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403b Plans

In its quest to set every community up for retirement enhancement, SECURE 2.0 enhanced the long-term part-time (LTPT) rules of SECURE 1.0 by making them applicable to 403(b) plans. Since employees are more likely to contribute to an employer-sponsored retirement arrangement than an Individual... READ MORE
Editor’s Note: This is part one of a 3-part series. Also see the four accompanying charts at the end for complementary information. Tax-exempt organizations have the choice of setting up either a 403(b) or a 401(k) plan. Adding to that list are the governmental public education employers (public... READ MORE
The recent 2023 NTSA Summit provided a unique opportunity to connect and also to gain from the insights of industry experts. Following is a quick rundown of our coverage of the event.  NTSA Leadership Stubbs Takes the Helm as 2023 NTSA President https://www.ntsa-net.org/news-resources/stubbs-... READ MORE
Tech Talk addresses whether a person who had a life insurance policy under a 403(b) since before the IRS rules allowing that changed can be grandfathered so as to not lose his coverage. READ MORE
Nevada is one step closer to enacting a state-run program to provide coverage to certain private-sector employees. In the meantime, Nebraska’s legislature may seek an examination of the retirement system that serves public employees, including public school teachers, and coverage under the New York... READ MORE
Tech Talk addresses whether 403(b)(9)-retirement income accounts are included in the SECURE 2.0 definition of church plans and whether they would be allowed to offer a MEP.  READ MORE
The parties in a two-year old 403(b) excessive fee suit against a $2.3 billion plan have come to terms.  The suit (Garnick v. Wake Forest Univ. Baptist Med. Ctr., M.D.N.C., No. 1:21-cv-00454, complaint 6/4/21) was filed in June 2021 in the U.S. District Court for the Middle District of North... READ MORE
Beginning June 1, 2023, the IRS is expanding its determination letter program to include certain 403(b) plans. The IRS issued a reminder May 24. The IRS had announced on Nov. 7, 2022 in Revenue Procedure (Rev. Proc.) 2022-40 that it would allow 403(b) retirement plans used by certain public... READ MORE
Legislation supported by the American Retirement Association (ARA) that would allow 403(b) plans to invest in collective investment trusts (CIT) has taken a significant step forward in the House of Representatives.  Late May 24, the House Financial Services Committee in a markup session approved... READ MORE
Hello all! Welcome to a new monthly series, Nate’s Notes. In order to keep you all apprised of what is taking place at the NTSA, I’m going to share an update on where I’ve been and what the NTSA has been doing. For my inaugural note, I’m writing from the airplane on my way to the Massachusetts... READ MORE
Tech Talk concerns whether a K-12 public school can elect whether to have an ERISA or non-ERISA 403(b).  READ MORE
The terms of a quickly settled excessive fee suit involving a 403(b) plan have come to light. The plan fiduciaries here are Springfield, Massachusetts-based Baystate Health Inc. — and they were sued just last Nov. 17 by participant-plaintiffs Michael Chechile and Sonia Lopez (who were represented... READ MORE
Tech Talk addresses whether an employee who is separated from service from an employer where he has an optional retirement plan 403(b) can roll it over to his new employer’s K-12 403(b) plan. READ MORE
The IRS has issued an update to the 2022-2023 priority guidance plan.  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 plan year). It released an update to the plan in February.   The To... READ MORE
A SECURE 2.0 “fix” that would allow 403(b)s to invest in collective investment trusts (CIT) was officially introduced in the House on May 2.   The bill, The Retirement Fairness for Charities and Educational Institutions Act of 2023, introduced by House Financial Services Committee Member Rep.... READ MORE
Tech Talk addresses what a 403(b) prototype plan is, and what constitutes each of its two parts. READ MORE
A bill that would allow 403(b)s to invest in collective investment trusts (CIT) could be headed for Congressional markup in the next few weeks.   A draft of the bill, titled “The Retirement Fairness for Charities and Educational Institutions Act of 2023," is backed by House Financial Services... READ MORE
The IRS has issued a reminder that the submission period for 403(b) pre-approved plan providers to submit applications for a Cycle 2 Opinion Letter ends on May 1, 2023.  The IRS in 2022  revised the required modifications and information that contains samples of plan provisions that have been... READ MORE
Tech Talk discusses the requirement that interested persons must receive notice that an application for an advance determination will be filed regarding whether a 403(b) plan meets the requirements of Internal Revenue Code Section 403(b). READ MORE
Tech Talk discusses the requirement that interested persons must receive notice that an application for an advance determination will be filed regarding whether a 403(b) plan meets the requirements of Internal Revenue Code Section 403(b). READ MORE

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