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
Does the roth requirement for catch-up contributions for people who earned $145,000 apply to 457...
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...