403b Plans
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...
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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).
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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).
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An excessive fee suit with a “complicated procedural history” and one that a federal judge says “appears to be a lawsuit in search of a theory” has, once again, culminated in a win for the plan fiduciaries.
This time we’re talking about the suit alleging that the Georgetown University 403(b) plan...
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This new feature in the NTSA Advisor provides a look at what’s going on in the states and the most recent developments in their activity to provide and enhance retirement plan coverage.
New Utah Law Modifies Match of State Retirement System Employee Contributions
A bill signed into law by Utah...
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Tech Talk addresses submitting comments to the IRS regarding whether a 403(b) meets the requirements of Internal Revenue Code Section 403(b).
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The IRS has updated information relevant to reporting for 2022 and 2023.
403(b) Reporting
The IRS has updated Publication 939, General Rule for Pensions and Annuities for 2022 reporting. The publication also addresses the treatment of benefits under 403(b) plans and discusses in-plan Roth...
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Tech Talk addresses who interested persons are for purpose of 403(b) notice requirements, and who 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).
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This new feature in the NTSA Advisor provides a look at what’s going on in the states and the most recent developments in their activity to provide and enhance retirement plan coverage.
Nevada Could Join State Plan Club
Private-sector employees in the Silver State whose employers do not...
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A $1.6 billion 403(b) plan has settled an excessive fee suit for $6 million.
The suit — brought by participants Susan McNeilly and Carla Martz of the Spectrum Health System 403(b) plan and represented in that action by the law firm Capozzi Adler[1] — had made the “usual” assortment of allegations...
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Unfortunately, recently I have needed a little bit more dental care than usual. My dentist has referred me to several specialists, and the specialist has always been more expensive than my local dentist, and most of the time, it is by a lot. The adage, “Riches are in the niches” echoes as I pay my...
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A slalom course can be tricky. It takes some deft maneuvers to navigate one, but with practice and skill it can be done. A Feb. 28 session of the NTSA Summit offered some reminders regarding the importance of the twists and turns of moving 403(b) money.
The session was led by moderator Sue Diehl...
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The parties in one of the first university 403(b) excessive fee suits—by participant-plaintiffs represented by the Schlichter law firm—have unveiled the terms of a big settlement.
The suit, filed way back in August 2016, involved two plans sponsored by the University of Southern California (the...
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There’s good news and bad news in Fidelity Investments’ year-end 2022 analysis of savings behaviors and account balances.
First the bad news. Fidelity’s analysis shows that average account balances for 401(k)s, 403(b)s and IRAs all dropped by more than 20% from year-end 2021 to year-end 2022. The...
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Are retirement plans SECURE? American Retirement Association CEO Brian Graff, NTSA Executive Director Nathan Glassey, and ARA Director of Federal and State Legislative Affairs Andrew Remo at the Feb. 26 opening session of the 2023 NTSA Summit in Tampa, FL discussed Washington’s take on that. And,...
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“We spend so much time chasing the next ‘yes,’ but we’re communicators at our core,” Phil Kim told the TPA and advisor attendees at the 2023 National Tax-Deferred Savings Association (NTSA) Summit in Tampa on in a Feb. 27 session. “Wouldn’t it be great if we focused on communicating better?”
...
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Advisors are from Venus, and TPAs from Mars. Okay, not quite, but how does the former better leverage the latter?
A Feb. 27 afternoon session at the 2023 NTSA Summit in Tampa titled “Resource ‘Full’: Working with Your TPA” sought to answer just that.
Moderated by Jim Kelleher with Carruth...
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The National Tax-Deferred Savings Association (NTSA) kicked off its summit on Feb. 26 in Tampa with a presentation by Immediate Past President Christopher Zingaro, hitting hard on the conference’s “Step Up” theme and imploring members to volunteer and get involved. “The vision must be followed by...
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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).
To Be Done
The IRS says in the updated list...
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The parties in an excessive fee suit have struck a deal — mere months after the suit was filed.
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...
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