors and participants.
“The DOL’s website does not contain targeted educational materials that could...
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Tech Talk addresses whether, and how, a 403(b) holder can take a loan from the account if the employer through which the 403(b) was started no longer exists.
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Voya Financial will serve as the recordkeeper for the new Secure Retirement 403(b) Pooled Employer Plan (PEP), the firm announced July 28.
Launched by The Platinum 401k, Inc., the PEP apparently is the first 403(b) program to the market following enactment of the SECURE 2.0 Act late in 2022, which...
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Building off the SECURE 2.0 Act and taking a page out of the “behavioral finance playbook,” two influential senators introduced bipartisan legislation to establish an automatic reenrollment safe harbor.
SECURE 2.0 soon will require new 401(k) and 403(b) plans to automatically enroll participants...
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Today (July 25) I am writing from a conference in Washington, DC where we are hearing from the Securities and Exchange Commission, the Department of Labor, the Department of Treasury and many other federal offices.
On Capitol Hill
We will also have an opportunity to be on Capitol Hill to...
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Tech Talk discusses the IRS’ suggestions regarding how to avoid exceeding the Internal Revenue Code Section 415(c) limits for employer and employee contributions to 403(b)s.
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Tech Talk addresses what an organization should do when a 403(b) plan fails to limit employer and employee contributions so they do not exceed Internal Revenue Code Section 415(c) limits.
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A surprising finding in a comprehensive report from earlier this year, writes John Sullivan in MarketBeat, is that there is no gender gap in access to employer-based retirement plans, nor in participation rates. He continues that the same cannot be said for savings.
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Let’s face it. Annuities generally are not well-received in much of the retirement plan adviser community. From the historical impression that “annuities are sold, not bought,” to some advisers perceived baggage associated with being that ghastly “licensed insurance agent,” to the historically “...
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