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On Sept. 1, the Texas Teacher Retirement System (TRS) Board reviewed the impact of the proposed 403(b) rule amendments on existing products available throughout the Texas School Districts.The impact analysis presentation included a review of fees, cost and penalties, timing, grandfathering,...
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Labor Secretary Alexander Acosta will meet Sept. 5 with representatives of companies that oppose the Obama administration’s fiduciary rule, according to a published report.Politico Pro, citing two sources familiar with the matter, says the meeting at the Labor Department will include...
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OregonSaves, the Oregon Retirement Savings Program, has invited additional Oregon employers to register for its pilot program.OregonSaves reports that it has invited more than 40 additional employers to do so. By June 20, 11 employers had registered. OregonSaves says that brings the total potential...
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Is federal tax withholding on required minimum distributions mandatory? Tech Talk tells us.
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Cybersecurity is a special concern for the financial industry, a lawyer who handles cybersecurity cases said recently. MarketBeat discusses how its importance goes well beyond the integrity of clients’ and plan participants’ sensitive information — it pervades inter-corporate business functions as...
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The Oregon Treasury has unveiled a proposal to modify the Oregon State Retirement Program (ORSP).The proposal would create new rules and modify existing rules for the ORSP. Specifically, the rules: clarify the definitions in certain joint employment relationships; allow for non-payroll...
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The Labor Department says it won’t enforce a provision of the fiduciary rule’s arbitration ban.The stance, published Aug. 30 in Field Assistance Bulletin 2017-03, was first revealed in a brief filed in the U.S. Court of Appeals for the 5th Circuit in Chamber of Commerce v. Acosta, where the Labor...
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Less than 24 hours after the American Retirement Association requested it, the IRS has granted relief to taxpayers affected by Hurricane Harvey.he relief provided in IRS Announcement 2017-11 matches what the American Retirement Association, parent of the National Association of Plan Advisors, had...
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That’s the average amount a 65-year-old couple retiring this year will need to cover medical expenses (in today’s dollars) throughout retirement, according to the latest retiree health care cost estimate from Fidelity Benefits Consulting. Fidelity notes that while the 2017 estimate of $275,000 is...
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For beneficiaries of an inherited IRA, caution is necessary in order to avoid expensive tax consequences. In MarketBeat, Kimberly Flett addresses some relevant matters that merit specific focus.
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If the plan document says employees can exchange or transfer 457 funds from one approved provider to another, is that the final word? In Tech Talk, Susan Diehl tells us.
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On Aug. 29, the American Retirement Association requested relief for taxpayers, plan sponsors and service providers adversely affected by Hurricane Harvey. “At this very moment, the remnants of Hurricane Harvey continue to cause significant damage along the Texas/Louisiana Gulf coasts,” write ARA’...
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We were saddened to learn of the passing of a dear friend to the organization this past week. On Aug. 22, ADMIN Partners Co-Founder, President, and Chief Compliance Officer Suzanne Baldino Jones passed away after a hard-fought battle with cancer. Suzanne was an active volunteer with the...
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The Office of Management and Budget (OMB) has made a quick response to the Labor Department’s request for a delay in the full BIC applicability date.In an update posted on the OMB site on August 28, the concluded action is noted as “Consistent With Change.” The OMB review, which frequently takes as...
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The Connecticut Retirement Security Authority (CRSA), the body created by a state law enacted in May 2016 to implement the law establishing the state-sponsored retirement plan, has begun meeting. According to the ctpost, Connecticut State Comptroller Kevin Limbo expects the authority’s work to...
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The IRS Employee Plans Division’s Tax-Exempt and Government Entities office has updated its Publication 4483: 403(B) Tax-Sheltered Annuities for Sponsors.The new edition says that the IRS commonly finds mistakes in 403(b)s in the following areas: written plan requirements; employer eligibility;...
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Nice try, but no. That appears to be the message from a court that said that a couple who used funds from an early IRA distribution to pay state and federal taxes cannot claim that qualifies as an exception to the penalty for taking an early distribution.In “Close Is Not Enough When it Comes to the...
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Health savings accounts are projected to exceed $60 billion in assets among nearly 30 million accounts by the end of 2019, according to Devenir’s 14th semi-annual HSA survey of the top 100 providers in the market and follow-up research. The report confirms that the HSA market is undergoing...
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In a written response to a judge in litigation involving the fiduciary rule’s anti-arbitration provision, the Labor Department says the provision will “likely be mooted in the near future.”The letter (Thrivent Fin. for Lutherans v. Acosta, D. Minn., No. 0:16-cv-03289-SRN-DTS, letter to judge filed...
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The Sunshine Act has been around longer than all the Millennials. And fee disclosure has been required for years. And still, with all that — not to mention the advent of electronic means of research and communication — the head of a consultant firm in a series of blog entries warns employers and...
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