Technical Competence
True to its word, the Securities and Exchange Commission has announced a settlement with a broker-dealer and investment advisor that it says overcharged retirement account customers for mutual fund shares.According to the SEC’s order, Ameriprise Financial Services Inc. disadvantaged certain...
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Georgetown University and two of its officers are the latest to find themselves in the crosshairs of an excessive fee suit.The suit (Wilcox v. Georgetown Univ., D.D.C., No. 1:18-cv-00422), filed Feb. 23 in the U.S. District Court for the District of Columbia, alleges that rather than “…leveraging...
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Editor’s Note: ERISA Tips is a new feature for the 403(b) Advisor. It is provided with you in mind — to make the newsletter more useful to you! If you have any content for ERISA Tips or the 403(b) Advisor that you would like to contribute or suggest, please contact John Iekel, editor of the 403(b)...
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A church sponsors a 403(b) annuity plan. The minister is paid by the church but also has self-employment income from other sources. If the church only includes the minister’s income paid by the church, can the minister participate in the church’s 403(b) plan, or does the church need to sponsor a...
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Legislation before the Maryland legislature would expand fiduciary duties in the Old Line State for broker-dealers, agents and investment advisers.SB 1068, introduced by Sen. Jim Rosapepe (D-Prince George’s) on Feb. 7 and HB 1634, introduced by Del. C. William Frick (D-Montgomery) two days later,...
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Editor’s Note: This marks the inauguration of a new feature for the 403(b) Advisor, ERISA Tips. It arises from data on visits to the NTSA site and readership of its content, which indicates consistent interest in ERISA and how it is applied.ERISA Tips is provided in the 403(b) Advisor with you in...
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Does the federal Tax Cuts and Jobs Act (TCJA), enacted Dec. 22, 2017, affect contribution limits and integration of plans? In Tech Talk, Susan Diehl outlines its effects.
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An upcoming NTSA webcast will provide important information and tools regarding presentations to employers about 403(b) plans.NTSA Webcast: The New 403(b) Plan Documents Part I: Why March 2020 Is Important to 403(b) EmployersWednesday, Feb. 28, 20182:00 - 2:50 p.m. ETSpeaker: Susan D. Diehl, QPA,...
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An employer with a 403(b) plan must have a written plan that identifies the plan’s investment arrangements in order to satisfy the IRS regulatory requirements. In MarketBeat, Linda Segal Blinn tells us what happens if the terms of the 403(b) plan document conflict with the provisions of an...
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Is a 403b a voluntary plan, not employer sponsored? In Tech Talk, Susan Diehl tells us.
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Legislation is before the Oklahoma House of Representatives that would allow the elimination of the state-sponsored 403(b) plan for teachers. Rep. Randy McDaniel (R-Oklahoma City) introduced HB 2553 on Feb. 5; it is now before the House of Representatives’ Banking and Business Committee.The...
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The recently enacted Tax Cuts and Jobs Act of 2017 (TCJA) will not affect 2018 qualified retirement plan limitations, the IRS said on Feb. 6 in IR-2018-19.
The Internal Revenue Code specifies dollar limits on benefits and contributions under qualified retirement plans and requires the Treasury...
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The goal: no audit. But if you ARE audited, the goal is then a 0% change rate. In MarketBeat, John Iekel provides a look at Susan Diehl’s Jan. 24 discussion at the 2018 NTSA Summit of IRS audits: their triggers, what to do if one is coming, and what could help keep the auditors at bay.
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Former state employees who retire can return six months later without affecting their state retirement if their pay is under a certain threshold. Can such employees contribute to a 403(b), 457 or 401(k) In Tech Talk, Susan Diehl tells us.
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Effective Jan. 2, 2018, the IRS in Revenue Procedure 2018-4 simplified the user fees charged for most submissions made under the Voluntary Correction Program. In MarketBeat, Susan Diehl argues that the changes the IRS made are good news and really bad news — and explains why.
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Can a non-church 403(b) plan require that eligible employees fulfill a 90-day eligibility period before they can begin deferring into the plan? In Tech Talk, Susan Diehl tells us.
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Retirement plan professionals may feel like spelunkers at times — maneuvering through tight openings, spanning yawning chasms, dodging the errant bat amid the primordial gloom. Susan Diehl shed some light on the path in a Jan. 24 session at the 2018 NTSA Summit in Houston.
Plan-to-plan transfers,...
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The new year is well under way, and dates by which compliance-related functions concerning 403(b) plans must be performed already loom ahead.Farhad Mirzada of Cammack Retirement provides a comprehensive calendar that includes dates during 2018 by which such reporting, filing and other such...
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An employer that is part of a MEP that is beginning a new ERISA plan has been advised to distribute all assets to the participants. In Tech Talk, Susan Diehl tells us how this a distributable event for the participating employer.
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If at first you don’t succeed, try, try again — and the plaintiffs in an excessive fee suit have done just that.
The suit, Daugherty v. The University of Chicago, was filed in May, seeking class action status for some 36,000 participants in plans at the University of Chicago (the University of...
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