457 Plans
“Washington didn’t see this coming,” NTSA Executive Director Chris DeGrassi said about the results of the 2016 elections in a Dec. 12 webcast. Elections have consequences, he noted, and those could include actions that affect retirement plans and benefits — including 403(b)s and 457s. In “What 403...
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“So much to say and so little time!” A characterization that could apply to many things, including the tenor of the Nov. 16 NTSA Webcast, “Fall 2016: What’s New that Impacts You?”Susan D. Diehl, President of PenServ Plan Services and Chair of the NTSA Communications Committee, and Ellie A. Lowder...
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Suppose you have a client who is 59½ years old, and still employed with the employer. He wants to roll his 457(b) account to the employer’s 403(b) plan. In Tech Talk, Ellie Lowder tells us if he can.
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The IRS on Oct. 27 announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017. The 2017 limits are contained in Notice 2016-62.Increased LimitsThe IRS has increased the following limits for 2017 from 2016 levels:For an...
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p>The IRS on Oct. 21 said in Announcement 2016-39 that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Matthew and members of their families. The American Retirement Association had requested such relief in an Oct. 10...
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If you have a client who retired after normal retirement age but before he had five years of service, can he use the “last 3-year catch up” in his 457(b) plan? In Tech Talk, Ellie Lowder tells us.
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Designated Roth Contributions (DRCs) have been a permissible retirement plan feature since 2006; however, there is still confusion in the retirement plan community regarding DRCs. In MarketBeat, Lynn Knight tests your knowledge and dispels the mist.
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In an email to participating RIAs in North Carolina’s Total Retirement Plan 403(b) Program on Sept. 16, the State Treasurer’s office announced that it is terminating its contract with TIAA for record-keeping services. It will instead negotiate with Prudential, which means that Prudential will soon...
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Would a distribution of 401(k) assets that had been rolled into a 457(b) be exempt from the 10% premature distribution penalty as long as the participant was at least age 55 in the year he separated from service with his 457 plan employer? In Tech Talk, Ellie Lowder tells us.
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After almost nine years of waiting, finally IRS has issued proposed regulations for 457(f) plans! In MarketBeat, Susan Diehl writes that the new proposed regulations for government and tax-exempt 457(b) and 457(f) plans and for profit-companies’ top-hat plans under Internal Revenue Code Section...
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The IRS recently issued proposed 457 regulations, which generally apply to compensation deferred under a 457(b) plan for calendar years beginning after the date that the final regulations are published. In MarketBeat, Linda Segal Blinn tells us what this means for sponsors of a 457(b) plan.
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Republicans in the House of Representatives recently finalized the last plank of their policy agenda, with the release of their comprehensive tax reform blueprint. The bold plan calls for significant cuts in the statutory tax rates on both the wage and investment income for individuals — a move...
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The IRS on June 21 issued proposed regulations prescribing rules for taxing compensation deferred under 457 plans established and maintained by state or local governments or other tax-exempt organizations. These proposed regulations include rules for determining: when amounts deferred under these...
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The difference between 403(b) and governmental 457 plans does not seem significant at first glance, argues Diane Capone in MarketBeat. She points out their similarities and differences, and offers insights into the rules and mechanics of rollovers between the two kinds of accounts.
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This year, there were three named tropical systems in the Atlantic Ocean by June 5 — the first time ever that there were three named storms by such an early date. And two of them made landfall in the United States. With the official Atlantic hurricane season just begun (the National Oceanic and...
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In the past, financial advisors will remember having a discussion with the clients participating in 403(b) and/or 457(b) plans about the potential for using retirement savings for lump sum needs, by withdrawing amounts as needed. In MarketBeat, Ellie Lowder examines what has changed to contribute...
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The Employee Plans Compliance Unit (EPCU) is sending letters to tax-exempt sponsors of 457(b) top hat plans when employee W-2s show that the basic 457(b) plan limit of $17,500 in 2011 has been exceeded. In MarketBeat, Ellie Lowder discusses what those letters contain and require of recipients.
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The Board of Governors of the Federal Reserve in its latest quarterly report about U.S. financial accounts, provides information on how state and local government defined benefit and defined contribution funds — 403(b) and 457 funds — fared from a variety of perspectives during the fourth quarter...
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The IRS on March 11 updated its web page on the Employee Plans Compliance Unit (EPCU) Non-Governmental 457(b) Plans Excess Deferrals Project. Section 457 plans may allow participants to make ‘catch-up’ deferrals during the three-year period immediately preceding the year in which they attain...
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A recent study outlines what employers can do to help limit plan leakage by placing significant limitations on loans in their plan documents. In MarketBeat, Ellie Lowder suggests that 403(b), and perhaps governmental 457(b) plans as well, face the same problems and discusses what they can do.
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