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The recent 2023 NTSA Summit provided a unique opportunity to connect and also to gain from the insights of industry experts. Following is a quick rundown of our coverage of the event.  NTSA Leadership Stubbs Takes the Helm as 2023 NTSA President READ MORE
The impact of the pandemic over the last two years has prompted businesses of all sizes to reevaluate their benefit packages and small businesses are no exception, writes Ted Godbout in MarketBeat. He discusses the results of a recent survey of small businesses on their strategies. READ MORE
Tech Talk addresses whether a person who had a life insurance policy under a 403(b) since before the IRS rules allowing that changed can be grandfathered so as to not lose his coverage. READ MORE
Nevada is poised to become another state with a state-run retirement savings program for private-sector employees.  The Nevada Assembly passed the bill, SB305, on June 4 by a vote of 35-7. Senate Chief Majority Whip Dallas Harris (D-Las Vegas) introduced the bill on March 16; it was referred to... READ MORE
Vermont is now among the states providing a state-run plan for private-sector employees whose employers are not. Gov. Phil Scott (R) has signed into law the measure that called for the creation of their iteration.  On June 1, Scott signed S. 135, the bill that creates VTSaves.  Action on the... READ MORE
The National Tax-Deferred Savings Association (NTSA) recently helped pass a bipartisan bill in the final hours of the Illinois General Assembly that involves 457 auto-enrollment—and specifically protects participant choice—for Illinois teachers.  “Providing choice and an opportunity to work with a... READ MORE
Nevada is one step closer to enacting a state-run program to provide coverage to certain private-sector employees. In the meantime, Nebraska’s legislature may seek an examination of the retirement system that serves public employees, including public school teachers, and coverage under the New York... READ MORE
More consumers are multi-sourcing their investment decisions, with financial professionals being most influential. But reliance on online—as well as employer resources such as 403(b) providers and their representatives—is also increasing, according to a new research report.  Saving and investing... READ MORE
A new report finds a decline in retirement confidence to levels not seen since the 2008 financial crisis, writes John Sullivan in MarketBeat. He continues that the report also finds both workers and retirees are very concerned about inflation and its impact on their savings and spending. READ MORE
Tech Talk addresses whether a jail ministry that serves 33 jails and got their IRS determination letter in 1966 that listed it as “charitable and religious” be eligible for a NQCCO church plan. READ MORE
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