457 Plans
Tech Talk discusses what some of the unforeseen emergencies for which one may apply for a distribution from a nongovernmental 457(b) plan are.
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Governmental 457(b) plans can be complicated. But intimidating or not, says a recent blog entry, there are key elements that those who serve such plans need to make sure are there.
In an entry in the Focus on Public Benefits blog, BB&K Law Partner Jeff Chang notes that such plans are “subject...
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Tech Talk addresses whether the Coronavirus Aid, Relief, and Economic Security (CARES) Act COVID-19 distribution provisions apply to 457(b) plans.
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American Retirement Association CEO Brian Graff and a panel of industry experts offered their insights on Feb. 23 on the state of things for the industry regarding activity on Capitol Hill, as well as in the federal regulatory agencies. They made their remarks as part of the NTSA Winter Virtual...
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COVID-19, along with the measures adopted to address the pandemic’s effects and the actions taken under those measures, have had unexpected effects—including an impact on plan audits.
The changes that have taken place, as well as the pandemic itself, have affected both plan sponsors and...
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Tech Talk discusses how to address a situation in which a not-for-profit organization is closing and a prior/retired Executive Officer has been receiving a monthly payment from their 457(b) eligible deferred compensation plan which is reported by the employer each year via IRS Form W-2.
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Greetings and Happy New Year NTSA members, strategic partners and sponsors! I hope your holidays were filled with family, friends, joy and well-earned rest.
As we turn the page on the calendar, new challenges and opportunities await us in 2021. Just like 2020, continuing to thoughtfully and...
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We are on the cusp of a new year, and there are some important developments to keep in mind as 2021 arrives.
Required Minimum Distributions
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, enacted on Dec. 20, 2019, raised the age for required minimum distributions...
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Annuity payments and certain other deferred compensation related to retirement plan distributions (including 403(b)s, 457(b)s and qualified plans) require an election for federal tax withholding. Taxpayers determine the amount of federal income tax to be withheld by making the election on Form W-4P...
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In a year full of extraordinary change, there’s little of that for contribution and benefit limits in 2021.
The IRS has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021. The 2021 limits are contained in...
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The IRS has updated the information on its website concerning the tax consequences of noncompliance by tax-exempt 457(b) plans.
Specifically, in the Issue Snapshot the IRS discusses rules under Internal Revenue Code Section 457 regarding nonqualified deferred compensation plans established by...
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Tech Talk addresses what the basic rules for a 457(b) Top Hat Plan are.
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The IRS has updated the information on its website concerning correction of excess deferrals under Code Section 457(b).
Specifically, in the Issue Snapshot the IRS discusses correction of excess deferrals under a 457(b) plan maintained by a tax-exempt entity and a government.
Annual Limitations...
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Tech Talk discusses where one may find interest in adopting a 457(b) top hat plan.
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Tech Talk addresses the basics about what a top hat plan is.
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A bill pending in the Maine legislature would create a public-private partnership to promote individual retirement savings accounts.
State Senator Eloise Vitelli (D-Sagadahoc) introduced LD 594 on Feb. 5, 2019. It was referred to the Senate Committee on Health Coverage, Insurance and Financial...
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The Securities and Exchange Commission (SEC) on July 28 announced that it has reached a settlement with VALIC Financial Advisors (VFA) over failing to disclose payments to promote services to Florida educators.
The SEC charged VFA, a financial services vendor in nearly every school district in...
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In MarketBeat, Robert Toth warns that the CARES Act may have a negative effect on Length of Service Awards programs, retirement-type arrangements under Internal Revenue Code Section 457(e)(11).
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Both chambers of the New Jersey legislature are considering legislation that would exclude 403(b) and 457(b) deferrals from New Jersey state income tax.
In the Assembly, A4112 was introduced by Assemblyman Ronald Dancer (R-Cream Ridge) on May 7. It was referred to the Assembly Appropriations...
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Tech Talk addresses whether deferral elections in a nongovernmental 457(b) plan can be increased, reduced or cancelled.
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