Technical Competence
The Department of Labor has released proposed rules that would expand access to multiple employer retirement plans for small employers and self-employed workers, while also maintaining fiduciary oversight.
Modeled after the Association Health Plans (AHPs) concept, the proposed rules issued Oct. 22...
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In order to be in compliance with ERISA Section 404(c), a plan needs to meet two general requirements that involve investment options and participant involvement.
This tip is based on “Section 404(c) Compliance: Added Protection Makes it Worth the Effort,” a Wells Fargo article.
Investment...
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Recently, the IRS issued Notices 2018-58 and 2018-62, addressing modifications to ABLE accounts enacted under 2017’s Tax Cuts and Jobs Act (TCJA). In MarketBeat, Linda Segal Blinn writes that the IRS expects to issue regulations defining who is now included as a family member of the beneficiary.
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Suppose an employer offers a 403(b) Non-ERISA plan to the employees, but is unsure what its duties are. Since this is a non-ERISA situation, does the employer have the legal and fiduciary responsibility to address investment fees, investment performance, etc.? Tech Talk tells us.
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The Oregon Retirement Savings Board (ORSB) on Oct. 9 will consider proposed changes to the rules for OregonSaves, the state-run retirement savings program for private-sector workers in the Beaver State.
The proposed rule changes were drafted with the assistance of a rulemaking advisory committee...
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Editor’s Note: ERISA Tips is a feature provided with you in mind — to make the newsletter more useful to you! If you have any content for ERISA Tips or the 403(b) Advisor that you would like to contribute or suggest, please contact John Iekel, editor of the 403(b) Advisor, at jiekel@usaretirement....
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Sponsors of 403(b) plans are increasingly embracing automatic plan designs – and the use of advisors, according to a new industry survey.According to the 2018 annual 403(b) Plan Survey from the Plan Sponsor Council of America (PSCA), the use of an investment advisor who acts as a plan fiduciary has...
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Four universities have now won their case in court against excessive fee claims.
The most recent victor is St. Louis-based Washington University in a suit involving the $3.8 billion Washington University Retirement Savings Plan. The suit, brought on behalf of the plan’s more than 24,000...
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A company is distributing required minimum distributions (RMDs) to your client, and is withholding 20% of the amounts being distributed. Tech Talk addresses whether it should be doing so.
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Having won their case in court, the targets of a 403(b) university excessive fee suit are pressing for a federal judge to impose monetary sanctions against the six employee-plaintiffs – and the law firm of Schlichter Bogard & Denton LLP that represented them.
The suit had been brought by...
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Editor’s Note: ERISA Tips is a feature provided with you in mind — to make the newsletter more useful to you! If you have any content for ERISA Tips or the 403(b) Advisor that you would like to contribute or suggest, please contact John Iekel, editor of the 403(b) Advisor, at jiekel@usaretirement....
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Employers that may be running out of options for encouraging employees to save have another arrow in their quivers — the Saver’s Credit. In MarketBeat, Ascensus takes a look at this little-known tax credit that generally is available to participants who contribute to retirement plans.
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If you are part of the 403(b)/457(b) education market, whether as a financial advisor, product provider, TPA or home office management, NTSA is your industry organization. NTSA has a long history of providing opportunities for industry networking, training and advocacy. In fact, we have 30 years of...
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Does the distributable event requirement on rollovers apply to all sources of contributions in an ERISA 403(b)? In Tech Talk, Susan Diehl tell us.
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A daughter inherited a 403(b) account from her father. She had the registration of the 403(b) updated to indicate that she is the beneficiary, but has experienced complications. In Tech Talk, Susan Diehl offers suggestions regarding where she can find relevant information.
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The price of recordkeeping services is not uniform; it can vary depending on type of retirement plan. A blog entry discusses why pricing for 403(b)s is different than that for 401(k)s.
In “The Differences Between 403(b) and 401(k) Pricing,” Michael Webb of Cammack Retirement offers some...
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Editor’s Note: ERISA Tips is a feature provided with you in mind — to make the newsletter more useful to you! If you have any content for ERISA Tips or the 403(b) Advisor that you would like to contribute or suggest, please contact John Iekel, editor of the 403(b) Advisor, at jiekel@usaretirement....
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In Tech Talk, Susan Diehl tells us whether a non-QCCO sponsored 403(b) or an ERISA 403(b) can have an age and service requirement for employer contributions.
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A measure creating a voluntary statewide defined contribuition plan in Illinois is now on the books. Gov. Bruce Rauner (R) signed HB 5137 into law on Aug. 10; Public Act 100-0769 went into effect immediately.The new law amends the Downstate Teacher Article and the State Universities Article of the...
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The law firm of Schlichter, Bogard & Denton has added another claim based on a revenue-sharing arrangement it uncovered during discovery related to an excessive fee suit.
The suit, the second filed against plan fiduciaries at Duke University on behalf of plaintiffs Kathi Lucas, Jorge Lopez and...
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