Service Providers
In an effort to expand my 403(b) practice, a year or so ago I decided to create a virtual financial literacy library. I recorded myself presenting my most popular topics geared towards the K-12 marketplace. My goal at the start of this project was to simply get into more districts that were not in...
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Following is a checklist for amending a 403(b) plan for a public educational institution. The general steps to amend a 403(b) plan are:
1. Amend your written plan. Once the decision is made for what features you wish to amend:
Prepare your adoption agreement with the amendments to be made...
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In accordance with the NTSA Leadership Council’s commitment to support and provide information concerning business opportunities—especially in this time of challenges posed by the pandemic—the NTSA Advisor will be featuring a new series that will appear in each edition.
Especially as the new...
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The IRS on Aug. 12 in Announcement 2020-14 set forth changes to user fees for certain letter ruling and determination letter requests submitted to the IRS Employee Plans Rulings and Agreements Office. The changes to the user fees will be effective Jan. 4, 2021. This IRS issued the announcement to...
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In a July 30 NTSA webcast, ARA Director of Legislative Affairs Andrew Remo provided an overview of the rules affecting retirement plans that have been put in place as a result of the pandemic and the effects it has had on the economy and plan participants.
In “Pandemic Pandemonium: Navigating...
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In Segment II of the 15th Series of the NTSA WOWcasts, NTSA Past President Randy Aranowitz interviews 2020 Elite Advisor David Wolfe, CRES, of Educators Financial Services Advisors. They discuss Wolfe’s business model and marketing leads.
In Segment I, NTSA Past President Randy Aranowitz and...
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When establishing annuity contracts or custodial accounts for plan participants, pick your vendors!
Individual accounts in a 403(b) plan can be any of the following:
An annuity contract, which is a contract provided through an insurance company; or
A custodial account, which is an account...
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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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Tech Talk addresses what an excess annual addition is.
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In MarketBeat, Nevin E. Adams, JD asks, if you think planning for retirement is complicated… how about planning a landing on the moon?
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The IRS has issued a reminder concerning relief related to retirement plans provided by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It provides the information in a question-and-answer format.
More specifically, the IRS points out that the CARES Act, which President Trump...
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After having decided to offer a plan, the first step is to adopt a written plan.
All 403(b) plans, except certain church plans that do not contain any retirement income accounts, must have a written program that must contain mandatory provisions and may contain other optional provisions.
...
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In Segment I of the 15th Series of the NTSA WOWcasts, NTSA Past President Randy Aranowitz interviews 2020 Elite Advisor David Wolfe, CRES, of Educators Financial Services Advisors. They discuss Wolfe’s business background.
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There is still a lot of 2020 left to go. But 2021 is fast approaching, and a July 22 Plan Sponsor Council of America (PSCA) webcast offered ideas on how to prepare for that.
In “Year-End Checklist: COVID-19 issues and Preparing for 2021,” three Winston & Strawn LLP attorneys—Ariane Andrade, an...
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The terms of a 403(b) excessive fee suit have come to light—and it includes some “therapeutic or structural relief.”
The proposed settlement (it must still be approved by the court) has been struck between the fiduciaries of the Princeton University based on a suit filed nearly three years ago...
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The IRS Employee Plans office has issued a reminder regarding upcoming filing deadlines applicable to most retirement plans. Especially important is that the IRS did not extend the deadline for filing the Form 5500, which remains July 31.
Accordingly, the 2019 Form 5500 is due on July 31, 2020,...
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The stock market has been a veritable rollercoaster in the last year. Three recent studies outline some of the effects of that volatility on retirement plans.
The ride predates 2020, T. Rowe Price observes in its Reference Point Annual Benchmarking Report. It notes that in 2019, stocks...
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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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The CalSavers Retirement Savings Board has issued a request for proposals for program fund external auditing services.
Specifically, the RFP—CRSB01-20-Program Fund External Auditing Services—seeks proposals from an independent certified public accountant interested in providing program fund...
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Following are some tips concerning distributions of benefits.
Prepare and maintain distribution notices and elections.
Provide distribution forms to participant, including the 402(f) notice for rollover information. The IRS provides language periodically for a 402(f) notice, also referred to...
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