Plan Participants
MarketBeat features questions and answers presented in a webcast by Mike Smith, a Vice President at Voya Financial, on the nuts-and-bolts issues involved in missed deferrals and how to correct them.
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Marketplace Issues
Loans are a particularly difficult issue in 403(b) plans. Under the final 403(b) regulations, the IRS imposed plan level requirements on loans. However, 403(b) plans funded with individual annuity contracts and custodial accounts also have contract-level requirements applicable...
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Right on schedule, the Department of Labor (DOL) has sent a proposed rule for electronic disclosures to retirement plan participants to the White House’s Office of Management and Budget.
The proposal, “Improving Effectiveness of and Reducing the Cost of Furnishing Required Notices and...
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The Tax Cuts and Jobs Act has unleashed historic economic growth for millions of Americans. Now is the time for Congress to act to consolidate these economic gains by securing retirement benefits for current and future retirees.
According to a recent study from the Federal Reserve Board, only 36%...
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The Dog Days of August are here. But that does not necessarily mean doldrums — like the mercury, the heat is on. American Retirement Association Chief Government Affairs Officer Will Hansen in an Aug. 15 webinar provided a look at legislative and regulatory developments in Washington, DC and the...
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In MarketBeat, John Iekel discusses a recent analysis that dispels three myths that discourage Millennials’ preparations for those golden years.
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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.
No amount containing a required...
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In MarketBeat, ERISA attorney Heather B. Abrigo argues that missing participants, and the problems they occasion, are becoming a more prominent problem for plan administrators and offers practical steps in handling them.
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An excessive fee suit has been dismissed on relatively unique grounds.
This suit (Stanley v. George Washington Univ., 2019 BL 259889, D.D.C., No. 1:18-cv-00878-JDB, 7/15/19) – another of the suits filed against university 403(b) plans – claims that the fiduciaries of George Washington University’s...
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When it comes to ERISA litigation, we often only get to hear one side of the story – the plaintiffs’. But one of the defendants in an excessive fee case is fighting back.
The plaintiffs in this case are five employees of the Massachusetts Institute of Technology (MIT) and participants in the MIT...
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In MarketBeat, Nevin Adams writes that as we ponder the accomplishments and planning that helped our nation put men on the moon, it’s worth remembering that our “mission” is not only to get tomorrow’s retirees safely to retirement, to take those “small steps” along the way – but ultimately to...
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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 IRS has clearly indicated that no...
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A new Texas law will increase the role that school districts in the state play in the 403(b) plans they offer their employees.
Rep. Dan Flynn (R-Canton) introduced the measure on March 1, 2019. The state House of Representatives passed it on April 10; the Texas Senate received the bill the next...
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According to a new state-by-state analysis1 published by the American Retirement Association, more than 5 million employers in the United States still don’t offer a workplace retirement savings benefit, a generation after the 401(k) plan design was first introduced.
When a 401(k) is available, 78...
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The Wall Street Journal’s editorial board has challenged a specific “pay for” provision in the SECURE Act. But they’re missing the big(ger) picture.
One of the main reasons the SECURE Act passed the House of Representatives by the large margin of 417-3 was that, as the WSJ acknowledges, it was “...
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Paying their children’s expenses while caring for their parents, Gen X families are facing a precarious financial situation as they close in on retirement, a new report explains.
The study by the Employee Benefit Research Institute (EBRI), which examines key financial indicators of Gen X...
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Pension plans managed by religious organizations in Rhode Island now must provide regular updates to participants on the financial health of the plans. Gov. Gina Raimondo (D) signed a measure on July 2 setting that requirement into law.
House Majority Leader K. Joseph Shekarchi (D-Warwick)...
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In MarketBeat, Nevin Adams discusses some things that he argues plan fiduciaries of any plan size should be aware, and of which responsible plan fiduciaries should have a working knowledge.
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Making it possible for participants to take a loan from their retirement accounts is a common plan feature. But it also is not unusual for mistakes to be made concerning those loans. A recent article, as well as the IRS, offer some suggestions regarding how to identify and fix them, as well as...
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In MarketBeat, David Blask offers a discussion of how to handle distributions upon attaining age 59½; severance of employment; and due to death and disability.
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