403b Plans
The NTSA has made two recommendations to the IRS concerning IRS Announcement 2015-19 and how the announcement affects 403(b) plans. In an Oct. 1 comment letter, the NTSA says that the IRS should create an accommodation to address the most common differences that can affect the utilization of...
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The IRS’ Advisory Committee on Tax Exempt and Government Entities, professionals who provide recommendations on IRS programs and procedures which affect retirement plans, have substantial influence over the IRS’ policy positions decisions. In MarketBeat, Robert Toth discusses the council and its...
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Suppose a full-time employee becomes a part-time employee and does not work 20 hours per week consistently. In Tech Talk, Ellie Lowder tells us if that employee can continue to contribute to the employer’s 403(b) plan.
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The latest issue of Employee Plans News, which the IRS issued on Sept. 30, provides comprehensive access to information concerning forms, correcting mistakes, plans and more that have been updated since the last issue of the newsletter.The information that can be accessed through Issue No. 2015-10...
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Guidelines for sharing participant data of 403(b) and governmental 457 plans provided by the SPARK Institute have been widely accepted and are used by the majority of plan vendors. In MarketBeat, Diane Capone discusses the updated standards and best practices.
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If there is a bankruptcy, will a 403(b) come under attack or will other creditors be able to attach the 403(b) funds? In Tech Talk, Ellie Lowder tells us how 403(b) assets are handled in a bankruptcy.
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Suppose you have a client who has a mortgage loan but also $57,000 in consumer debt, of which approximately $13,000 is from loans taken on her 403(b) accounts. In Tech Talk, Ellie Lowder tells us what happens to those loans if she files for bankruptcy.
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Do the universal availability rules which apply to elective deferral 403(b) plans also apply to 457(b) governmental plans? In Tech Talk, Ellie Lowder tells us.
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Plan sponsors should always keep a close eye on whether a worker is classified as an employee or an independent contractor since this has a significant effect on retirement plans. In MarketBeat, Michael Webb outlines differences under current law between and employees and independent contractors,...
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The IRS on Aug. 25 released a draft version of the Form 5500-EZ to be used in benefit plan reporting — which includes 403(b) plans — concerning 2015. The draft is for informational purposes only, however; it is not to be used for reporting.The IRS revised it to require reporting the number of...
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Retirement plan participation is far from uniform in the Tar Heel State, especially when it comes to 403(b) plans, according to the National Bureau of Economic Research (NBER).A new NBER study, “Supplemental Plan Offerings and Retirement Saving Choices: An Analysis of North Carolina School...
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A client with an orphan 403(b) account wants to roll it over into an IRA, but the company holding it has refused her request unless the employer authorizes the rollover. In Tech Talk, Ellie Lowder tell us what the client can do to complete the rollover.
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An IRA owner must calculate the required minimum distribution (RMD) separately for each IRA that he or she owns, but can withdraw the total amount from one or more of the IRAs. Similarly, a 403(b) owner must calculate the RMD separately for each 403(b he or she owns, but can take the total amount...
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A school district plans to make employees choose between receiving employer contributions to their 403(b)s or a health insurance benefit. In Tech Talk, Ellie Lowder tells us if that school district can do that.
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A client wants to transfer money from his 403(b) account to buy years of service in his state retirement system. In Tech Talk, Ellie Lowder tells whether he can.
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Do not-for-profit entities that have 403(b) plans care more about outcomes than for-profit firms with 401(k) plans?Though the recent Plan Sponsor Council of America (PSCA) 2015 403(b) Plan Survey does not answer that question directly, there are indications that 403(b) plans may, in fact, be more...
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The IRS has said that excess deferrals generally are caused by “misuse” of the 15+ years of service increased limit outlined in Internal Revenue Code Section 402(g)(7). In MarketBeat, Ellie Lowder provides some clarity on how it works.
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The local public school district has been remitting employee elective deferrals to the 403(b) plan every three months or so. In Tech Talk, Ellie Lowder discusses the timing the federal government requires for these deferrals.
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Participant contributions and average account balances in 403(b)s grew in 2014, the Plan Sponsor Council of America (PSCA) reports in its 7th annual benchmarking survey of 403(b) plans.Participants contributed 6% of annual pay to their 403(b)s in 2014, up 0.2% from 2013. Much more dramatic was the...
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What is the state of affairs regarding 403(b) plans? A recent study looked at certain aspects of the plans, including how the funds in those plans are invested.In “The BrightScope/ICI Defined Contribution Plan Profile: A Close Look at ERISA 403(b) Plans,” BrightScope and the Investment Company...
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