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February 11th, 2020 Information & Insights for the 403(b) Community 403(b) Form Fixes, Going Forward Sponsors of nongovernmental 403(b) plans must now amend their plan within the year they make any discretionary changes. SECURE Act Demands Updates to Rollover Notices For example, language should be inserted to reflect that the age for taking required minimum distributions (RMDs) has been increased to 72. Ask the Experts Tips to Reduce Participant Count to Avoid Financial Audit Requirement “We are a small nonprofit that sponsors an ERISA 403(b) plan. Until now our plan has been small enough to avoid the plan financial audit requirement, but, due to a lot of former employees retaining balances in the plan, we will now have more than 100 participants on 1/1/2020. Are there any steps I can take to reduce the number of participants in the plan?” Have Non-ERISA Plans Improved? From an administrative prospective, a non-Employee Retirement Income Security Act (ERISA) 403(b) plan does not have to provide ERISA-mandated notices. It is also exempt from the filing and auditing requirements, as well as the fiduciary demands, of an ERISA plan.For non-ERISA plans—in the K–12 school market, especially—the traditional model was such that plan participants had... EvoShare, intellicents Partner on Cash Back for Retirement Savings Program The myCents program turns a portion of money spent at partnered local and online stores into additional contributions toward 401(k) or 403(b) plans, IRAs or Roth IRAs, and 529 College Savings Plans. 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