403b Plans
Whether you are a school business official or a human resources employee of a nonprofit organization, chances are that you are juggling so many responsibilities that your time is at a premium. Knowing deadlines for amending your employer’s 403(b) plan document helps keeps that plan compliant. ...
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Tech Talk discusses what a remedial amendment period enables an employer to do.
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Tech Talk discusses IRS guidance that expands the individually designed retirement plan determination letter program to include certain 403(b) plans.
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The IRS has, effective immediately, expanded the individually designed retirement plan determination letter program to include certain 403(b) plans.
The IRS announced on Nov. 7 in Revenue Procedure (Rev. Proc.) 2022-40 that it will now allow 403(b) retirement plans used by certain public schools...
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“…after meaningful motion practice, discovery, and arm's-length negotiations by experienced counsel, including a private mediation with an experienced neutral mediator,” the parties in an excessive fee suit have come to terms — in less than a year.
The parties here — plaintiffs Trudy Clark, Donna...
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Plaintiffs in one of the first university 403(b) suits to be filed will get their day in court.
The suit against Yale University was one of the first to be filed in this area — and by Schlichter Bogard & Denton LLP, the law firm that led the litigation charge against 401(k) plan fees — in...
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The NTSA is saddened that Eleanor (“Ellie”) Lowder, one of the original pioneers of the 403(b) world, passed away on Sept. 21, 2022.
Born in 1938 in Virden, IL, Ellie was a loving mother and dedicated wife, and in a time in which it was more traditional for women to not enter the workforce, she...
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Feeling SECURE? We’re still fairly new at implementing the first one, and here comes the second. In an Oct. 24 session of the 2022 ASPPA Annual conference, two industry experts offered a deep dive into what part two may portend — and that includes 403(b)s.
“The legislative process is a mystery,”...
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Yet another excessive fee suit has been dismissed for failing to make a “plausible” case.
The plaintiff in this case is Kaila Gonzalez, a participant in the Northwell Health 403(b) Plan, who filed suit against Northwell Health, Inc., the Northwell Health 403(b) Plan Committee, and 10 other...
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Tech Talk discusses what can be done if one finds that one is maintaining a 403(b) plan without the appropriate credentials.
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Fiduciary defendants are pressing for a reconsideration of their motion to dismiss an excessive fee suit, citing new precedent and its higher threshold to bring suit.
The Suit
Here participant-plaintiff Glick had argued (in August 2020) that ThedaCare, Inc. and its Board of Directors violated the...
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Retirement Income! There is a lot of activity, and it’s starting to take into account the needs of clients who are about to retire and who have retired for several decades of a new life chapter — finally! Not just a product and profitability focus — a focus on the diverse reality of real lives of...
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Tech Talk warns of the possible consequences if one maintains a 403(b) plan without the appropriate credentials.
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Are 403(b)s still relevant? An expert panel at an Oct. 3 session of the ERISA 403(b) Advisor Conference held in Washington, DC discussed how they figure in the retirement universe and their future prospects.
Panelists included Sue Diehl, President of PenServ Plan Services, Inc.; Kim Cochrane,...
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Tech Talk discusses whether a particular group of public healthcare districts can maintain 403(b) plans.
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Legislation that could affect retirement plans is pending on Capitol Hill — but the midterm elections loom and the remaining weeks after that will be a “lame-duck” session. But that may not spell doom for those bills, suggested American Retirement Association CEO Brian Graff at the Oct. 3 opening...
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While not yet back to pre-COVID levels, average deferral rates are up, more participants are contributing, more plans are permitting immediate eligibility, and employer contribution rates to 403(b) plans rose almost 24% year-over-year, according to an annual 403(b) Plan Survey from the Plan Sponsor...
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New research finds that households with public-sector defined contribution (DC) plan participants who have a primary defined benefit (DB) plan feel more comfortable spending than those without a primary DB plan, but that comfort level may be short-sighted.
According to the research conducted by...
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The IRS on Sept. 26 in Notice 2022-45 announced that it is extending the deadline by which IRAs and non-governmental 403(b)s must be amended under the CARES Act and the Taxpayer Certainty and Disaster Tax Relief Act of 2020.
CARES Act and Relief Act
Specifically, the deadline is extended under...
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We don’t know all the particulars yet, but a number of pending excessive fee suits have announced settlements.
In a case of good news, bad news, the pace of excessive fee settlements seems to be accelerating (that would be the bad news), but the size of those same settlements seems to be declining...
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