403b Plans
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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Comparisons between public- and private-sector benefits are understandable; indeed, such comparisons are often a large factor in employment decisions. But the variety and types of employers — and workers — covered by programs that operate under the auspices of 403(b) plans are extraordinarily...
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The IRS has updated the operational compliance list relevant to 403(b) requirements effective during the calendar year. The update adds a discussion of provisions that became effective in 2022.
The IRS intends the list to help plan sponsors and practitioners achieve operational compliance by...
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SECURE 2.0 is a reality now — and two industry experts offered their insights in a Jan. 25 webcast as the dust settles.
American Retirement Association Director of Regulatory Affairs Kelsey Mayo, who also is a Partner at Poyner Spruill LLP, and American Retirement Association Director of...
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National Tax-Deferred Savings Association’s (NTSA) Executive Director Nathan Glassey testified before the Maryland Senate’s Budget and Taxation Sub-Committee on Jan. 19. Glassey joined a state union representative in opposing a bill mandating auto-enrollment for teachers and state employees in...
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Legislation that would create a state-run multiple-employer retirement saving plan in the Show Me State is before the Missouri House of Representatives.
HB 155, introduced by Rep. Michael O’Donnell on Jan. 4, would establish the Show-Me MyRetirement Savings Administrative Fund, a multiple-employer...
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Tech Talk discusses service providers that sponsors of 403(b) plans may hire to handle one or more aspects of managing the plan.
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Capping off months of anticipation and hard work, the SECURE 2.0 Act of 2022 is now law, since the President signed the legislation Dec. 29 after it was flown down to him while on vacation in St. Croix, U.S. Virgin Islands.
The final SECURE 2.0 legislation[1] was included in Division T of the...
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There are 92 provisions in the new SECURE 2.0 Act — and by at least one assessment, they are “almost universally good, with ‘good’ being defined as ‘helpful to the cause of promoting retirement security.’” Group Plan Systems’ Pete Swisher and Cherisha Chapman rank the Top 10 Impact Provisions — and...
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While it came down to the wire, both the House and Senate have now approved the much-anticipated SECURE 2.0 Act of 2022 as part of the mammoth $1.7 trillion omnibus spending bill.
For months, it was anticipated that Congress would attach a final SECURE 2.0 package to a year-end spending bill, but...
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Tech Talk discusses federal and state agencies aside from the Department of Labor’s Employee Benefits Security Administration that have a role in regulating and overseeing 403(b) plans or investment options provided to participants.
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There’s a lot still to unpack in the new SECURE 2.0 Act of 2022, but 24 hours after its publication, here are some additional highlights.
First off, it’s worth reiterating that the legislation still needs to be approved by both the House and Senate, and signed by President Biden. At this point,...
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After months of speculation on whether the House and Senate would attach a final retirement security legislative package with a must-do, year-end spending bill, we now have an answer.
While most were nestled all snug in their beds in the waning hours of Dec. 19, House and Senate leaders released...
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Tech Talk offers some administrative best practices for a third party administrator, product provider, or plan sponsor in following the rules concerning 403(b) distributions.
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Tech Talk discusses a variety of tips the IRS offers that are relevant to audits in the context of aggregation of 403(b) plans.
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It sometimes helps to go back to the basics when assessing the impact of changes to the law, including some of the most seemingly obscure of them, writes Robert Toth in MarketBeat. He continues that one of the most obscure of 403(b) rules lies in the structural difference between 403(b) and 401(a)...
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Tech Talk discusses what the IRS has to say about aggregation and 403(b) plans.
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