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June 15th, 2021 Information & Insights for the 403(b) Community 2021 Virtual PLANSPONSOR National Conference Join us next week for virtual discussions among your plan sponsor peers, retirement plan advisers and providers, as well as legislative and legal experts, about ways to continue to build plans and financial wellness programs that improve the outcomes of your unique workforce, while implementing proper corporate governance to manage fiduciary duties. In our virtual exhibit hall, attendees may interact with plan providers, obtain additional information to help build plans of excellence and participate in some fun giveaways. Rush of Litigation Against Retirement Plans Expected to Continue One insurer says the more than $1 billion in settlements thus far could make fiduciary insurance a thing of the past. Ask the Experts Employee Account Balances Grandfathered for In-Service Distributions “We sponsor an ERISA 403(b) plan that does not permit in-service withdrawals, even at age 59.5 or for hardship. Recently, a long-term employee (hired in 1980) claimed that she has a small amount of what the plan recordkeeper called ‘grandfathered’ money that she could withdraw while still employed. I read the plan document, and it does say something about a ‘12/31/88 account balance,’ but the language is quite confusing! Is this employee correct?” What Advisers Would Like Plan Sponsors to Better Understand Advisers wish fiduciary responsibilities were more top-of-mind for committees and that sponsors would better define what success means for their plans. Voya Enhances Participant Digital Experience In making improvements, the firm says individuals who engage with their retirement plan digitally save 52% more than those who do not. 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