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The PATH Act, enacted Dec. 18, 2015, affects the money that can be rolled over into a SIMPLE IRA. In MarketBeat, Susan Diehl writes that many financial institutions have been struggling with such rollovers, and provides a breakdown of how this change affects SIMPLE plans and what institutions need...
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The PATH Act, enacted Dec. 18, 2015, affects the money that can be rolled over into a SIMPLE IRA. In MarketBeat, Susan Diehl writes that many financial institutions have been struggling with such rollovers, and provides a breakdown of how this change affects SIMPLE plans and what institutions need...
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A church with one pastor established an employee deferral 403(b) plan via a mutual fund. There are no employer contributions, nor is there a plan document. Could the church establish a SIMPLE IRA as more pastors are added as long as there are no 403(b) contributions in the same plan year? In Tech...
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A provision in the Department of Labor’s (DOL) 2015 proposed fiduciary rule that would have had a significant impact on participant education has been modified in the final rule issued April 6. The revised provision aligns with recommendations made by the American Retirement Association. In the...
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While the devil is in the details, the Department of Labor’s (DOL) final fiduciary rule includes some improvements in the best interest contract (BIC) exemption from the previous proposal. Variable compensation is, as it was in the original proposal, allowed under a BIC exemption. The BIC is...
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After a five-month comment period, four days of public hearings, more than 3,000 comment letters, some 300,000 petitions, and more than 100 meetings with stakeholders, nearly a year to the day that the Department of Labor (DOL) unveiled its “Conflicts of Interest” proposal, we have a final...
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In a big win for the advocacy efforts of the American Retirement Association and the National Tax-Deferred Savings Association (NTSA), as well as for plan advisors' abiilty to help participants with rollover decisions, the DOL’s final fiduciary regulation provides a streamlined exemption for “level...
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The long-awaited and controversial final DOL regulation redefining an investment advice fiduciary is out. This regulation will significantly affect how advisors work with plan sponsors, plan participants and IRA owners. NTSA will be holding a complimentary webcast to help 403(b) advisors understand...
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The IRS has found discriminatory plan designs among some defined benefit and defined contribution plans, as well as DB/DC combination plans. The IRS made the report on a portion of its Retirement Plans website, which it updated on April 1.The discriminatory plan designs the IRS identified are among...
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The IRS is providing a new option that allows financial institutions service providers that offer a plan document to request a closing agreement on behalf of all adopters that missed the deadline for adopting a pre-approved plan. The IRS reports the option on a portion of its website devoted to...
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Health savings accounts provide a tax-free vehicle for participants to accumulate investments in order to reimburse out-of-pocket medical expenses. In MarketBeat, Kimberly Flett discusses the advantages of establishing one, as well as how they relate to retirement plans.
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Do any issues arise if a 73-year old client is still funding his 403(b) while he is taking required minimum distributions (RMDs)? In Tech Talk, Ellie Lowder tells us.
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The Financial Industry Regulatory Authority (FINRA) has issued an interpretive letter agreeing to exclude the NTSA’s Model Disclosure Form from various filing requirements under FINRA Rule 2210. This marks a significant milestone for the NTSA’s effort to ensure that public school employees receive...
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As the industry anticipates publication of the Labor Department’s fiduciary regulation this week, the Office of Management and Budget (OMB) has finished its review, according to a posting on the OMB’s website.The OMB has had the regulation under review since Jan. 28.Before agency rules are...
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The drafting, redrafting, comment, revision, lather rinse repeat of the Department of Labor’s (DOL) fiduciary rule certainly has been a protracted process. As we appear to be on the brink of its for-real introduction, it’s interesting to consider matters that follow in the wake of the big reveal —...
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For weeks, rumors have swirled as to when the Labor Department would unveil its new fiduciary regulation — but that long wait could be coming to an end.Published reports in Politico and The Wall Street Journal citing unnamed sources both say that Secretary of Labor Thomas Perez will unveil the much...
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Sen. Elizabeth Warren (D-Mass.) is turning up the heat on financial services firms that have opposed the Department of Labor’s (DOL) pending fiduciary regulation.Having expressed concerns a few weeks ago to Secretary of Labor Thomas Perez and Office of Management and Budget Director Shaun Donovan (...
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In Illinois, if you are an employer that likes your retirement plan, you can keep it.Despite some persistent rumors and underhanded marketing to the contrary, the Illinois Secure Choice Savings Program Act — enacted in early 2015 — provides that if an employer covered under the law already has a...
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The Final DOL Fiduciary Regulation: What’s New and What Does It Mean for 403(b) Advisors Available Until April 13, 2017 Webcast Outline: Click here. Sponsors: Speakers: Chris DeGrassi, CPFA, Executive Director, NTSA; and Sue Diehl, QPA, CPC, President, PenServ Plan Services Description...
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The IRS on March 31 invited comments on changes that have been proposed to the Form 5500 and several of its schedules, as well as the Form 5500-SUP, for information reporting concerning the 2016 plan year.Changes include the following:Question 3: Revisions to the information requested after...
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Recent Comments
Does the roth requirement for catch-up contributions for people who earned $145,000 apply to 457...
Hi Ed,
I really liked this article and I think you make a lot of sense. And I had no...
I believe there's a misstatement in that last quote - it should refer to governmental and...
Working with several medical providers as clients, I note that the high-end earners tend to push...
Congratulations to NTSAA for landing a good one. Nathan's breadth of experience and...