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457 Plans

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... READ MORE
Tech Talk discusses the rules governing 457 plan written documents. READ MORE
Once an employer has established a 457(b) plan, that plan still requires ongoing maintenance to comply with plan design modifications and federal legislative and regulatory changes. The following overview is intended to help governmental employers understand the IRS due dates —  both past and... READ MORE
Tech Talk discusses seven main areas to address if one is notified by the IRS that a 457(b) plan is under audit by letter or phone call followed by an official letter. READ MORE
The IRS earlier this year issued guidance announcing that it was extending the deadlines for amending retirement plans to reflect the provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act and Taxpayer Certainty and Disaster Tax Relief Act of 2020. But that doesn’t mean all of... READ MORE
One-size-does not fit all when amending a 457(b) plan of a governmental employer to comply with the Setting Every Community Up for Retirement Enhancement Act (SECURE) of 2019 and Coronavirus Aid, Relief, and Economic Security Act (CARES).  A 457(b) plan document must satisfy the written plan... READ MORE
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... READ MORE
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... READ MORE
A case that hinged on the determination of fiduciary status based on control of plan assets—has been decided—again—in favor of the defendants.  The original suit (Rozo v. Principal Life Ins. Co., S.D. Iowa, No. 4:14-cv-00463-JAJ-CFB, 5/12/17), was brought by plaintiff Frederick Rozo[1] on behalf... READ MORE
The 2023 NTSA Summit — Feb. 26-28, 2023, at the Grand Hyatt Tampa, in Tampa Bay, Florida — is the only industry event designed for 403(b) and 457(b) professionals. But it gets better!   You can expect tailored general sessions and workshops based on advisor feedback we received from the agenda... READ MORE
Tech Talk discusses plan document requirements and what key regulatory practices do or do not apply to 457(b) plans for governmental and tax-exempt organizations.   READ MORE
The IRS on Aug. 3 announced in Notice 2022-33 that it is extending the deadline for amending a retirement plan to reflect the provisions of Section 2203 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Section 2203 concerns a waiver of required minimum distributions (RMDs). ... READ MORE
The New York-based firm has agreed to settle alleged fraud charges brought by the Securities and Exchange Commission concerning investor fees.  According to the SEC’s July 18 order, Equitable agreed to pay $50 million for providing account statements to about 1.4 million variable annuity investors... READ MORE
Basic rule: General 457 annual contribution limit There is one limit on the amount of contributions an individual may defer to an eligible 457(b) deferred compensation plan in a taxable year: The annual limit on contributions under Internal Revenue Code Section 457(b)(2). Under Section 457(b)(2... READ MORE
Tech Talk addresses the timing for the adoption of a 457 plan and when the plan document must exist. READ MORE
Being notified by the IRS that your 457(b) plan is under audit is about as fun as flying a kite in a lightning storm. You receive that letter or phone call followed by an official letter—an Information Document Request, or IDR—notifying you that the IRS is auditing your plan and your heart starts... READ MORE
Editor’s Note: This is part of an ongoing series that provides a look at content available through the NTSA Advisor’s weekly MarketBeat feature, an archive of which is contained in the Industry Intel section of the NTSA website here. This installment concerns serving clients and participants. ... READ MORE
Retirement plans—including 457(b) plans—have garnered heightened scrutiny. In MarketBeat, John Iekel writes about a recent blog entry that notes that IRS and DOL have increased the number of plans they audit, and highlights the importance of fulfilling fiduciary duties and not committing a... READ MORE
Why should the rules that determine how and how much a person can save for retirement be different depending on whether the person works for a government entity, a nonprofit or a for-profit employer? People are people, and their retirement needs are not different based on what type of entity... READ MORE
Many people think that governmental section 457(b) plans and private sector 401(k) plans are the same because they both allow pre-tax deferrals of similar amounts of income—but they’re not.  Due to their differing origins, their rules and requirements are different, and it’s important not to... READ MORE

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