Technical Competence
There are rules for how to handle inherited IRAs and 403(b)s, but that doesn’t mean questions don’t still arise about that. In this week’s Tech Talk, Ellie Lowder answers further questions regarding inherited IRAs and 403(b)s and the regulations that are the basis for how they are treated.
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“Get to work” is essentially the message of the Florida Department of Management Services (DMS) to 19 local pension plans in the Sunshine State. The Florida Times Union reports that DMS on Jan. 27 told the plans, all of which are less than 50% funded, that they need to address their unfunded...
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Can a client move funds from a 401(k) to two IRAs with two different providers? Do the new rollover rules come into play? In this week’s Tech Talk, Ellie Lowder tells us whether they apply to rollovers from an employer-sponsored plan.
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It is challenging to predict what legislative and regulatory activity may be in store for retirement plans. Nonetheless, in this week’s MarketBeat Linda Segal Blinn offers a look at some of the initiatives to watch this year.
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Recent discussions in disparate parts of Wisconsin illustrate well how widespread the problems concerning public pension funding and benefits are.Menomonie and Milwaukee, Wis., are night and day. They are on opposite ends of the state. Milwaukee, the state’s largest city, has 37 times the...
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The IRS on Feb. 2 announced that the addresses it provided for filing applications for 403(b) pre-approved plans are incorrect. It provided those addresses in Revenue Procedure (Rev. Proc.) 2013-22, but also very recently in Rev. Proc. 2015-8.The correct address for applications for 403(b) pre-...
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What a difference a state line can make. Teacher retirement funds in North Dakota seek the state’s assistance to bolster their solvency, a marked contrast to the state of things in neighboring Montana, where the financial condition of teacher retirement plans has rebounded. The North Dakota School...
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State and local retirement plans will be able to cover qualifying public charter school employees without adverse consequences if regulations the IRS proposed on Jan. 23 are adopted. IRS Notice 2015-7 would change the definition of governmental plan under Internal Revenue Code Section 414(d) so...
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There has been a lot of discussion recently regarding the use of exchange-traded funds (ETFs) and self-directed brokerage accounts (SDBAs) in 401(k)s. But what about 403(b)s? In this week’s MarketBeat, Diane D. Capone takes a look at ETFs and SDBAs and the challenges they present to the 403(b) plan...
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Suppose you are a new third party administrator in California, or you are a TPA moving there. In this week’s Tech Talk, Ellie Lowder provides information about the registration requirements for such a TPA.
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The curtain appears to be far from closing on the drama surrounding the New Jersey pension system. The state's Assistant Attorney General Jean Reilly on Jan. 15 argued before New Jersey Superior Court Judge Mary Jacobson that New Jersey can’t be compelled to make contributions to the state’s...
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Folks involved with the State of the Union address have indicated that President Obama will speak to the “retirement advice loophole” and the proposal to ensure that all Americans receive investment advice that is in their best interest. This is the administration signal that they are moving...
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Retirement readiness is an increasing concern among 403(b) plan sponsors. In this week’s Marketbeat, Michael Webb examines retirement readiness and argues that while it is not an easy problem to solve, it also is an opportunity for advisors and plan vendors to provide valuable assistance.
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With President Obama poised to deliver his State of the Union address on Jan. 20, a powerful coalition of retirement, union and so-called consumer protection groups have launched a new attack on retirement plan advisors. The coalition’s website, Saveourretirement.com, intends to create grassroots...
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Illinois Attorney General Lisa Madigan (D) is arguing that the Land of Lincoln has “police powers” that allow it to change a contract in extraordinary circumstances, including changes to the state’s public pensions contained in a 2013 pension overhaul. Madigan is appealing a lower court ruling...
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Overall, 75% of the states have passing grades regarding their public pension plans. But that bit of at least fairly good news is not the whole story. The Urban Institute’s latest rating of public pension plans in all 50 states contains some good news, but also draws attention to plenty of red...
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A client who is being sued by her ex-husband for child support wants to claim financial hardship for legal fees. Would this qualify for hardship withdrawal? In this week’s Tech Talk, Ellie Lowder reviews the safe harbor rules for hardship withdrawals and tells us whether the ex-wife can make that...
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There is further to go in building the solvency of the Colorado public employee pension system and one way to accomplish that is through more cautious investment practices, says state Treasurer Walker Stapleton (R). Stapleton, reelected in November, made his comments in a Jan. 4 interview on...
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The New Jersey public pension system needs to be fixed. On that, Gov. Chris Christi (R) and State Senate President Steve Sweeney (D-West Deptford) agree. But implementation of steps to get there is another matter, as Christie and Sweeney differ on how much the state should be putting into the...
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Illinois has become the first state to put in place a state-run retirement plan in which private-sector employees can participate. Gov. Pat Quinn (D) on Jan. 4 signed into law SB2758, the measure that creates the Illinois Secure Choice Savings Program. All employers in Illinois must offer the...
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