Linda Segal Blinn
By Linda Segal Blinn 4/11/2024
The SECURE 2.0 Act of 2022 (SECURE 2.0) redefined when a participant in a governmental 457(b) plan may enter into an agreement to participate in that plan. The change is optional, but has the benefit of both easing the administrative burden of governmental employers and enabling participants to...
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By Linda Segal Blinn 1/12/2023
Once an employer has established a 457(b) plan, that plan still requires ongoing maintenance to comply with plan design modifications and federal legislative and regulatory changes. The following overview is intended to help governmental employers understand the IRS due dates — both past and...
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By Linda Segal Blinn 11/17/2022
Whether you are a school business official or a human resources employee of a nonprofit organization, chances are that you are juggling so many responsibilities that your time is at a premium. Knowing deadlines for amending your employer’s 403(b) plan document helps keeps that plan compliant. ...
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By Linda Segal Blinn 10/11/2022
One-size-does not fit all when amending a 457(b) plan of a governmental employer to comply with the Setting Every Community Up for Retirement Enhancement Act (SECURE) of 2019 and Coronavirus Aid, Relief, and Economic Security Act (CARES).
A 457(b) plan document must satisfy the written plan...
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By Linda Segal Blinn 5/12/2022
While adopting a plan document is the first step in establishing and maintaining a 403(b), an employer's commitment to its internal controls is equally important. In its webpage “Retirement Plan Errors Eligible for Self-Correction,” the IRS reminds employers*, “The plan sponsor must have routinely...
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By Linda Segal Blinn 3/17/2022
Does a 403(b) plan have the authority to voluntarily transfer the account of a missing plan participant or beneficiary under the state’s unclaimed property or escheat laws?
State Law Terminology
In a January 2019 Government Accounting Office (GAO) report, “Retirement Accounts: Federal Action...
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By Linda Segal Blinn 12/16/2021
When the IRS audits a 403(b) plan, the pre-contact analysis includes a review of the Form W-2 (Wage and Tax Statement) for the year of the audit. According to the IRS 403(b) Examination Guidelines, an IRS auditor may be able to “identify potentially significant issues” with a 403(b) plan by...
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By Linda Segal Blinn 11/1/2021
The Universal Availability rule ensures that if the employer allows one employee to defer salary into the 403(b) plan, all eligible employees will have the same opportunity—except those the law allows to be excluded and the 403(b) plan identifies the employee classification(s) not eligible to make...
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By Linda Segal Blinn 11/1/2021
The IRS is reminding employers that the annual contribution limit for their 403(b) plans may require information from employees who participate in a qualified 401 plan of another employer.
The Internal Revenue Code caps the total of employee contributions (other than the age 50+ catch-up),...
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By Linda Segal Blinn 9/16/2021
Understanding key compliance areas can help ensure your plan complies with 403(b) regulations.
Did you know that, technically, the IRS 403(b) regulations do not require an employer to adopt a 403(b) plan document? A public school or a 501(c)(3) nonprofit organization with a 403(b) plan must...
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By Linda Segal Blinn 7/21/2020
June 30, 2020—the deadline for employers to adopt an Internal Revenue Service (IRS) pre-approved 403(b) plan document for the first time—has passed. That date also marked the deadline for 403(b) sponsors to retroactively correct defects in their 403(b) plan documents (whether pre-approved or...
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