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April 6th, 2021 Information & Insights for the 403(b) Community Participants Want Simplified Investment Education In addition to personalized advice, this includes easy to understand plan investment menus and investment options. Claims Over Fidelity’s Use of Participant Data Dismissed A federal judge determined participant data is not considered plan assets, meaning Fidelity was not a fiduciary with regard to the claims. Ask the Experts QBAD Distribution Limits When One Spouse Doesn’t Participate in a Retirement Plan “Our 403(b) plan allows for qualified birth or adoption (QBAD) distributions consistent with the SECURE Act’s amendments to Internal Revenue Code section 72(t)(2). Recently, we had a plan participant request a QBAD for $10,000 related to the adoption of a child, but the plan participant’s spouse is NOT a participant in our 403(b) plan. We realize that under the SECURE Act, each spouse, individually, is eligible for a $5,000 QBAD from an eligible retirement plan, but can the plan participant take a single $10,000 QBAD from our 403(b) plan to cover both spouses? The spouse does not have a retirement plan or IRA from which to take a QBAD, which is why the participant is requesting the $10,000 distribution.” Asset Managers: Financial Factors Are Important Part of ESG Investment Selection Investments should rank well on both financial and ESG metrics, and plan sponsors should know how their asset managers approach ESG investments. Participants Are Fooled by Retirement Plan and Savings Misconceptions A survey identified confusion plan sponsors can clear up with ongoing education and digital tools. AIG Retirement Announces New Mobile Enrollment Platform Hires and plan-eligible employees will be able to complete plan enrollment from their mobile devices. Did someone forward you this newsletter? Sign up here to get (b)lines directly in your mailbox! Unsubscribe | Manage Subscriptions | Contact Us Copyright ©2024 Asset International, Inc. All rights reserved. No reproduction without prior authorization. Modern Slavery Statement 2022 | Do Not Sell My Personal Information | Privacy (including cookies), Social Media & Legal 702 King Farm Boulevard, Suite 400, Rockville, MD 20850