Technical Competence
The Internal Revenue Code describes the tax-exempt organizations the federal tax rules recognize, but only employers that satisfy Section 501(c)(3) can sponsor a 403(b). In MarketBeat, Linda Segal Blinn discusses steps that will be helpful in determining whether a tax-exempt organization is a 501(c...
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Do 403(b) plans have to use a calendar year? In Tech Talk, Susan Diehl tell us.
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Citing the rulings in a number of other university 403(b) suits, a federal district court has weighed in on the issues in a case involving Johns Hopkins University.The suit, brought against the plan fiduciaries of Johns Hopkins’ $4.3 billion plan (as of 2014) a little more than a year ago by the...
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During challenging economic times, some plan participants turned to plan loans to meet financial needs that they could not otherwise meet. That can create difficulties down the road for participants, but immediate complications for plan administrators.
A recent blog entry identifies three errors...
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What are the rules around non-ERISA 403(b) plans being protected from bankruptcy and how to they compare to IRAs and 401(K) plans? We discuss the matter in Tech Talk.
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There are substantial legal challenges related to offering to 403(b) plans the type of collective trust investments that are sold to 401(k) plans. In MarketBeat, Robert J. Toth points out the legal and regulatory requirements one must meet, and discusses one plan provider’s unique way of applying...
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The IRS on Sept. 18 updated the information on its webpage concerning pre-approved 403(b) plans and adding an addendum to information about effective dates. The page states that an adopting employer’s reliance on a pre-approved 403(b) plan’s opinion or advisory letter is not affected simply...
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The plan document for a 457(b) plan has not changed, but the TPA’s interpretation of the law has, and it says it will no longer allow 457(b) transfers/exchanges from one approved vendor to another within the same school district. In Tech Talk, Susan Diel tells us whether the TPA is correct.
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An excessive fee suit that had challenged the number of funds on the menu, the use of multiple recordkeepers, and the embrace of asset-based, rather than per-participant fees (among other things) has been dismissed.The suit, brought by participants in the $3.8 billion University of Pennsylvania...
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Congress has released draft legislation consistent with recent recommendations by the American Retirement Association to expand access by victims of Hurricanes Harvey, Irma and Maria to their 401(k) and similar plans without incurring IRS penalties and taxes. The draft legislation, currently named...
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Legislation that would repeal the DOL’s fiduciary rule would have a negligible effect on federal revenues, say multiple cost estimates.The Affordable Retirement Advice Act for Savers (H.R. 2823), introduced by Rep. David Roe (R-TN) on June 8, 2017, would repeal the fiduciary rule. The bill also...
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Action by the Securities and Exchange Commission (SEC) due to breaches of fiduciary duty, inadequate disclosures and compliance deficiencies has prompted a registered investment adviser to stop certain practices and to issue rebates and credits to some of its clients, which include small to medium...
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So what plans ARE covered by the fiduciary rule? MarketBeat features a blog post by Fred Reish (with help from some of his colleagues at Drinker Biddle) addresses that question, as well as which plans the rule does not cover.
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Is a self-employed minister in a 403(b) always entitled to the extended requirement beginning date at age 70½? Are there situations in which he or she can ever be considered a 5% owner? In Tech Talk, Susan Diehl tells us.
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The Department of Labor’s Employee Benefits Security Administration (EBSA) on Sept. 15 announced that it has extended the employee benefit plan compliance guidance and relief it issued for victims of Hurricane Harvey to those affected by Hurricane Irma. Verification procedures for plan loans and...
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The U.S. House on Sept. 14 passed a bill that contains a sentence that seeks to do away with the fiduciary regulation — with language that some might find eerily prophetic.H.R. 3354, which would fund government operations for fiscal year 2018, makes a brief, but powerful, statement about the...
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The American Retirement Association, parent organization of the NTSA, has weighed in on extending the special transition period under the Best Interest Contract Exemption (and related exemptions).Consistent with its earlier comments, the comment letter directed to the Labor Department supports a...
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Part of the relief extends to Irma victims what has been provided to Harvey Victims in IRS Announcement 2017-11. The relief for Irma victims, like that extended to those who were affected by Harvey and are eligible, matches what the American Retirement Association, parent of ASPPA, had requested...
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The Teacher Retirement System (TRS) of Texas appears to be revising its recently proposed amendments to rules governing fees in Texas 403(b) plans. Among the forthcoming changes are revisions that address some of the major concerns industry leaders had expressed to the board during its last two...
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There is renewed interest in health savings accounts (HSAs). And current trends appear to be paving the way for HSAs to become an important retirement savings tool. In MarketBeat, Nathan Glassey discusses what this means for 403(b) plans and how can they be integrated into a 403(b) offering.
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