“I am an Employee Retirement Income Security Act (ERISA) 403(b) plan sponsor that is considering automatic enrollment. Are we required to implement automatic enrollment for all employees, or can we implement only for new hires?”
Offering defined contribution (DC) retirement plan participants the chance to take a loan from their accounts encourages participants to join the plan because they feel they have access to their money, but taking a loan from the plan could possibly be detrimental to participants’ overall retirement savings outcomes.
“Is a custodial account 403(b) plan under IRC 403(b)(7) an “eligible retirement plan” for purposes of the direct rollover rules? Would it matter if the custodial 403(b) were the distributing or the receiving plan?”
“I work for a 403(b) plan sponsor, and have recently encountered a situation when a few individuals have front-loaded their elective deferrals to the 403(b) plan, so that have recently met the 402(g) limit, even though were are less than halfway through the year.