403b Plans
Each year, the IRS asks for input on the retirement benefits items (and relative priority of such items) to be included on the Priority Guidance Plan. Here’s the American Retirement Association’s response regarding the 2021-2022 Priority Guidance Plan—in priority order.
The ARA list of items...
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Traditional approaches to finance and investment have had their day, said experts in a recent PSCA webinar, arguing that behavioral finance has changed the equation.
In “Investment Menu Design that Improves Retirement Readiness,” Matthew Gnabasik, Connie Mulligan and Neal Smith suggest that new...
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The options for retirement plans amongst governmental and tax-exempt employers are numerous. There is such a wide range of opportunities that it can be difficult to navigate when to use each of the different options and when to pair them with other available plans.
How do we help our plan...
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Tech Talk addresses whether a governmental 403(b) and a traditional IRA, owned by the same decedent, can be combined into one inherited IRA by a non-spouse beneficiary.
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The law firm of Schlichter Bogard & Denton has announced the terms of another settlement of a 403(b) excessive fee case.
According to a press release by the St, Louis-based law firm, it has filed a preliminary settlement approval motion on behalf of Columbia University employees and retirees...
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Legislation backed by the American Retirement Association that would “make improvements so that more organizations and small businesses can participate in multiple employer plans (MEPs)” has been introduced in the U.S. Senate.
Sens. Chuck Grassley (R-Iowa), Maggie Hassan (D-N.H.) and James...
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In what may be their final act teaming up on retirement security legislation, the bipartisan duo of Sens. Rob Portman (R-OH) and Ben Cardin (D-MD) on May 21 reintroduced their Retirement Security and Savings Act (S. 1770).
Like the previous version introduced in the last session of Congress, the...
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Ladies and gentlemen, Mr. 403(b) is back!
Bob Architect is returning to the NTSA stage as a speaker for the Summit session State of the Retirement Markets.
Often referred to as “Mr. 403(b),” Architect has been a true champion for our industry. His 35-year career includes:
Serving as senior...
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Tech Talk discusses whether 403(b)s are subject to the new 10-year rule established in 2020 for death benefits moved into an inherited IRA on behalf of a non-spouse beneficiary.
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Witnesses testifying before a Senate panel called on Congress to address the retirement savings coverage gap, racial disparities and emergency savings, as well as other key retirement security issues.
The May 13 hearing before the Senate Health, Education, Labor and Pensions (HELP) Committee, “...
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In this NTSA Virtual Summit workshop, we will discuss the similarities and differences between 403(b) and 457(b) plans. We will also cover what eligible employers must consider when offering both—as paired plans—to their employees. Specific discussions will include:
Who can offer these plans?...
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Terminations of 403(b) plans were a concern even before the pandemic placed additional stresses on plans, plan sponsors and participants, and they will remain a concern afterwards. A recent ASPPA webinar took a look at the basics about them in the context of current circumstances and regulations....
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The fiduciary defendants in a 403(b) university excessive fee suit say the plaintiffs have not only failed to make their case—but that they’ve taken actions in their own account(s) that undermine their arguments.
The suit (Latasha Davis et al. v. Washington University in St. Louis et al.) was...
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Tech Talk addresses whether 403(b) death proceeds can be combined with a traditional IRA to form a new inherited IRA.
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The American Retirement Association has offered its support for newly introduced legislation that seeks to help employees save for retirement as they repay their student loans.
The Retirement Parity for Student Loans Act (S. 1443) introduced April 29 by Senate Finance Committee Chairman Ron Wyden...
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Editor’s Note: This is Part I of a two-part series.
There isn’t a week that goes by without an advisor commenting to me how the K-12 403(b) market has changed in the last few years. That transformation has only accelerated as a result of the COVID-19 pandemic. For years, far too many school...
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Legislation has been introduced in the House that would expand the options for how 403(b) plan funds can be invested. Rep. Jimmy Panetta (D-CA) introduced H.R. 2741 on April 21.
Panetta introduced similar legislation, the Public Service Retirement Fairness Act (H.R. 6257), about a year ago, on...
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In MarketBeat, John Iekel discusses a webcast in which Kelsey Mayo, American Retirement Association’s Director of Regulatory Policy and a partner with the Poyner Spruill LLP law firm, addressed priorities related to terminations of 403(b) plans.
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Just days before a scheduled trial date, Columbia University has struck a deal with plaintiffs in an excessive fee suit involving the university’s 403(b) plan.
The notice (Cates v. Trs. of Columbia Univ., S.D.N.Y., No. 1:16-cv-06524, notice of settlement 4/7/21) that the parties had come to terms...
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The IRS’ Voluntary Correction Program (VCP) provides a means by which filers can correct errors before they are told to do so, but the good intentions entailed in using it do not guarantee that there will not be errors in the filings intended to correct mistakes. The IRS has outlined the top...
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