403b Plans
Communicating with retirement plan participants is always important; and aside from law and regulation requiring it, such communications can serve participants well and help make a retirement plan more effective and meaningful. But doing so during a pandemic poses challenges and can require...
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Another excessive fee suit has been filed against a billion dollar university 403(b) plan, though it treads familiar ground(s).
The latest (Santiago v. Univ. of Miami, S.D. Fla., No. 1:20-cv-21784, complaint filed 4/29/20) was brought by plaintiffs Augustino Santiago, Lilly Leyva, Guillermo...
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There is no doubt that a successful retirement outcome requires a plan, discipline and the knowledge to make good choices that address each individual’s long-term retirement goals. And, there is a growing amount of measurable data that supports having the guidance of a financial advisor to help...
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A senior Republican member in the House has introduced legislation to help those whose retirement savings have been harmed by the economic impact of the COVID-19 pandemic.
Rep. Patrick McHenry (NC), who serves as the ranking Republican on the House Financial Services Committee, introduced the...
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Tech Talk addresses whether a pre-approved 403(b) plan can have an optional retirement plan (ORP) provision, and if so, if it would fall under the mandatory contributions.
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Despite the maelstrom that quickly beset the economy in the end of the first quarter of 2020, there was remarkable stability concerning retirement savings accounts, according to a new report.
The good news comes in Fidelity’s quarterly analysis of retirement savings trends, account balances,...
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Updated July 7, 2020
NTSA provides extensive coverage concerning a host of aspects of the pandemic and its consequences for plan sponsors, administrators, service providers and participants. This includes how developments resulting from it have affected plans and participants, and how they can...
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The parties in one of the first university 403(b) plan excessive fee suits brought by the St. Louis-based law firm of Schlichter, Bogard & Denton have come to terms.
This time it’s a suit brought against the Emory University Retirement Plan and the Emory Healthcare, Inc. Retirement Savings...
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Approximately 20 of these suits have been filed since 2016—this would be the seventh settlement.
This time the defendants is Princeton University, and the original suit was filed nearly three years ago by plaintiff Elysee Nicolas individually and as representative of a class of participants and...
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Research conducted by the NTSA in partnership with the Plan Sponsor Council of America (PSCA) that examined the participation and savings rates of public education employees in more than 4,400 school districts across the country revealed that the number one factor driving participation and savings...
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A common question regarding the CARES Act distribution, loan and required minimum distribution (RMD) waiver provisions [1] is whether these provisions are optional or mandatory. In most cases, they are optional – but in the retirement world there are very few questions where a short answer will...
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Effective on Jan. 1, 2008, IRC §408A(e) permitted the rollover of eligible distributions from 401(a), 401(k), 403(b) and governmental 457(b) plans directly to a Roth IRA. These are referred to by the IRS as QRCs, and by some in the industry “direct conversions.” Therefore, after that date there is...
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A common question regarding the CARES Act distribution, loan and required minimum distribution (RMD) waiver provisions[1] is whether these provisions are optional or mandatory. In most cases, they are optional—but in the retirement world there are very few questions where a short answer will...
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In 2019, the Hawaii State Department of Education (HIDOE) began a project with National Benefit Services (NBS) to strengthen retirement plan education in the state. This project was started with many circumstances in mind, one of which was the decline in participation in the HIDOE’s 403(b) plan...
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Portability of Roth 403(b), Roth 401(k) and effective with the addition of a Roth 457(b) option to governmental plans on January 1, 2011 (referred to as designated Roth accounts), is extended to eligible rollover distributions from designated Roth accounts to Roth IRAs. Additionally, effective...
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n March 31, the American Retirement Association (ARA) provided an expert discussion of the key elements in the Coronavirus Aid, Relief and Economic Security (CARES) Act in a special webcast.
The ARA’s Retirement Education Counsel Robert Richter, Director of Technical Education Bob Kaplan and Marty...
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The IRS has extended the remedial amendment period for 403(b) plans and pre-approved defined benefit plans. The IRS made the announcement on March 27.
The American Retirement Association (ARA) in a March 16 letter to Cathy Jones, Director of the IRS Office of Employee Plans, commented on the 403(b...
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Tech Talk addresses whether there are any restrictions on transferring assets from an employer’s non-ERISA 403b plan to its newly established 403(b) plan.
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A federal appellate court has ruled in favor of the fiduciaries of a university 403(b) plan excessive fee lawsuit.
This was the second of the 403(b) university excessive fee suits to go to trial—and the second in which the university defendants prevailed, back in May 2018.
The original suit,...
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It’s not over yet, but after six days of intense negotiations, about midnight on March 25, the Senate unanimously approved a sweeping $2 trillion stimulus bill, including retirement relief provisions supported by the American Retirement Association.
The Coronavirus, Aid, Relief and Economic...
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