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The IRS issued a clarification Nov. 10 on the application of the one-per-year limit on IRA rollovers. In Announcement 2014-32, the IRS said it had received comments about the “administrative challenges presented by the Bobrow interpretation of §408(d)(3)(B).” In the announcement the IRS...
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The Government Accountability Office (GAO) in a recent report has highlighted one of the ways public- and private-sector deferred benefit plans differ — valuation. “Pension Plan Valuation: Views on Using Multiple Measures to Offer a More Complete Financial Picture” outlines and discusses these...
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Fewer defined contribution plan participants changed their asset allocations in the first half of 2014 than did so in 2013, according to a new report by the Investment Company Institute (ICI). The report includes 403(b)s in its definition of DC plans, and it includes annuities held by 403(b)s in...
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The revolution in technology that has transformed communication has changed the way business is conducted as well. And that can help you in managing your practice and making it grow. Join us for a conversation about technology in an NTSA webcast on Friday, Nov. 14 from noon to 1:00 p.m. ET, and...
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Offering one employee benefit affects how another is offered, and the implementation of the Affordable Care Act is an example. In this week’s MarketBeat, Kevin Lurie discusses how that affects employers — something retirement plan administrators need to understand.
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You have a client that is a 501(c)(3) that is trying to find a way to reward its executive director and the associate executive director, who are receiving limited employer contributions to its 403(b) plan because of the federal nondiscrimination rules. In this week’s Tech Talk, Ellie Lowder tells...
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We hear a lot about how well Americans are saving — or not — for their retirement. Legg Mason Global Asset Management has unveiled EZ IRA, a payroll deduction IRA program intended to provide a way to build that savings rate.“Hopefully — and I truly believe this — this is just the beginning....
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The ERISA Advisory Council has now made its final recommendations of 2014, and got an update on regulatory proposals in return. On Nov. 4, the DOL’s ERISA Advisory Council followed up on its August meetings with the presentation of this year’s final recommendations to secretary of labor Tom Perez...
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NTSA, ASPPA and NAPA submitted a joint letter Nov. 3 to the Connecticut Retirement Security Board (CRSB) in response to the board’s request for public comment in order to help the CSRB develop and implement a state-run plan for employees of private employers. In the letter, the three sister...
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You have a client that has an annuity contract and has requested that it be cashed in due to a qualifying hardship. In this week’s Tech Talk, Ellie Lowder tells us whether the assets of the entire contract can be distributed.
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According to the National Alliance for Public Charter Schools, there are 6,400 charter schools in 42 states, with 2.5 million students. Many NTSA members do include charter schools in their target market. In this week’s MarketBeat, Ellie Lowder discusses some unusual situations that may arise in...
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Plan sponsors of 403(b)s offered by institutions of higher learning are changing them in a variety of ways, Cammack Retirement Group reports. Cammack’s “Higher Education Retirement Plan Survey” identified the following changes by plan sponsors of these 403(b)s: More than 90% offer target date...
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More than two and a half years after the city of Stockton, Calif. declared insolvency, Chief United States Bankruptcy Judge Christopher Klein on Oct. 30 confirmed the city’s proposal for exiting Chapter 9 bankruptcy.The city says it saved $2 billion through agreements with creditors, employee...
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IRS Notice 2014-54 clarifies the rules affecting rollover distributions consisting of both pretax and after-tax funds to more than one eligible retirement plan. It says all amounts scheduled to be disbursed at the same time are considered a single distribution, even if the participant directs the...
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Your retired client placed her name on a school district’s substitute teacher list. The district’s third party administrator declined the application for a required minimum distribution (RMD), stating that she is coded as an employee on the list. But she has not worked in the district this year. If...
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Plans interested in providing lifetime income alternatives via target-date funds that include deferred annuities just got some much-needed clarity from the IRS. In Notice 2014-66, the IRS provides a special rule that enables qualified defined contribution plans to provide lifetime income by...
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The IRS and Social Security Administration have issued their cost-of-living adjustments relevant to retirement benefits for 2015. IRS Limits The IRS on Oct. 23 announced COLAs affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. Some of the limits...
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Discussion over public pensions is going on all over the United States. But two of them in Texas — involving city firemen — cast the matter in a different light. Houston and Fort Worth and their firefighter organizations are at odds over the pensions those cities provide their current and future...
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Education funding has figured prominently in the Michigan gubernatorial race, says fiscal analyst James Hohman, but not for the reason one may expect. In a piece in the Port Huron Times Herald, Hohman, who is assistant director of fiscal policy at the Mackinac Center for Public Policy, argues that...
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How do you build a successful practice? In the inaugural 403(b) Advisor Web Forum on Oct. 10, NTSA Executive Director Chris DeGrassi asked advisors Bruce Smith, Richard Dobson and Jerald Wozniak — all of whom are 2014 NTSA Elite Advisors — for their insights on aspects of how best to go about...
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