NTSA Net Staff
By NTSA Net Staff 8/29/2017
On Aug. 29, the American Retirement Association requested relief for taxpayers, plan sponsors and service providers adversely affected by Hurricane Harvey. “At this very moment, the remnants of Hurricane Harvey continue to cause significant damage along the Texas/Louisiana Gulf coasts,” write ARA’...
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By NTSA Net Staff 8/28/2017
The Connecticut Retirement Security Authority (CRSA), the body created by a state law enacted in May 2016 to implement the law establishing the state-sponsored retirement plan, has begun meeting. According to the ctpost, Connecticut State Comptroller Kevin Limbo expects the authority’s work to...
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By NTSA Net Staff 8/28/2017
The IRS Employee Plans Division’s Tax-Exempt and Government Entities office has updated its Publication 4483: 403(B) Tax-Sheltered Annuities for Sponsors.The new edition says that the IRS commonly finds mistakes in 403(b)s in the following areas: written plan requirements; employer eligibility;...
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By NTSA Net Staff 8/28/2017
Nice try, but no. That appears to be the message from a court that said that a couple who used funds from an early IRA distribution to pay state and federal taxes cannot claim that qualifies as an exception to the penalty for taking an early distribution.In “Close Is Not Enough When it Comes to the...
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By NTSA Net Staff 8/25/2017
Automatic features continue to take hold among 403(b) plans, the Plan Sponsor Council of America (PSCA) found in a recent study.PSCA’s annual 403(b) survey reports that more plans are offering auto enrollment, and that auto escalation is becoming more widespread as well.“Over the past several years...
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By NTSA Net Staff 8/22/2017
A client was taken over by another firm. They are preparing the plan 5500 and seek information regarding the old voluntary part of the 403(b) plan. In Tech Talk, Susan Diehl tells us how Form 5500 reporting should be handled in such a situation.
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By NTSA Net Staff 8/22/2017
Do you know an Elite Advisor? If so, you can nominate one — nominations are open for the 2018 NTSA Elite Advisor Award.So far, the NTSA has named 23 members to Elite Advisor status since the award began in 2014.Nominate an NTSA member who is a “best of the best” financial advisor, outstanding in...
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By NTSA Net Staff 8/16/2017
The Department of Labor’s (DOL) Aug. 9 proposal that the transition period and full Best Interest Contract (BIC) applicability date of the fiduciary rule be delayed 18 months to July 1, 2019 no doubt was hailed by some as good news. But such a reaction is not universal.The Economic Policy Institute...
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By NTSA Net Staff 8/15/2017
Mighty ERISA is not, in the end, all-powerful — there are employee benefit plans it does not cover. Among them are 403(b) plans sponsored by non-profit employers. A recent blog entry discusses the fine line that employers with 403(b) plans can tread.In “Non-ERISA 403(B) Plans Must Walk a Fine Line...
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By NTSA Net Staff 8/15/2017
A handful of states have put in place plans intended to help make sure that retirement plan coverage and participation expands. In MarketBeat, John Iekel covers a recent conference session that points out that the fact that states are acting to fill the coverage gaps doesn’t spell the end of...
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By NTSA Net Staff 8/14/2017
Where can one find the new rule for correcting IRA excesses? In Tech Talk, Susan Diehl tells us.
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By NTSA Net Staff 8/8/2017
Earlier this year, the 6th U.S. Circuit Court of Appeals ruled that the participants in a university’s plan do not have to exhaust administrative remedies before they pursue claims of ERISA violations. A recent blog entry discusses what this ruling means for plan fiduciaries.In “Exhaustion of Plan...
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By NTSA Net Staff 8/7/2017
Can substitute teachers participate in 403(b) and/or 457(b) plans? In Tech Talk, Susan Diehl tells us.
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By NTSA Net Staff 8/7/2017
The “in which/for which” saga continues, writes Susan Diehl in MarketBeat. She discusses the new rule for correcting IRA excesses, starting with a look at the operational procedure for such corrections under Internal Revenue Code Section 408(d)(4).
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By NTSA Net Staff 8/4/2017
The U.S. Treasury’s winding down of the myRA program will cause at least one state-run retirement program to delay its opening.Washington State’s Small Business Retirement Marketplace — which had hoped to be open for business by Labor Day — will be delayed at least a few weeks, according to a...
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By NTSA Net Staff 8/1/2017
Nominations open Friday, Aug. 4, 2017, for the 2018 NTSA Elite Advisor Award! Do you know an Elite Advisor? The NTSA has named 23 members to Elite Advisor status since the award began in 2014. Nominate an NTSA member who is a “best of the best” financial advisor, outstanding in their client and...
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By NTSA Net Staff 7/28/2017
Suppose you have a client who deals with 457(b) and 403(b) annuity and custodial accounts. Your client began penalty-free transfer/exchanges last year from one approved vendor to another. In Tech Talk, Susan Diehl tells us whether he can do any more until he reaches a qualifying event.
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By NTSA Net Staff 7/25/2017
A group of lawmakers has responded to the Department of Labor’s (DOL) request for information (RFI) on the fiduciary regulation delay — by expressing concern that the RFI would be used as a pretext for revising the final rule.The group of Democratic Senators and Representatives — Sens. Patty Murray...
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By NTSA Net Staff 7/25/2017
Plans established under Internal Revenue Code Section 403(b) have a unique plan design feature made possible by major pieces of legislation in the first years of the 21st century. In MarketBeat, Linda Segal Blinn discusses Section 403(b)(3) and its application.
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By NTSA Net Staff 7/25/2017
The 2018 NTSA Elite Advisor Award Judging Committee (AJC) has been named. These advisors choose the semifinalists, finalists and 2018 Elite Advisors from among the nominees for the 2018 award.This year, all members are Elite Advisors themselves and also work with NTSA Strategic Partners: Randy...
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