403b Plans
It looks like SECURE 2.0 will be coming up for a vote in the House this week after all.
According to a March 25 Dear Colleague letter from House Majority Leader Steny Hoyer (D-MD), “during the week of March 28, the House will take up legislation to help Americans save for retirement.” The...
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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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Tech Talk discusses how nonforfeitability applies to 403(b) plans.
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The recent 2022 NTSA Summit provided a unique opportunity to connect and also to gain from the insights of industry experts. Following is a quick rundown of our coverage of the event.
NTSA Leadership
Flagg Thanked for Her Service as 2021 NTSA President https://www.ntsa-net.org/news-resources/...
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The IRS has issued a reminder that it may still be possible to claim a deduction for 2021 for contributions to IRAs—but the clock is ticking. Contributions that could be claimed must have been made by April 18, 2022.
Contributions for 2021 can be made to a traditional or Roth IRA until the filing...
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The Cycle 3 defined contribution pre-approved plan restatement deadline is coming: July 31, 2022. But there is more to restatements than that.
That looming deadline means that “now is the time” to focus on updating 401(k) and other plans—including profit-sharing, money purchase and employee stock...
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With a filing date looming, the parties in another excessive fee suit have announced a settlement.
The announcement came in a suit (Latasha Davis et al. v. Washington University in St. Louis et al.) originally filed in June 2017 by Latasha Davis and Jennifer Elliott[1] on behalf of the Washington...
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Despite the Great Resignation, saving for retirement is still very much a priority, as Fidelity’s IRA and DC plan savers set new records in 2021.
Assisted by strong market gains and employers helping to keep workers on track, Fidelity Investments’ 2021 year-end analysis of more than 35 million IRA...
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Tech Talk addresses whether, and how, a plan participant can switch from an ERISA 403(b) plan to a non-ERISA 403(b) plan.
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Guidance on the SECURE Act, missing participants and student loan payments are among the items listed on the updated 2021-2022 Priority Guidance Plan of the Treasury Department and IRS.
The updated Treasury/IRS plan released Feb. 22 sets forth guidance priorities for the 12-month period from July...
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The IRS on Feb. 23 issued a proposed rule addressing the required minimum distribution (RMD) requirements for plans qualified under Code Section 401(a) that will update applicable regulations to reflect provisions of the SECURE Act.
The proposed rule will affect RMDs from qualified plans,...
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Tech Talk addresses whether there are any limitations to transfers from one 403(b) to another.
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Tech Talk addresses whether a client who has an inactive 403b with their current employer can transfer the 403(b) to a 401(k).
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Legislation could be enacted this year that would allow 403(b) plans to form and join pooled employer plans (PEPs) for the first time. A panel at the 2022 NTSA Summit in Phoenix offered a deeper dive.
Panelists included Kendra Bragg, Senior Relationship Manager, Newport Retirement Services; Chris...
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Running any employee benefit plan, and serving one, entails challenges—and that certainly is true of 403(b) and 457 plans. A Feb. 7 session of the 2022 NTSA Summit in Phoenix, AZ featured a panel discussion concerning some of them.
Panelists included John Adzema, President, National Associates,...
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A Feb. 7 workshop at the 2022 NTSA Summit held in Phoenix, AZ looked at the Cycle 2 restatements set forth in Revenue Procedure 2021-37.
Nancy Billings, Vice President of Compliance, Tax-Deferred Solutions; and Sue Diehl, President of PenServ Plan Services, Inc., told attendees that the IRS...
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The IRS on Jan. 28 issued the 2022 Cumulative List of Changes in Plan Qualification Requirements. Contained in Notice 2022-08, the list sets forth the 2022 Cumulative List of Changes in Section 403(b) Requirements for Section 403(b) Pre-Approved Plans.
The 2022 Cumulative List will assist...
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In a ruling likely to make it harder—perhaps much harder—to dismiss excessive fee lawsuits, the U.S. Supreme Court has remanded for further consideration a lower court decision that had favored the fiduciary defendants.
In a unanimous decision[1] (Hughes v. Northwestern University et al., case...
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(Yet) another excessive fee suit has been filed against a billion dollar 403(b) plan by the Capozzi Adler law firm.
Filing suit as participants (and former employees) of the Boston Children’s Hospital Corporation Tax-Deferred Annuity Plan are Adilson Monteiro, Karen Ginsburg, Jason Lutan, and...
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The addition of an arbitration clause has—for the moment, anyway—paused an excessive fee suit. But what’s interesting is how the court applied the terms of that clause.
The suit had been brought by plaintiffs Lawanda Holmes, Ani M. Miller and Brittany E. Roxbury (“by and through their attorneys...
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