Technical Competence
How does California Insurance Code Section 770.3 apply to 403b investments through payroll deduction at school districts? Also, does California require a third party administrator (TPA) to be licensed, and is there an associated registry? In this week’s Tech Talk, Ellie Lowder gives us the answers...
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IRS Notice 2014-54 helped eliminate tax consequences on after-tax conversions from a 403(b) plan to Roth accounts. In this week’s MarketBeat, Kimberly Flett points out that there are some positive implications as well as some limitations to such contributions.
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The third quarter of 2014 brought good news and bad news for the 100 largest public pension plans in the United States. The bad news: The Census Bureau reports that their total holdings in cash and security amounted to $3.305 trillion, down from the $3.365 trillion of the second quarter of 2014....
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The Pennsylvania Employee Retirement Commission’s recently issued report has some good news for Pennsylvania public pension plans, but also shows that there is more work to do. The report, issued in December, is based on 2013 actuarial municipal pension plan data. The report, which looks at the...
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California State Teachers’ Retirement System (CalSTRS) is in trouble, and the state of California responded in 2014 with a measure to restore CalSTRS to health. This is a bitter pill for some school districts, according to recent budget forecasts that show that the contributions some districts make...
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Six California superior court judges have filed suit against the state of California, State Controller John Chiang, the Judicial Council and the California Public Employees Retirement System (CalPERS) over the application of a state pension reform act to them. The Public Employees Pension Reform...
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All disbursements from a retirement plan scheduled to be made at the same time are treated as a single distribution even if they are sent to multiple destinations. That new rule becomes mandatory as 2015 dawns, the IRS has reminded taxpayers in the Dec. 23 issue of its e-newsletter, Employee Plans...
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Last week we asked readers to vote on the best — and worst — aspects of ERISA and its progeny. Rather than just asking to pick one, readers had an opportunity to choose between two alternatives — or to suggest their own. In fact, three of the top five “worst” aspects of ERISA, and three of the top...
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Pension payments for state retirees can be withheld when income taxes are insufficient to cover them. This approach, taken by New Jersey Gov. Chris Christie (R), stands as the New Jersey Senate on Dec. 18 voted not to override Christie’s veto of a bill that would have required quarterly...
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The IRS’ Advisory Committee on Tax Exempt and Government Entities is seeking input from 403(b) plan sponsors, vendors and providers on compliance problems. The committee’s Employee Plans subgroup has set up an online survey to collect comments regarding: the problems sponsors, vendors and...
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It’s no secret that state pension plans are beset by obligations beyond their ability to meet. A new study by State Budget Solutions (SBS) is the latest to outline how serious the problem — which is not unique to any particular region — is, based on 2014 data. Collectively, the states are nearly $5...
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What does the dawn of 2015 mean for 403(b) advisors? NTSA Net asked the 2014 NTSA Elite Advisors for their insights on what advisors and those who offer and administer 403(b)s may expect next year — and how they can be ready. Be Prepared! Boy Scouts learn right from the start to be prepared. It’s...
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Suppose you have a client who is age is 59½, has not left the employer, and has money in an employer’s 403(b) plan; he would like to move it to the employer’s 457(b) plan. In this week’s Tech Talk, Ellie Lowder tells whether this kind of transfer can be made.
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Easier to administer, not subject to an early withdrawal penalty tax, offering an opportunity for an advisor to make a living, especially in a small marketplace — what’s not to love about the 457 plan? While most advisors serving the public and nonprofit sectors are very familiar with 403(b) plans...
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The saver's credit is one way to providing meaningful opportunity for employees to participate in a 403(b) plan. In this week’s MarketBeat, Ellie Lowder discusses how the saver’s tax credit works and provides a crib sheet of sorts from the IRS.
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The IRS has made some key reminders available in Special Edition Tax Tip 2014-24 for holders of individual retirement accounts (IRAs). Advisors, as well as and employers that facilitate employees’ establishment of IRAs, may find this information useful to share with their clients and employees....
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The IRS in Notice 2014-77 has updated the 2014 Cumulative List of Changes in Plan Qualification Requirements. The list is primarily for single-employer individually designed DC plans and single-employer individually designed defined benefit plans that are in Cycle E to use when they submit...
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Saving for retirement in a workplace savings plan or IRA is the top long-term financial goal, according to a new survey. More good news: More than one-in-four (42%) said sticking to financial resolutions is easier than sticking to other common resolutions, such as exercising regularly or pledging...
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Michigan Gov. Rick Snyder (R) on Dec. 10 announced that beleaguered Detroit is emerging from bankruptcy. This came two days after Detroit Emergency Manager Kevyn Orr issued his final order. Orr’s final order affirms the changes that have been made and agreed to regarding Detroit’s pension plan....
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New Year’s Eve is the deadline for most 2014 required minimum distributions to be made. The IRS issued that reminder in information release IR-2014-112. Generally, RMDs from 401(k), 403(b) and 457 plans as well as IRAs must be made by Dec. 31. An IRA trustee must either report the amount of the RMD...
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