403b Plans
Greater longevity than in the past is a good thing, as is concurrent big picture improvement in finances, writes John Iekel in MarketBeat. He continues that nonetheless, periodic economic challenges do take place, which can spell trouble—especially for retirees who did not save enough.
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Working for the American worker’s retirement is extremely rewarding and non-stop. February has brought a lot of opportunities to educate in many different directions. From working on Capitol Hill in D.C. to testifying in Washington state, to meeting with individual state legislators in numerous...
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An expert panel recently suggested that the U.S. retirement system is a success but also argued that we can still do better, writes John Iekel in MarketBeat.
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There have been significant changes to the IRS Pre-Approved Defined Contribution Plan Program, and two of the IRS officials involved in the thick of it recently provided a refresher on the program rules and recent developments.
Milo Atlas of the Retirement Plan Forms and Publications Office at...
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Tech Talk addresses whether when one defaults on a loan taken from a 403(b), one can later take another.
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Participation rates in 403(b) plans increased and hit a record high in 2022 while participation rates in 401(k) plans dropped, according to the Plan Sponsor Council of America’s (PSCA) 2023 403(b) survey.
The PSCA is part of the American Retirement Association.
The survey, sponsored by HUB...
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The Labor Department says a federal judge mis-instructed the jury on the burden of proof in an excessive fee suit—and wants them to get another hearing.
The suit against Yale University was one of the first to be filed in this area—and by Schlichter Bogard & Denton LLP (now just Schlichter...
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The IRS on Dec. 20, 2023, issued the 2023 cumulative list of changes in plan qualification requirements for pre-approved defined contribution plans. The changes are contained in Notice 2024-03.
The 2023 Cumulative List is intended to assist providers applying to the IRS for opinion letters for the...
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Reps. Darin LaHood (R-Ill.) and Linda Sánchez (D-Calif.) introduced a bill on Dec. 13 that would allow retirement savers to roll over their Roth IRA savings into a Roth workplace retirement plan such as a Roth 401(k), Roth 403(b), or Roth 457(b).
The bipartisan bill, which the American Retirement...
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Tech Talk addresses how one figures the maximum amount contributable if one has more than one 403(b).
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The IRS on Dec. 8 announced that there will be no changes to the Required Amendments (RA) List for individually designed plans qualified under Internal Revenue Code (IRC) Sections 401(a) and 403(b) for 2023. The IRS made the announcement in Notice 2023-79.
The RA List establishes the end of the...
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Tech Talk discusses the limits relevant to figuring the maximum amount that can be contributed to a 403(b).
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In a positive sign that lawmakers are committed to fixing several errors contained in the SECURE 2.0 Act, the House and Senate have just released a draft technical corrections bill, including changes to allow catch-up contributions and provide parity for Starter 401(k)s championed by the American...
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The IRS has released a draft of the updated version of Publication 571, “Tax-Sheltered Annuity Plans (403(b) Plans) for Employees of Public Schools and Certain Tax-Exempt Organizations.”
Publication 571 is intended to help taxpayers better understand the tax rules that apply to 403(b) tax-...
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Tech Talk discusses designating 403(b) plan elective deferrals as Roth contributions.
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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...
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The IRS has released a draft of the Form 1099-R to be used in 2024. This is an early release draft of the form, as well as its instructions, which the IRS is providing only to inform taxpayers, including benefits recipients.
The form is used to provide information to recipients about...
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Tech Talk discusses the rules one should take into account when figuring one’s years of service for purposes of a 403(b).
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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...
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Retirement plan coverage can be particularly challenging for some industry sectors. In MarketBeat, John Iekel writes about the experiences of one corporate leader in providing a 403(b) to employees in the care industry. Click here.
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