(b)Lines Information and Insights for the 403(b) community / brought to you by PLANSPONSOR.
July 3rd, 2018

Recordkeepers Dedicated to Serving 403(b) Plans Are Established

Ten years after Internal Revenue Service (IRS) regulations went into effect, 403(b) plans are looking more similar to 401(k)s, but differences still remain. Following the new regulations, recordkeepers had to decide whether they could accommodate the new regulations given the differences in 403(b) plans. Many exited the business. According to PLANSPONSOR’s 2018 Recordkeeping Survey, top 403(b) recordkeepers include many different firms than those for 401(k) plans, showing certain firms have dedicated themselves to the 403(b) market.Read more >

Matrix Trust Company Sued Over Asset Transfers From 403(b) Plans

Matrix is being sued for violating its fiduciary duties because it did not verify that the transfers were authorized by the participants in the 403(b) plans or permissible under the terms of the plans.Read more >
Direct Rollovers for 403(b) Plans Funded by 403(b)(7) Custodial Accounts
“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?”Read more >

IRS and DOL Asked for Better Guidance on Missing Participants

The Plan Sponsor Council of America has heard concerns from its members that they have been or may be subjected to enforcement actions even though the Department of Labor (DOL) and Internal Revenue Service (IRS) have not issued comprehensive guidance on missing participants that provide a clear roadmap for compliance.Read more >

Fiduciary Responsibilities Seminar to Be Held in Miami

Topics to be covered include: Understanding your plan and your responsibilities; carefully selecting and monitoring service providers; avoiding prohibited transactions; and more.Read more >

Voya Hires VP Focused on 403(b), 457 and 401(a) Plans

Voya Retirement has hired Denise Fortune as a vice president of Institutional Clients for the company’s Tax Exempt Markets business.Read more >

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

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