403b Plans
We are on the cusp of a new year, and there are some important developments to keep in mind as 2021 arrives.
Required Minimum Distributions
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, enacted on Dec. 20, 2019, raised the age for required minimum distributions...
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Tech Talk addresses how much can be contributed to a 403(b)account.
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A bipartisan trio of U.S. Senators has introduced legislation that would expand Multiple Employer Plan access to 403(b) plans, along with other MEP enhancements.
The Improving Access to Retirement Savings Act—introduced last week by Senate Finance Committee Chairman Chuck Grassley (R-IA) along...
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Tech Talk addresses how contributions can be made to a 403(b) account, and the types of contributions that can be made to 403(b) accounts.
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Annuity payments and certain other deferred compensation related to retirement plan distributions (including 403(b)s, 457(b)s and qualified plans) require an election for federal tax withholding. Taxpayers determine the amount of federal income tax to be withheld by making the election on Form W-4P...
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Tech Talk addresses which employees are eligible to participate in a 403(b) plan.
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The IRS on Dec. 9 issued guidance that addresses certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE) Act Provisions that increase the automatic enrollment cap percentage and affect safe harbor plans, including safe harbor 401(k) plans and certain 403...
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Tech Talk identifies three benefits to contributing to a 403(b) plan.
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One of the first university 403(b) suits—one in which plan fiduciaries prevailed at the lower court, lost on appeal, and failed to gain a review by the Supreme Court—has settled.
The suit was filed in 2016—brought by participants in the $3.8 billion University of Pennsylvania Matching Plan against...
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The vast majority (83.6%) of non-profit organizations with 403(b) plans are not changing their contribution levels despite the financial pressures of the COVID-19 pandemic, according to a new Plan Sponsor Council of America (PSCA) snapshot survey, sponsored by Principal Financial Group®.
While the...
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Tech Talk addresses whether distributions can be made from 403(b) plans in relation to COVID-19.
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The IRS on Nov. 20 issued the 2020 list of required amendments (RA) for individually designed plans qualified under Internal Revenue Code Sections 401(a) and 403(b). The list is contained in Notice 2020-83.
Under Section 5 of Revenue Procedure (Rev. Proc.) 2016-37, in the case of a qualified...
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Research conducted by the NTSA in partnership with the Plan Sponsor Council of America (PSCA) examined the participation and savings rates of public education employees in more than 4,400 school districts across the country. Participation rates in 403(b) plans nationally average 27.13%, with an...
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The priority guidance plan that the Treasury and IRS have issued for 2020-21 includes plans for action that will affect retirement plans. They unveiled the plan on Nov. 17.
The 2020-2021 Priority Guidance Plan contains guidance projects that will be the focus of the efforts by the Treasury and...
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Tech Talk addresses whether a religiously oriented employer needs a copy of the plan documents to inquire as to whether they meet the qualifications for a church plan.
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The IRS in Revenue Ruling 2020-23 issued guidance on distribution of individual custodial accounts (ICAs) in kind when a 403(b) terminates. The IRS issued the guidance on Nov. 5.
At issue is whether a 403(b) plan funded through 403(b)(7) custodial accounts in two situations has been terminated...
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In a year full of extraordinary change, there’s little of that for contribution and benefit limits in 2021.
The IRS has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021. The 2021 limits are contained in...
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There’s been a shift in emphasis for retirement plans in the non-profit sector.
For the first time ever, organizations that provide 403(b) plans reported that retirement planning, rather than increasing participation, was their top focus for employee education, according to the 12th annual 403(b)...
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In MarketBeat, John Iekel writes about an Oct. 7, 2020 webcast in which Bob Kaplan and Robert M. Richter, respectively the American Retirement Association’s Director of Technical Education and Retirement Education Counsel, examined selected provisions of the SECURE Act—including qualified...
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Rep. Ron Kind (D-WI) has introduced legislation that would increase access to retirement savings for employees of nonprofit organizations that have 403(b) plans.
The bill would expand access to savings by:
allowing 403(b) plans to utilize open multiple employer plans (MEPs), which would...
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