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December 30th, 2022 Information & Insights for the 403(b) Community What Are The Maximum Deferral Limits When Both A 403(b) and 457(b) Plan Are In Place? The 2023 limit is quite a bit of money, with the ultimate answer dependent on which catch-up contributions a plan sponsor offers and an employee’s eligibility for those provisions. (b)lines Special Edition Throughout the year, (b)lines features experts from Groom Law Group and CAPTRUST answering questions concerning retirement plan administration and regulations. What follows is a selection of Ask the Experts columns from 2022. If you have a question for the Experts in 2023, Simply forward it to Amy.Resnick@issgovernance.com with Subject: Ask the Experts, and the Experts will do their best to answer your question in a future column. Ask the Experts Email amy.resnick@issgovernance.com with subject line “Ask the Experts.” Can A 403(b) Plan Continue to Provide Benefits Once The Sponsoring Organization Shuts Down? A 403(b) plan must be sponsored by an eligible employer to make contributions to the plan. How Important Are Proper Termination Dates for Retirement Plan Compliance? You are certainly asking the correct question here, as there are varying levels of importance of retirement plan elements.  Can an Alternate Payee Designate a Beneficiary? Before the Experts answer your question, we should probably explain to those who may not be aware who exactly an alternate payee is. How Does the Internal Revenue Code Apply to a 457(b) Plan? It depends on the size of your institution. What Will New Audit Standards Mean for ERISA Plan Sponsors? SAS No. 136 adds a new auditing standard, just for employee benefit plans, to the American Institute of Certified Public Accountants professional standards. Special Rule Regarding Loans for Participants on Military Leave What are the rules involving loans for those on military leave that I should know about? Options When Fiduciary Insurance Is Too Expensive This is a timely question, due to the higher premiums for fiduciary liability insurance that many plan sponsors are experiencing due to increased litigation. What Is a Look-Through Investment Vehicle? You have come across a little-used term that might have some meaning in the context of your plan. 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 300, Rockville, MD 20850