News Archive

The IRS in Revenue Procedure (Rev. Proc.) 2023-37 has issued fresh guidance on qualified pre-approved plans and 403(b) pre-approved plans which combines, conforms, clarifies, and updates rules for those plans set forth in prior revenue procedures.    Rev. Proc. 2023-37 generally became effective... READ MORE

The windfall elimination provision (WEP) reduces the Social Security benefits of certain workers who also are eligible for pension benefits from jobs not covered by Social Security. It engenders active discussion, and a Nov. 20 hearing offered a fresh opportunity for people to weigh in on the WEP—... READ MORE

Many 403(b) plans are sponsored by single employers, but that could change. A recent report by the Congressional Research Service (CRS) discusses legislation that has—and could—change the rules governing them. In “403(b) Pension Plans: Overview and Legislative Developments,” the CRS provides a... READ MORE

Another university 403(b) plan has won yet another victory in staving off an excessive fee suit by the Schlichter law firm. The most recent case[1] involved Cornell University, which had already successfully fended off most of the claims in 2019 in the U.S. District Court for the Southern District... READ MORE

Providing retirement benefits is a dynamic function, and in an age of accelerating technological transformation that requires reinvention of products and services. In MarketBeat, John Iekel writes about an expert panel whose members shared some of their experiences in that vein. READ MORE

As a financial advisor to educators, are you ready for the Great Wealth Transfer?  As trillions of dollars transfer from baby boomers to the next generations over the coming decades, many advisors fear seeing their managed assets slip from their grasp as clients’ beneficiaries take their money... READ MORE

It’s been a couple of fast-moving days for the Department of Labor’s (DOL) proposal to amend the definition of investment advice fiduciary, as the House GOP has stepped up efforts to block the DOL from implementing its proposal, while the department has now denied a request to extend the comment... READ MORE

The Michigan Senate has given its imprimatur to a bill that would amend the law that governs the default option for newly hired public school employees.  In so doing, the chamber joins the House of Representatives, which passed it on Oct. 12. It was then referred to the Senate Committee on... READ MORE

The recently announced increase in the Social Security cost-of-living adjustment (COLA) for 2024 is much more modest than the one announced just a year ago. But milder or not, it has meaning. So what does it mean?   The milder-than-last-year hike in the Social Security COLA is due to the relative... READ MORE