403b Plans
Capozzi Adler PC[1] has found another target for excessive fee claims—and this one is a $10 billion 403(b) plan.
This time the defendants are the fiduciaries (and those who appointed them) of the Consolidated 403(b) Program of Mass General Brigham and Member Organizations—a plan that “at all times...
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The SECURE Act and the CARES Act changed the rules for required minimum distributions (RMDs) in 2020 and 2021, and the IRS has issued a handy reminder concerning the new rules for them.
2020 RMD Waiver
RMDs were waived for 2020 for IRA and workplace retirement plan account holders, including...
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Errors: not inevitable, but also not unusual. When they concern compliance with the Internal Revenue Code and regulations that apply it, one of the steps that can be taken is to use the Employee Plans Compliance Resolution System (EPCRS). A Dec. 6 session of the ASPPA Winter Symposium took a look...
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When it comes to 403(b) plans of California school districts or charter schools, there is confusion about the ability of the sponsoring district or charter school to limit the participant’s ability to select a particular insurance provider for their tax-sheltered annuity (TSA).
On the one hand,...
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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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A week ago, the U.S. Supreme Court heard oral arguments on an excessive fee suit involving Northwestern University’s 403(b) plan—in a case that could be a game changer in this type of litigation.
Their decision won’t be made for months, but pundits (including this one) have spent the hours since...
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Legislation supported by the American Retirement Association that would make permanent retirement plan tax relief measures following a presidentially declared disaster was introduced Dec. 9.
The bipartisan Disaster Retirement Savings Act, introduced by Reps. Mike Thompson (D-CA) and Mike Kelly (R...
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The IRS has issued a reminder to retirement plan participants and IRA owners that most retirees must take their required minimum distributions (RMDs) by Dec. 31, 2021. It issued the reminder on Dec. 8.
RMD Basics
RMDs generally are minimum amounts that retirement plan account owners must withdraw...
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Retirement income and financial wellness have taken on a whole new luster when it comes to plan priorities among nonprofit plan sponsors.
In fact, the number of plan sponsors citing guaranteed income as a top priority more than doubled since last year, according to a new Plan Sponsor Council of...
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The IRS on Nov. 30 issued the 2021 list of required amendments (RA) for individually designed plans qualified under Code Sections 401(a) and 403(b). The list is contained in Notice 2021-64.
Under Section 5 of Revenue Procedure (Rev. Proc.) 2016-37, in the case of a qualified individually designed...
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Another university 403(b) excessive fee suit has settled for cash “…and other meaningful non-monetary relief.”
The settlement (Santiago v. Univ. of Miami, S.D. Fla., No. 1:20-cv-21784, motion for settlement approval 11/23/21) was reached between participant-plaintiffs Augustina Santiago, Lilly...
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In less than a year’s time, plaintiffs in an excessive fee case have wrangled a $2 million settlement.
This suit—filed in December 2020 by four former employees (Christian Harding, Patricia Giramma, Ronald Welch, and Lisa Harbour) of Massachusetts-based Southcoast Hospitals Group in the U.S....
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While it’s the celebration following a successful harvest held by the Pilgrims and members of the Wampanoag tribe in 1621 that provides most of the imagery around the holiday, Thanksgiving didn’t become a national observance until much later.
Incredibly it wasn’t marked as a national observance...
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The number of Gen Z investors across the firm’s retirement platform nearly doubled from a year ago, according to Fidelity’s third quarter retirement analysis, reaching a record 1.4 million.
And while it’s still early in their careers, Fidelity’s data suggests that Gen Zers (born between 1997-2012...
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Tech Talk addresses what contributions to a 403(b) plan may consist of.
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Advocate, network, and grow: That’s the NTSA Summit experience!
And to kick off the 2022 NTSA Summit, we’re going to get our community up to speed on the ever-changing federal policies that affect the retirement plan industry.
So join us on Sunday, Feb. 6 at 1:30 p.m. for our first general...
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The chairman and ranking member of the House Education and Labor Committee have introduced—and plan to act on—bipartisan legislation that shares some overlap with SECURE Act 2.0.
The Retirement Improvement and Savings Enhancement (RISE) Act (H.R. 5891) was introduced Nov. 5 by committee Chairman...
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Tech Talk discusses the changes the IRS has made to the 403(b) pre-approved plan process.
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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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Tech Talk discusses what constitutes proof that a 403(b) plan has been adopted in a timely manner.
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