(b)Lines Information and Insights for the 403(b) community / brought to you by PLANSPONSOR.
January 9th, 2018

IRS Modifies VCP User Fees

Effective January 2, 2018, the Internal Revenue Service (IRS) simplified the user fees charged for most submissions made under the Voluntary Correction Program (VCP). The total amount of net plan assets determines the applicable user fee now, not the number of participants. Most alternative or reduced fees that were part of previous revenue procedures no longer apply. The agency also issued information about how to obtain or re-establish an employer identification number (EIN) for a retirement plan trust.Read more >

Mercer Offers Focus Tips for E&F Investment Committees

Among tips Mercer suggests is evaluating litigation vulnerability at a time when lawsuits against higher education 403(b) plan sponsors are higher than ever.Read more >
Does Erroneously Filing Form 5500 Void Non-ERISA Status?
“A 403(b) plan sponsor intending the plan to be a non-ERISA plan hired our TPA firm last year. However, before they hired us, they erroneously filed a Form 5500. Is the mistaken filing enough to void the non-ERISA status?”Read more >

Few NQDC Plan Sponsors to Make Plan Changes

Among the few that are, the majority cited additions or enhancements to plan education and communication programs, investment crediting options and distribution options.Read more >

Hospital to Pay $400K to Settle EEOC Age Discrimination Suit

Montrose Memorial Hospital of Montrose, Colorado, has agreed to pay $400,000 to settle an Equal Employment Opportunity Commission (EEOC) age discrimination lawsuit. EEOC charged the hospital with violating federal law by firing or forcing 29 employees ages 40 and older to resign. The agency said the hospital accused those who were fired of having been deficient in their performance but did not apply the same standards to younger employees.Read more >

PlanMember Renews Affiliation With Security Benefit Life

PlanMember has added Security Benefit’s Foundations Annuity and RateTrack Annuity to its platform. Foundations, a flexible-premium, fixed-index deferred annuity with a lifetime income rider, is available for the nonqualified, 403(b), IRA, Roth IRA and SEP IRA marketplace. RateTrack, a single deferred fixed floating interest rate annuity program, is available for the IRA, Roth IRA, 403(b) rollover and nonqualified marketplace.Read more >

Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

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