457 Plans
Updated July 7, 2020
NTSA provides extensive coverage concerning a host of aspects of the pandemic and its consequences for plan sponsors, administrators, service providers and participants. This includes how developments resulting from it have affected plans and participants, and how they can...
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The pandemic has had a wide range of effects on employee benefits and those who provide and administer plans. A recent blog entry discusses the effects regarding nongovernmental 457(b) plans.
In “Answering Questions About COVID-19 and your Nongovernmental 457(b) Plans,” Fulcrum Partners LLC...
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Effective on Jan. 1, 2008, IRC §408A(e) permitted the rollover of eligible distributions from 401(a), 401(k), 403(b) and governmental 457(b) plans directly to a Roth IRA. These are referred to by the IRS as QRCs, and by some in the industry “direct conversions.” Therefore, after that date there is...
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A common question regarding the CARES Act distribution, loan and required minimum distribution (RMD) waiver provisions[1] is whether these provisions are optional or mandatory. In most cases, they are optional—but in the retirement world there are very few questions where a short answer will...
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Portability of Roth 403(b), Roth 401(k) and effective with the addition of a Roth 457(b) option to governmental plans on January 1, 2011 (referred to as designated Roth accounts), is extended to eligible rollover distributions from designated Roth accounts to Roth IRAs. Additionally, effective...
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n March 31, the American Retirement Association (ARA) provided an expert discussion of the key elements in the Coronavirus Aid, Relief and Economic Security (CARES) Act in a special webcast.
The ARA’s Retirement Education Counsel Robert Richter, Director of Technical Education Bob Kaplan and Marty...
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After five days of intense negotiations, the Senate was set to vote on March 25 on an unprecedented $2 trillion stimulus bill covering every aspect of the U.S. economy, including retirement relief provisions supported by the American Retirement Association.
Earlier on March 25, the Senate...
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The Government Accounting Standards Board (GASB) has issued a proposed statement on certain component unit criteria and accounting and financial reporting for 457 deferred compensation plans. The proposal is contained in a GASB Exposure Draft issued on March 5.
The primary objectives of this...
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Two laws enacted in December—the Miners Act and the SECURE Act—will have wide-ranging effects on retirement plans. A recent American Society of Enrolled Actuaries (ASEA) webcast provided a closer look.
Both measures really are part of the Further Consolidated Appropriations Act, 2020. In “DB...
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Tech Talk addresses whether administrative and legal expenses incurred concerning tax-exempt 457(b) plans (i.e., document costs) can be paid from plan assets.
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Add child care payments to the mix of items that policymakers are considering as a way to help individuals save for retirement in their DC plans. And 403(b) and 457(b) plan participants are among those whom the bill could affect.
Introduced Feb. 10 by Reps. Ann Wagner (R-MO) and Hakeem Jeffries...
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A session of the recent 2020 NTSA Summit provided an in-depth look at 457 plans.
Mark Heisler, Chief Executive Officer of ADMIN Partners, LLC, shared his insights on 457 deferred compensation plans, which offer many benefits to both sponsors and participants. Here are nine things he suggested...
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Tech Talk addresses whether a teacher who is retiring from the state public school system and who has elected a partial lump sum from the state retirement system can establish a 403(b) account post-employment to receive the rollover from the state retirement system.
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Section 457 plans are generally subject to ERISA unless exempted by statute. Since ERISA exempts all plans sponsored by state or local governments, their political subdivisions or instrumentalities thereof, any 457 plan installed by a public education institution, police department, fire department...
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The extended Early Bird Registration rates for the 2020 NTSA Summit expire tomorrow, Friday, Dec. 20.
The NTSA Summit is where leaders and innovators come together to make a difference for their clients, the industry and themselves. It is the only national gathering of professionals in the 403(b...
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ERISA contains specific exemptions for benefit plans of certain types of employers. For example, plans sponsored by governmental entities as defined in ERISA Section 3(32) such as public schools, community colleges and state universities or churches as defined in ERISA Section 3(33) are not subject...
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I have attended every NTSA Summit for the past 10 years as it's a great resource for getting up-to-moment technical information straight from the most experienced 403(b) and 457(b) experts in the country.
As an Enrolled Retirement Plan Agent (ERPA), the NTSA Summit is the only place I can get...
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Cyber crime, and cyber security, obviously are a concern for plans. But that means more than making sure plan records and accounts are not targets and victims — it also includes other functions, structures and systems.
Experts at the recent SPARK Forum held in Palm Beach, FL offered insights...
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An influential U.S. Senator is preparing legislation that would allow tax- and penalty-free withdrawals to pay for long-term care insurance.
Sen. Pat Toomey (R-PA), who is a member of the Senate Finance Committee, is working on a bill that would allow individuals to withdraw funds from their 403(...
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The IRS has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2020. The 2020 limits are contained in Notice 2019-59, released Nov. 6.
The limits for 2020 are as follows:
The limitation under Code Section 402(g)(1)...
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