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You have a client with defaulted loans on a fixed annuity. He has been told that when he takes a full distribution, the defaulted loan and the accrued interest will be reportable as a taxable distribution. In Tech Talk, Susan Diehl tells us whether it is correct that he would, in effect, pay taxes...
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March 31, 2020. Less than two years remain until the date by which 403(b) plan sponsors which seek to self-correct plan provisions that violate the Internal Revenue Code can do so. An April 18 NTSA webinar discussed what some employers are doing to correct errors and make restatements by that date...
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On April 26, 2018, the IRS issued Revenue Procedure (Rev. Proc.) 2018-27 which increased the health savings account (HSA) family coverage contribution back to $6,900 for 2018. Previously, Revenue Procedure 2018-18 had announced a reduction in the limit to $6,850 (a $50 difference). In MarketBeat,...
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When a 403(b) plan has automatic enrollment, when must the employer start automatic withholding? In Tech Talk, Susan Diehl tells us.
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Editor’s Note: ERISA Tips is a feature provided with you in mind — to make the newsletter more useful to you! If you have any content for ERISA Tips or the 403(b) Advisor that you would like to contribute or suggest, please contact John Iekel, editor of the 403(b) Advisor, at jiekel@usaretirement....
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By 2030, all Baby Boomers will be at least age 65 and more than likely drawing income on their Social Security record, and more than one in five Americans will be of retirement age. In MarketBeat, Frank Owen offers some thoughts on Social Security and how to address the challenges it faces.
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You have a client with an existing 403(b) fixed annuity with a deemed loan against it who would like to transfer the annuity and re-invest in mutual funds within a 403(b) held by an approved vendor in the school district. Would the policy holder be able to roll the entire annuity account balance,...
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Editor’s Note: ERISA Tips is a feature provided with you in mind — to make the newsletter more useful to you! If you have any content for ERISA Tips or the 403(b) Advisor that you would like to contribute or suggest, please contact John Iekel, editor of the 403(b) Advisor, at jiekel@usaretirement....
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While the Securities and Exchange Commissioners were hardly unanimous in their assessment, they voted 4-1 to release for public comment a set of proposals to “enhance the quality and transparency of investors’ relationships with investment advisers and broker-dealers while preserving access to a...
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Many questions can arise concerning vendors and investment arrangements that need to be listed on pre-approved 403(b) restatements. In Tech Talk, Susan Diehl answers a variety of them.
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Editor’s Note: ERISA Tips is a feature provided with you in mind — to make the newsletter more useful to you! If you have any content for ERISA Tips or the 403(b) Advisor that you would like to contribute or suggest, please contact John Iekel, editor of the 403(b) Advisor, at jiekel@usaretirement....
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A group of 14 private colleges and universities in Virginia have acted to adopt a 403(b) multiple employer plan (MEP). The group is one of the first to take such an action.The Council of Independent Colleges in Virginia (CICV) made the announcement on April 3. Half of its 28 member schools are...
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Editor’s Note: ERISA Tips is a feature provided with you in mind — to make the newsletter more useful to you! If you have any content for ERISA Tips or the 403(b) Advisor that you would like to contribute or suggest, please contact John Iekel, editor of the 403(b) Advisor, at jiekel@usaretirement....
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Most, but not all, of the claims alleging that a plan provider’s loan process generated “ill-gotten” gains that exceed $50 million per year have been dismissed.In the case, Haley v. Teachers Inv. & Annuity Assoc. (S.D.N.Y., No. 1:17-cv-00855, complaint filed 2/3/17), plaintiff Melissa Haley...
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After saving the date for your attendance at the NTSA Summit, consider ranking and or contributing topics that could help shape the conference. We have launched an innovative online polling tool to ultimately compile the best ideas for session topics at the conference.Here’s how it works: The...
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With March 31 now behind us, there are now are slightly less than two years until employers with 403(b) plans must restate their plans under the first remedial amendment period (RAP). A March 28 NTSA webcast addressed another aspect of this deadline: the proper completion of restated documents.
In...
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Is double dipping is no longer allowed within 403(b) and 457 plans? And is the rule allowing employer contributions to an employee’s 403(b) for up to five years after termination of employment still in force? In Tech Talk, Susan Diehl tells us.
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Editor’s Note: ERISA Tips is a feature provided with you in mind — to make the newsletter more useful to you! If you have any content for ERISA Tips or the 403(b) Advisor that you would like to contribute or suggest, please contact John Iekel, editor of the 403(b) Advisor, at jiekel@usaretirement....
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The IRS has released new limits for HSA contributions for family coverage for 2018. In MarketBeat, Susan Diehl notes that they are lower, and provides an overview.
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Did the Tax Cuts and Jobs Act of 2017 affect the 10% penalty imposed on 403(b) distributions made before age 59½? In Tech Talk, Susan Diehl tells us.
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