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Retirement Clearinghouse, a Charlotte, NC-based firm, which helps to automatically move participant’s retirement account balances from a former employer to their new employer, has notified individuals in various states of a data breach.   As many as 10,509 individuals may have had their personal... READ MORE
The IRS has issued guidance on the expansion of the Employee Plans Compliance Resolution System (EPCRS) under Section 305 of SECURE 2.0.  The guidance is contained in Notice 2023-43, which provides interim guidance in advance of an update to Revenue Procedure (Rev. Proc.) 2021-30.  The issues the... READ MORE
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... READ MORE
Legislation supported by the American Retirement Association (ARA) that would allow 403(b) plans to invest in collective investment trusts (CIT) has taken a significant step forward in the House of Representatives.  Late May 24, the House Financial Services Committee in a markup session approved... READ MORE
Beginning June 1, 2023, the IRS is expanding its determination letter program to include certain 403(b) plans. The IRS issued a reminder May 24. The IRS had announced on Nov. 7, 2022 in Revenue Procedure (Rev. Proc.) 2022-40 that it would allow 403(b) retirement plans used by certain public... READ MORE
The parties in a two-year old 403(b) excessive fee suit against a $2.3 billion plan have come to terms.  The suit (Garnick v. Wake Forest Univ. Baptist Med. Ctr., M.D.N.C., No. 1:21-cv-00454, complaint 6/4/21) was filed in June 2021 in the U.S. District Court for the Middle District of North... READ MORE
Any defined contribution lifetime income program that guarantees lifetime income needs to have the ability to make an “in-kind” distribution of an annuity contract, whether that be a certificate under a group annuity contract or an actual individual annuity contract, writes Robert Toth in... READ MORE
Tech Talk addresses whether 403(b)(9)-retirement income accounts are included in the SECURE 2.0 definition of church plans and whether they would be allowed to offer a MEP.  READ MORE
Minnesota is now offering a state-run plan for private-sector employees whose employers do not, and Pennsyvlania is one step closer to establishing one. Meanwhile, the ink is barely dry on the measures that created such plans in Connecticut and Maine, but already bills are advancing in the... READ MORE
On May 23, Congress sent a letter to the Treasury Department informing Secretary Janet Yellen and IRS Commissioner Daniel Werfel that it will introduce legislation to fix several technical errors contained in SECURE 2.0. Signed by four prominent SECURE 2.0 figures—House Ways and Means Committee... READ MORE
Are younger generations ready for retirement? In MarketBeat, John Iekel writes that it is a more complicated question than it appears at first blush, and it starts with the basics. READ MORE
Concern about Social Security is as perennial as it is rife. A panel of experts in a recent seminar offered some suggestions for addressing the challenges facing the system.  Panelists in the recent National Institute on Retirement Security (NIRS) webinar “Social Security: What’s Next and New... READ MORE
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... READ MORE
With inflation running at record levels last year, the IRS provided a sizeable boost to the inflation-adjusted health savings account (HSA) limits for 2024, as determined under Section 223 of the Internal Revenue Code.  The announcement came in Revenue Procedure 2023-23, released May 16.  HSA... READ MORE
Tech Talk concerns whether a K-12 public school can elect whether to have an ERISA or non-ERISA 403(b).  READ MORE
CalSavers' growth in assets continues apace, and they now amount to more than half a billio dollars;  registrations are growing too, but not in as dramatic a fashion.  CalSavers Assets Hit Half Billion April, it has been said, is the cruelest month. No offense to Chaucer, but CalSavers — the... READ MORE
Almost 70% of near-retirees either failed or barely passed MassMutual’s latest Social Security retirement benefits quiz. Over one-third failed (35%), and another one-third received a D (34%).   ​More than a quarter of near-retiree respondents did not know that if they have a spouse, the other... READ MORE
The Land of 10,000 Lakes is poised to become the next to adopt a measure creating a state-run retirement program that provides coverage for private-sector employees whose employers do not. The state Senate approved the bill that would do so on May 11, and the House had done so 10 days earlier; the... READ MORE
So many factors are in play in running a practice and serving clients. And a session at the recent 2023 NTSA Summit focused on one fundamental to doing both effectively: mental health.  In “‘Holding’ Pattern: Is Mental Health Holding You Back?” Eric Jenkins, LCSW/Therapist at Willow Pines... READ MORE
Some say default choices well-intentioned, but also intrusive and demeaning, writes Nevin E. Adams, JD, in MarketBeat. Nonetheless, it appears that there are employees who WANT that support. All of which, he says, calls to mind a new standard.  READ MORE