Technical Competence
The National Tax-Deferred Savings Association (NTSA) and its members find themselves in a position to oppose a Maryland senate bill mandating auto-enrollment for teachers and state employees in supplemental retirement plans.
While the American Retirement Association (ARA) and its related...
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It’s beginning to look like further action on the Build Back Better budget bill will be pushed back to 2022—which would probably delay the effective dates of two controversial retirement plan provisions.
Capping a months-long process of negotiations among Democrats, the House approved an amended...
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Only one day after the House of Representatives gave final approval, President Biden on March 11 signed the $1.9 trillion COVID relief bill into law.
The 600-plus page American Rescue Plan Act of 2021 (H.R. 1319) contains numerous provisions affecting nearly every sector of the economy, including...
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NTSA is always providing information and insights that will be valuable to its members!
The pandemic has forced many advisors to implement technology quickly into their practice, whether they were ready or not. In addition, it has also validated that technology is a viable method to deliver...
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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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Plan sponsors look to their websites for a wide range of information, but recordkeepers have work to do regarding their design and features, say analysts who studied sites and users’ experiences.
At the recent SPARK Forum in Palm Beach, FL, Olivia Jack and Andrew Way of Corporate Insight presented...
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On Oct. 22, the Department of Labor (DOL) released a proposed rule that would provide the ability to default participants into electronic disclosure of certain required participant documents. This week, we’d like to know what you think, and how you’d improve/modify that proposal, if at all.
As...
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The Social Security Administration (SSA) on Oct. 10 announced that the monthly Social Security and Supplemental Security Income (SSI) benefits will increase 1.6% in 2020. The change will affect nearly 69 million Americans.
The 1.6% cost-of-living adjustment (COLA) will begin with benefits payable...
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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.
Direct rollovers are not required for...
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An ERISA fidelity bond is a type of insurance that protects the plan against losses caused by acts of fraud or dishonesty: larceny, theft, embezzlement, forgery, misappropriation, wrongful abstraction, wrongful conversion, willful misapplication and other acts. Deductibles or other similar features...
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The Office of Management and Budget (OMB) is reviewing life expectancy and distribution period tables that have been updated for purposes of the required minimum distribution (RMD) rules. The rules were sent to OMB’s Office of Information and Regulatory Affairs (OIRA).
The Treasury Department sent...
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Phishing — sending scam emails — is still the most common way cybercriminals try to steal sensitive data. The IRS has issued some tips to help tax and other professionals from falling prey to such phishing expeditions.
In Tax Tip 2019-120, the IRS says that more than 90% of data thefts start from...
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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 Department of Labor announced a final rule on July 29 that expands the availability of some multiple employer plans (MEPs) – and an RFI that seeks more information on “open” MEPs.
Acknowledging that Association Retirement Plans (ARPs) and MEPs exist now, the Labor Department notes that in...
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In June 2009, the National Tax Deferred Accounts Association (NTSA) organized and sponsored the first NTSA 403(b) Compliance Resolution Summit (Summit) to address the pervasive service issues in the 403(b) marketplace. Several 403(b) product providers (vendors), third party administrators (TPAs),...
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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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Not all broker-dealers and investment advisers are adequately addressing the various security risks in relation to their network storage solutions, which could result in unauthorized access to information stored on the device, according to a new SEC Risk Alert.
During recent examinations, staff...
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In MarketBeat, John Iekel discusses a recent blog entry that focuses on whether or not to outsource, and outlines the advantages and disadvantages of decisions about how a retirement plan’s funds are to be invested.
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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.
Internal Revenue Code Section 72(p)...
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