Technical Competence
Ascensus, already tapped to administer the OregonSaves state-run IRA program, has landed another client.The Dresher, Pennsylvania-based provider announced last week that it had been chosen as Illinois’ preferred partner for its Secure Choice program following a public-bidding process. According to...
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It appears that 403(b) disclosure is on the march. A bill that would require new disclosures in New Jersey, A5151, has been filed by Assemblywoman Amy Handlin (R-Red Bank), the Deputy Republican Leader of the Democrat-controlled Assembly.A5151 is more or less a carbon copy of the 403(b) disclosure...
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The Labor Department has issued a new set of FAQs on the fiduciary regulation that embraces the recommendations made by the ARA/NAPA Government Affairs Committee (GAC) in a recent comment letter. To recap, the 408(b)(2) regulation requires certain service providers to ERISA-governed retirement...
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The U.S. Treasury’s winding down of the myRA program will cause at least one state-run retirement program to delay its opening.Washington State’s Small Business Retirement Marketplace — which had hoped to be open for business by Labor Day — will be delayed at least a few weeks, according to a...
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Suppose you have a client who deals with 457(b) and 403(b) annuity and custodial accounts. Your client began penalty-free transfer/exchanges last year from one approved vendor to another. In Tech Talk, Susan Diehl tells us whether he can do any more until he reaches a qualifying event.
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The Labor Department has filed for a stay of proceedings in litigation challenging the fiduciary regulation.“Here, a stay of proceedings would be the most efficient use of judicial resources,” the Labor Department noted, going on to state that the plaintiff in the case (Thrivent Financial for...
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As more states look to establish retirement savings plans for private sector workers, a new report by LIMRA’s Secure Retirement Institute finds that 55% of DC plan sponsors indicate they are “very likely” or “somewhat likely” to stop offering their DC plan in favor of having their employees enroll...
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Nevada’s new law that imposes a fiduciary duty on broker-dealers, sales representatives and investment advisers is now in effect; it also authorizes rules on fiduciary duty.SB 383, which Gov. Brian Sandoval (R) signed into law June 2, went into effect on July 1. The measure not only concerns duties...
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A group of lawmakers has responded to the Department of Labor’s (DOL) request for information (RFI) on the fiduciary regulation delay — by expressing concern that the RFI would be used as a pretext for revising the final rule.The group of Democratic Senators and Representatives — Sens. Patty Murray...
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Plans established under Internal Revenue Code Section 403(b) have a unique plan design feature made possible by major pieces of legislation in the first years of the 21st century. In MarketBeat, Linda Segal Blinn discusses Section 403(b)(3) and its application.
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The Washington State Department of Commerce is updating the rules for the state’s Small Business Retirement Marketplace. The department is responsible for managing the Washington Small Business Retirement Marketplace in consultation with the state Office of the Insurance Commissioner and Department...
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Does Internal Revenue Code Section 403(b) allow 403(b) accounts to be used to buy back DB plan service credits? In Tech Talk, Ellie Lowder tells us.
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The American Retirement Association (ARA) on July 17 sent a letter to Senate Finance Committee Chairman Orrin Hatch (R-UT) expressing its strong support for tax incentives to encourage retirement savings.“The goals of achieving a tax code that is efficient, fair, and increases the financial and...
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The July 1 launch of the Oregon Retirement Savings Program (ORSP, or OregonSaves) pilot has been a success, according to a report by the Oregon Retirement Savings Board that looks at the program’s first few weeks, as well as what lies ahead.Status ReportThe minutes of the board’s June 20 meeting...
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The House Education and the Workforce Committee approved legislation July 19 that would repeal the Department of Labor’s (DOL) fiduciary regulation.Not surprisingly, the 23-17 vote in support of the Affordable Retirement Advice for Savers Act (H.R. 2823) fell along party lines. The bill was...
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President Trump’s recent executive order intended to cut tax regulatory burdens does not apply to retirement-related regulations and actions by the IRS, the Treasury Department has indicated in a recent notice.The IRS in Notice 2017-38 listed regulations covered by President Trump’s Executive Order...
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The IRS Office of the Chief Counsel has reiterated an earlier IRS statement that Congress did not intend the one-rollover-per-year limit for IRAs to apply when the custodial institution fails.In Chief Counsel Memo 2017-18, Associate Chief Counsel for Tax Exempt and Government Entities Victoria...
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In a July 18 letter responding to the Labor Department’s request for information (RFI) on its fiduciary regulation, the American Retirement Association (ARA) has requested an extension of the applicability date — and a streamlined levelized fee exemption.Level ‘Better’The ARA had authored — and...
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Terminology is central to the rules around required minimum distributions (RMDs). In MarketBeat, Barbara Webb discusses some key terms fundamental to RMDs.
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Can a company refuse a non-residential 403(b) qualified loan to a 66 year old (still employed at her district) because the employee is within five years of age 70½? In Tech Talk, Susan Diehl tells us whether there are age restrictions related to 403(b) loans.
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