403b Plans
Hello all! Welcome to a new monthly series, Nate’s Notes. In order to keep you all apprised of what is taking place at the NTSA, I’m going to share an update on where I’ve been and what the NTSA has been doing.
For my inaugural note, I’m writing from the airplane on my way to the Massachusetts...
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Tech Talk concerns whether a K-12 public school can elect whether to have an ERISA or non-ERISA 403(b).
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The terms of a quickly settled excessive fee suit involving a 403(b) plan have come to light.
The plan fiduciaries here are Springfield, Massachusetts-based Baystate Health Inc. — and they were sued just last Nov. 17 by participant-plaintiffs Michael Chechile and Sonia Lopez (who were represented...
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Tech Talk addresses whether an employee who is separated from service from an employer where he has an optional retirement plan 403(b) can roll it over to his new employer’s K-12 403(b) plan.
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The IRS has issued an update to the 2022-2023 priority guidance plan.
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 plan year). It released an update to the plan in February.
The To...
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A SECURE 2.0 “fix” that would allow 403(b)s to invest in collective investment trusts (CIT) was officially introduced in the House on May 2.
The bill, The Retirement Fairness for Charities and Educational Institutions Act of 2023, introduced by House Financial Services Committee Member Rep....
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Tech Talk addresses what a 403(b) prototype plan is, and what constitutes each of its two parts.
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A bill that would allow 403(b)s to invest in collective investment trusts (CIT) could be headed for Congressional markup in the next few weeks.
A draft of the bill, titled “The Retirement Fairness for Charities and Educational Institutions Act of 2023," is backed by House Financial Services...
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The IRS has issued a reminder that the submission period for 403(b) pre-approved plan providers to submit applications for a Cycle 2 Opinion Letter ends on May 1, 2023.
The IRS in 2022 revised the required modifications and information that contains samples of plan provisions that have been...
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Tech Talk discusses the requirement that interested persons must receive notice that an application for an advance determination will be filed regarding whether a 403(b) plan meets the requirements of Internal Revenue Code Section 403(b).
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Tech Talk discusses the requirement that interested persons must receive notice that an application for an advance determination will be filed regarding whether a 403(b) plan meets the requirements of Internal Revenue Code Section 403(b).
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An excessive fee suit with a “complicated procedural history” and one that a federal judge says “appears to be a lawsuit in search of a theory” has, once again, culminated in a win for the plan fiduciaries.
This time we’re talking about the suit alleging that the Georgetown University 403(b) plan...
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This new feature in the NTSA Advisor provides a look at what’s going on in the states and the most recent developments in their activity to provide and enhance retirement plan coverage.
New Utah Law Modifies Match of State Retirement System Employee Contributions
A bill signed into law by Utah...
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Tech Talk addresses submitting comments to the IRS regarding whether a 403(b) meets the requirements of Internal Revenue Code Section 403(b).
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The IRS has updated information relevant to reporting for 2022 and 2023.
403(b) Reporting
The IRS has updated Publication 939, General Rule for Pensions and Annuities for 2022 reporting. The publication also addresses the treatment of benefits under 403(b) plans and discusses in-plan Roth...
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Tech Talk addresses who interested persons are for purpose of 403(b) notice requirements, and who must receive notice that an application for an advance determination will be filed regarding whether a 403(b) plan meets the requirements of Internal Revenue Code Section 403(b).
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This new feature in the NTSA Advisor provides a look at what’s going on in the states and the most recent developments in their activity to provide and enhance retirement plan coverage.
Nevada Could Join State Plan Club
Private-sector employees in the Silver State whose employers do not...
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A $1.6 billion 403(b) plan has settled an excessive fee suit for $6 million.
The suit — brought by participants Susan McNeilly and Carla Martz of the Spectrum Health System 403(b) plan and represented in that action by the law firm Capozzi Adler[1] — had made the “usual” assortment of allegations...
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Unfortunately, recently I have needed a little bit more dental care than usual. My dentist has referred me to several specialists, and the specialist has always been more expensive than my local dentist, and most of the time, it is by a lot. The adage, “Riches are in the niches” echoes as I pay my...
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A slalom course can be tricky. It takes some deft maneuvers to navigate one, but with practice and skill it can be done. A Feb. 28 session of the NTSA Summit offered some reminders regarding the importance of the twists and turns of moving 403(b) money.
The session was led by moderator Sue Diehl...
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