Technical Competence
Reacting to a forensic investigation initiated by state employees, North Carolina’s $87 billion state pension system may be moving from a sole trustee to a board soon. As reported in P&I, a panel convened by State Treasurer Janet Cowell (D) is recommending the change amid allegations set forth...
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If one of your 403(b) participants applies for a loan from her account, but the account was written when the company held a payroll slot with a non-ERISA employer, what do you do? And does it matter if you received contributions to the account after Jan. 1, 2005, but it was deselected by Jan. 1,...
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Qualified retirement plans offer employees significant tax savings and have become a mainstay of most group benefits. But to maintain their qualified status, they must comply with a set of comprehensive rules and regulations. Failure to comply can result in the immediate taxation of all...
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A recent report by the U.S. Government Accountability Office found that while 81,000 new employer-sponsored retirement plans were formed during the 3-year period between 2009 and 2011, the overall trend was negative due to plan terminations — even with increased tax incentives. In addition, new...
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State pension plans face continuing and growing challenges in fulfilling the promises they have made to their employees — to the tune of a collective $915 billion. The Pew Charitable Trust has issued a new report that serves as a wake-up call to state governments, but it does contain a kernel of...
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The Office of State and Local Finance, Treasury Department’s newest, is charged with coordinating oversight of state and local financial bond markets, but that’s not all — it also will monitor public pension fund liabilities, Pensions & Investments reports. According to P&I, a Treasury...
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According to research by ING, plan participants who use TDFs are more confident about meeting their retirement goals. They also defer more and are less stressed. In an online survey of more than 1,000 plans conducted last September by ING (which will be known as Voya starting in May), 54 percent of...
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It’s now easier for plan sponsors and employers to participate in the 403(b) pre-approved plan program. April 14 was the effective date of IRS Revenue Procedure (Rev. Proc.) 2014-28. The new guidance modifies guidance the IRS issued last year, Rev. Proc. 2013-22, to make it easier for a person to...
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New guidance from the IRS may make the plan-to-plan rollover process a little smoother. Revenue Ruling 2014-9, issued on April 3, is intended to make it easier for plan participants to consolidate their retirement savings accounts by making it easier for them to move assets from one employer plan...
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The IRS, in Notice 2014-19 and related FAQs, says clearly that retirement plans — including 403(b) plans — have to recognize same-gender spouses and spells out how. The notice and FAQs, which the IRS issued April 4, are a follow-up on Revenue Ruling (Rev. Rul.) 2013-17, which provided general...
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It will be easier for plan sponsors and employers to participate in the 403(b) pre-approved plan program beginning April 14. That’s the effective date IRS Revenue Procedure (Rev. Proc.) 2014-28. The new guidance modifies guidance the IRS issued last year, Rev. Proc. 2013-22, to make it easier for a...
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The news about public-sector pension plans has not been good, and a reputable crystal ball does not see improvement in sight. The “Pension Pulse” blog reports that Berkshire Hathaway Chief Executive Warren Buffett has warned in a letter to Berkshire shareholders that promises local and state...
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Sponsors of 403(b) plans are more apt to offer a broad range of services and options, according to a study of defined contribution (DC) plans The 2013 Plansponsor Defined Contribution Survey found that 403(b) plan sponsors in many ways are more generous than their other DC plan counterparts. The...
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In remarks at a recent conference on income inequality, Sen. Ron Wyden (D-Ore.), the incoming Chairman of the Senate Finance Committee, may have tipped his hand on how he will treat employer-provided retirement plans, advocating the simplification and consolidation of “the array” of current...
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Over the last 30 years we have seen unprecedented changes in retirement choices in the 403(b) marketplace. There have also been enhancements to help advisors communicate with clients and prospects. Are these changes helping or hurting you? How can you adapt your practice to utilize these...
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The words have barely faded from the teleprompter, but retirement experts have wasted no time in expressing caution regarding the “myRA” retirement accounts President Obama unveiled in his State of the Union Address. Chris Carosa of Fiduciary News provides a comprehensive list of 10 reasons to...
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This article originally appeared in the Fall 2013 issue of 403(b) Advisor Magazine. To view a PDF version of this article, please click HERE. Gathering in the energy-filled Chicago Loop in June, 403(b) professionals from around the country networked, learned about timely industry initiatives and...
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This article originally appeared in the Fall 2013 issue of 403(b) Advisor Magazine. To view a PDF version of this article, please click HERE. Gathering in the energy-filled Chicago Loop in June, 403(b) professionals from around the country networked, learned about timely industry initiatives and...
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