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Congress has released draft legislation consistent with recent recommendations by the American Retirement Association to expand access by victims of Hurricanes Harvey, Irma and Maria to their 401(k) and similar plans without incurring IRS penalties and taxes. The draft legislation, currently named...
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Legislation that would repeal the DOL’s fiduciary rule would have a negligible effect on federal revenues, say multiple cost estimates.The Affordable Retirement Advice Act for Savers (H.R. 2823), introduced by Rep. David Roe (R-TN) on June 8, 2017, would repeal the fiduciary rule. The bill also...
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Action by the Securities and Exchange Commission (SEC) due to breaches of fiduciary duty, inadequate disclosures and compliance deficiencies has prompted a registered investment adviser to stop certain practices and to issue rebates and credits to some of its clients, which include small to medium...
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So what plans ARE covered by the fiduciary rule? MarketBeat features a blog post by Fred Reish (with help from some of his colleagues at Drinker Biddle) addresses that question, as well as which plans the rule does not cover.
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Is a self-employed minister in a 403(b) always entitled to the extended requirement beginning date at age 70½? Are there situations in which he or she can ever be considered a 5% owner? In Tech Talk, Susan Diehl tells us.
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The Department of Labor’s Employee Benefits Security Administration (EBSA) on Sept. 15 announced that it has extended the employee benefit plan compliance guidance and relief it issued for victims of Hurricane Harvey to those affected by Hurricane Irma. Verification procedures for plan loans and...
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Millennials are taking steps to save early for retirement, but they also have higher expectations that employers should be offering access to a retirement savings plan and socially responsive investments, according to new survey results.The Capital Group’s Wisdom of Experience survey found that...
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The U.S. House on Sept. 14 passed a bill that contains a sentence that seeks to do away with the fiduciary regulation — with language that some might find eerily prophetic.H.R. 3354, which would fund government operations for fiscal year 2018, makes a brief, but powerful, statement about the...
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The American Retirement Association, parent organization of the NTSA, has weighed in on extending the special transition period under the Best Interest Contract Exemption (and related exemptions).Consistent with its earlier comments, the comment letter directed to the Labor Department supports a...
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Part of the relief extends to Irma victims what has been provided to Harvey Victims in IRS Announcement 2017-11. The relief for Irma victims, like that extended to those who were affected by Harvey and are eligible, matches what the American Retirement Association, parent of ASPPA, had requested...
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The Teacher Retirement System (TRS) of Texas appears to be revising its recently proposed amendments to rules governing fees in Texas 403(b) plans. Among the forthcoming changes are revisions that address some of the major concerns industry leaders had expressed to the board during its last two...
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There is renewed interest in health savings accounts (HSAs). And current trends appear to be paving the way for HSAs to become an important retirement savings tool. In MarketBeat, Nathan Glassey discusses what this means for 403(b) plans and how can they be integrated into a 403(b) offering.
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Edtior's Note: Nominations for the 2018 Elite Advisors have now closed. Watch the NTSA site and the 403(b) Advisor for updates and announcements regarding semifinalists and finalists. Do you know an exceptional advisor who should be recognized? If so, you can nominate that advisor to be among...
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A report concerning OregonSaves, the state-run retirement plan run by the Oregon Retirement Savings Board, provides a look at the status of the program as it approaches full implementation.Segal Macro Advisors has reported to the board that the deliverables concerning some aspects of the program’s...
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You have a client that reads IRS guidance as indicating that the relief the IRS provides for those in areas where the federal government has declared a disaster includes being able to postpone payments and grace periods of 403(b) and 457 loans. In Tech Talk, Susan Diehl tells us if that is correct.
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In a recent LIMRA study, the top two reasons retirement investors gave for selecting another company to manage their IRAs were relationships and recommendations.The LIMRA Secure Retirement Institute explains that relationships are cited most by those who have an existing relationship with a chosen...
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Hurricanes, epic floods, wildfires… we seem to be awash in natural disasters. They pose many dangers and risks, including the threat they can pose to a retirement plan — and, ultimately, its participants and their dependents.There are steps that plans, employers, service providers and...
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Sen. Elizabeth Warren (D-MA) says that, “Contrary to the alarmist claims of their lobbyists and the conclusions of opaque industry-funded studies,” financial firms are “fully ready” to comply with the fiduciary rule — and you don’t need to take her word for it.Warren, an early and enthusiastic...
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The IRS has taken action to address more than 700 erroneous extension request approvals it issued recently.Approximately 710 of the approvals the IRS Ogden office sent concerning Forms 5558 which had been filed concerning this year’s filing date contained erroneous information for the taxpayers who...
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The House and Senate returned Sept. 5 from a month-long break facing an extremely busy legislative calendar.The legislative agenda was already packed full, with the need to approve funding legislation for fiscal year 2018 (which begins Oct. 1), increase the debt limit, determine whether to revisit...
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