IRS Issues
On Sept. 30, 2019, the IRS released Revenue Procedure (Rev. Proc.) 2019-39. The revenue procedure establishes a recurring remedial amendment system for individually designed and IRS pre-approved 403(b) plans. In addition, the guidance creates an annual Required Amendments List to be published by...
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Speakers at an Oct. 22 workshop session at the ASPPA Annual Conference provided an early “deep dive” into the final hardship distribution rules issued last month.
Robert M. Richter, Retirement Education Counsel at the American Retirement Association, and Michael F. Smith, Vice President...
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Holdings in model portfolios may be shown on a participant statement, or, these models may be “unitized” and reported on statements with a daily net asset value. Tech Talk discusses the implications of unitization for 403(b) plans.
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In MarketBeat, Robert Toth argues that one should consider the details of what it takes to be able to support providing 403(b) benefits with the annual elective deferral limit for participants with 15 years of service.
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Special Pay Plans are tools within a 403(b) plan to help employees as they approach retirement.
How a Special Pay Program in a 403(b) Plan Works
A 403(b) plan which includes employer non-elective contributions in lieu of paying compensation (most commonly to replace unused sick leave and vacation...
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Paper covers rock – but will it be enough to break scissors?
A consortium (an alliance of consumer organizations, labor unions, rural advocates, and print communications industry organizations) calling itself the Coalition for Paper Options – has officially called on the Trump Administration to...
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Guidance on student loan payments under qualified retirement and section 403(b) plans has been added to the updated Treasury/IRS Priority Guidance Plan released Oct. 8. It includes guidance on timing of amendments to 403(b) plans.
While the plan does not specify what the agencies are...
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Editor’s Note: This is an occasional feature in the NTSA Advisor. It is drawn from The Source, a book that covers technical, compliance, administrative and marketing aspects of the 403(b) and 457(b) markets. More information about The Source is available here.
Any distribution from a qualified 401...
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ERISA fidelity bonds cannot be obtained from any bonding or insurance company. Bonds must be obtained from a surety or reinsurer that is named on the Department of the Treasury’s Listing of Approved Sureties, Department Circular 570.
Under certain conditions, bonds may also be obtained from...
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Tech Talk addresses whether distributions made due to a participant dying or becoming disabled are subject to ordinary income tax but not subject to the 10% premature distribution penalty.
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The IRS has set forth a system of recurring remedial amendment periods for correcting form defects in individually designed and 403(b) pre-approved plans first occurring after the initial remedial amendment period ends on March 31, 2020, and provides a limited extension of the initial remedial...
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Tech Talk addresses how to figure the maximum amount contributable to a 403(B) plan.
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Tech Talk addresses whether there are nondiscrimination rules that apply to employer contributions to employees’ 403(b) accounts.
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Editor’s Note: This is an occasional feature in the NTSA Advisor. It is drawn from The Source, a book that covers technical, compliance, administrative and marketing aspects of the 403(b) and 457(b) markets. More information about The Source is available here.
The Unemployment Compensation...
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Recently, one of our financial advisors received this question.
Q: I’ve been reading about The SECURE Act, which changes the rules so that required distributions don’t begin until age 72. I’m age 71 — can I stop taking distributions this year?
A: The House passed the SECURE Act on May 23, 2019,...
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The Treasury Department and IRS have published final regulations on hardship distribution options – and there are some changes, and clarifications, from the proposed version.
You’ll recall that the Bipartisan Budget Act of 2018 (BBA 2018) directed the Secretary of the Treasury to “modify §1.401(k...
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Tech Talk addresses whether a 403(b) plan can automatically enroll employees in the plan.
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Editor’s Note: This is an occasional feature in the NTSA Advisor. It is drawn from The Source, a book that covers technical, compliance, administrative and marketing aspects of the 403(b) and 457(b) markets. More information about The Source is available here.
Effective on Jan.1, 2008, Internal...
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The IRS has changed the mailing address to which a variety of employee plans submissions are to be sent. Among the forms that should be sent to the new address are applications for a determination for employee benefit plans and for approval of prototype or employer-sponsored IRAs.
The new address...
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The IRS is accepting applications for determination letters under certain circumstances. It began doing so on Sept. 1.
Determination letter applications may be submitted for statutory hybrid plans; specifically, the IRS will accept a determination letter application for individually designed...
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