403b Plans
The American Retirement Association (ARA) was recently informed of a legal scheme in Texas—a community property state—that allows younger workers to raid up to 100% of their defined contribution (DC) plan (such as a 401(k), 403(b) or 457 plan) account balance without incurring the tax penalty for...
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Tech Talk discusses the kinds of 403(b) plans that are covered by ERISA.
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The IRS on Aug. 21 issued an update to the 2022-2023 priority guidance plan, which still includes plans to take action relevant to 403(b)s.
The IRS had released the initial plan on Nov. 4, 2022, setting forth guidance priorities for the 12-month period from July 1, 2022, through June 30, 2023 (the...
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Tech Talk looks at a discussion by the Government Accountability Office (GAO) of service providers with which sponsors of 403(b) plans work.
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The Government Accountability Office (GAO) recently reviewed the Department of Labor’s (DOL) 403(b) plan oversight efforts and concluded better educational material is needed to inform plan sponsors and participants.
“The DOL’s website does not contain targeted educational materials that could...
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Tech Talk addresses whether, and how, a 403(b) holder can take a loan from the account if the employer through which the 403(b) was started no longer exists.
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Voya Financial will serve as the recordkeeper for the new Secure Retirement 403(b) Pooled Employer Plan (PEP), the firm announced July 28.
Launched by The Platinum 401k, Inc., the PEP apparently is the first 403(b) program to the market following enactment of the SECURE 2.0 Act late in 2022, which...
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Building off the SECURE 2.0 Act and taking a page out of the “behavioral finance playbook,” two influential senators introduced bipartisan legislation to establish an automatic reenrollment safe harbor.
SECURE 2.0 soon will require new 401(k) and 403(b) plans to automatically enroll participants...
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Today (July 25) I am writing from a conference in Washington, DC where we are hearing from the Securities and Exchange Commission, the Department of Labor, the Department of Treasury and many other federal offices.
On Capitol Hill
We will also have an opportunity to be on Capitol Hill to...
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Tech Talk discusses the IRS’ suggestions regarding how to avoid exceeding the Internal Revenue Code Section 415(c) limits for employer and employee contributions to 403(b)s.
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Tech Talk addresses what an organization should do when a 403(b) plan fails to limit employer and employee contributions so they do not exceed Internal Revenue Code Section 415(c) limits.
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A surprising finding in a comprehensive report from earlier this year, writes John Sullivan in MarketBeat, is that there is no gender gap in access to employer-based retirement plans, nor in participation rates. He continues that the same cannot be said for savings.
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Let’s face it. Annuities generally are not well-received in much of the retirement plan adviser community. From the historical impression that “annuities are sold, not bought,” to some advisers perceived baggage associated with being that ghastly “licensed insurance agent,” to the historically “...
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Tech Talk provides a checklist that the IRS has prepared to help keep a 403(b) plan in compliance with many important rules.
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The IRS’ 2007 403(b) regulations fundamentally altered the 403(b) marketplace. The imposition of those regulations of greater responsibility on 403(b) plan sponsors for maintaining the continued tax favored status of their plans triggered—among other things—efforts by a number of employers,...
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One plus one is two, right? Not so, says Phil Kim, Founding Member and Managing Director of Signature Wealth Concepts, making the case for collaboration in the 403(b) marketplace.
“One plus one is greater than two,” said Kim in the June 21 NTSA Webcast, “The Case for Collaboration in the 403b...
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The allegations in a new excessive fee suit are familiar—but the plaintiff has clearly been attentive to pleading failures that have led to other, similar cases being dismissed.
Commenting that “the proliferation of 401(k)plans has exposed workers to big drops in the stock market and high fees...
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One of the first excessive fee suits filed against university 403(b) plans has (finally) come to a conclusion with a jury verdict in favor of the fiduciary defendants—with an odd twist (or two).
The suit against Yale University was one of the first to be filed in this area—and by Schlichter Bogard...
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As most of the state legislative sessions have adjourned, the amount of bills the NTSA reviews daily has decreased. This has given us an opportunity to reenergize projects that were put on the back burner during the intense legislative calendar.
But First: Illinois Success!
We have wonderful...
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Another target-date fund family has been…targeted…in a fiduciary breach suit that claims plan fiduciaries failed to prudently review—and remove—underperforming target-date funds.
The target-date funds in question this time are the JPMorgan SmartRetirement series, while the plans in question are...
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