Technical Competence
Kentucky Gov. Matt Bevin (R) on Oct. 18 unveiled a proposal to shift the Teachers’ Retirement System (TRS) in the Bluegrass State from the current defined benefit system to a defined contribution-based system. A recent actuarial analysis suggests the proposed changes to the retirement plan may not...
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If an ERISA-exempt 403(b) plan has been closed to new participants and that is indicated in their plan document, do they still need to send an Annual Meaningful Opportunity Notice? In Tech Talk, Susan Diehl tells us.
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If at first you don’t succeed, try, try again seems to be the motto used in a new class action lawsuit filed against New York University alleging breach of fiduciary duties for excessive plan fees in the school’s retirement plans.This new, 129-page filing (Sacerdote v. NYU Langone Hosps., S.D.N.Y...
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The Chairman’s Mark of the GOP tax reform proposal introduced in the Senate last week does some damage to 403(b) and 457 plans.
Under the proposal unveiled Nov. 9 by Sen. Orrin Hatch (R-UT), Chairman of the Senate Finance Committee, a single aggregate limit would be applied to contributions for an...
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The Nutmeg State’s state-run auto-IRA plan for private sector workers isn’t going to be ready for business on Jan. 1, 2018 — no matter what retirement plan vendors may have told you.
In fact, Labor Commissioner Scott D. Jackson, Chair of the Connecticut Retirement Security Authority (CRSA), has...
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Are churches exempt from the requirement that there be a plan document? In Tech Talk, Susan Diehl tells us.
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This week the House Ways & Means Committee began marking up the 429-page “Tax Cuts and Jobs Act.” What will that mean for 403(b) plan advisors?
Find out what you need to know — and how to prepare for the changes that could be coming down the road — at the newly redesigned NTSA Summit.
In...
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The implementation of the IRS’ 403(b) pre-approved plan program by a number of vendors has been delayed by at least one thorny issue which will cause concern for a number of 403(b) plan sponsors. In MarketBeat, Robert Toth discusses that issue.
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Does the plan sponsor need to confirm an RMD had taken place and are there any additional steps the plan sponsor should take if unable to confirm the RMD was processed? In Tech Talk, Susan Diehl tells us.
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The IRS in a private letter ruling (PLR) has said that a Section 457(b) plan may include an auto-enrollment feature. PLR 201743002, which the IRS issued on July 19, 2017, was only recently released.
Plan Features
The PLR pertains to a county’s deferred compensation plan that provides for an...
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In its “How America Saves” 2017 report, mutual fund giant Vanguard makes it clear that adding a Roth option to the plan makes an important difference in improving participation in the plan. In MarketBeat, Richard H. Ford discusses the effects that adding that option can have.
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If you can aggregate across 403(b) plans, what is the plan sponsor’s responsibility for confirming RMDs are processed? In Tech Talk, Susan Diehl tells us.
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After significant deliberation with NTSA and other stakeholders over the last several months, the Texas Teachers Retirement System Board unanimously passed new 403(b) rules that will be fully effective on Oct. 1, 2019.
The final rule is a substantial improvement from the initial draft published in...
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On Oct. 18 Kentucky Gov. Matt Bevin (R), House Speaker Jeffrey Hoover (R), and Senate President Robert Stivers (R) held a joint press conference to announce a proposal that would close the state’s pension plan to teachers and move new hires to a defined contribution-only option going forward, among...
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Notifying 403(b) plan participants of annual additions limit rules under Internal Revenue Code Section 415(c) (415(c) annual additions limit) may not be just a best practice. In MarketBeat, Linda Segal Blinn writes that it may be an affirmative obligation in the employer’s 403(b) plan document.
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In Tech Talk, Susan Diehl tells us whether the changes that allow loan repayments to be postponed until Dec. 31, 2018 also stop accrual of loan interest.
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It’s said that reasonable minds can differ — and that turns out to be the case in another university 401(k) suit.
The plaintiffs in this case are five employees of Massachusetts Institute of Technology (MIT) and participants in the MIT Supplemental 401(k) Plan. The suit — filed a little more than...
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A recent blog post lists the biggest 403(b) providers and administrators and describes the circumstances under which a non-profit may be better served by considering a wider range of options.In “What Are the Top 403(b) Providers?” Alex Goldberg of the ForUsAll 401(k) Blog offers some information...
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Internal Revenue Code Section 501(c)(3) organizations that sponsor an ERISA 403(b) plan may have to choose between terminating or freezing its 403(b) plan and sponsoring a 401(k) plan instead. In MarketBeat, Lynn Knight discusses a few advantages an ERISA 403(b) plan has compared to a 401(k) plan.
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Is it possible to aggregate across different 403(b) plans or does the aggregation rule only apply to multiple accounts within the same plan? In Tech Talk, Susan Diehl tells us.
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