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November 22nd, 2022 Information & Insights for the 403(b) Community Struggling Teamsters Pension Receives Close to a Billion Dollars in Assistance The financing will allow the union pension to both satisfy monthly payments to beneficiaries and provide make-up payments. Sponsors on the Periphery Unlike 401(k) plans, not all 403(b) plans are subject to Employee Retirement Income Security Act regulations. A 403(b) plan is exempt from ERISA if the sponsoring employer meets certain requirements, such as having only limited involvement with the plan.  To take advantage of this exemption, many 403(b) sponsors choose deferral-only plans. They may also limit... Ask the Experts Can A 403(b) Plan Continue to Provide Benefits Once The Sponsoring Organization Shuts Down? We work with a church plan sponsor which is ceasing to exist in 2023. The church sponsors a 403(b) plan and does have a retirement plan commitment to a pastor who is the participant in the church’s 403(b) plan. I have always thought that a plan must have a sponsor. So, in effect, when the sponsor ceases to exist, the plan terminates. Having said that, is there a way to help this church provide for a contribution to this plan over the next five years, even though the church will be gone? The amount exceeds the legal limits for a contribution in 2022 and another in 2023 because the pastor’s salary is low, which creates a problem with the Internal Revenue Code Section 415 limit. Public Hearing Exposes Discord on QPAM Rule Implementation A DOL public hearing held Thursday on the new QPAM Rule proposal highlighted concerns about foreign convictions and non-prosecution agreements as grounds for QPAM disqualification. CIO’s Transition Management Survey Are you a provider of transition management services and want to make your services known to institutional investors? If so, you are invited to respond to CIO’s Transition Management Survey. Plan Progress Webinar: Student Loan Debt Benefits Join PLANPSONSOR and a panel of experts on December 15 to learn what options are available for student loan debt benefits, their structure and cost; how student loan repayment help fits into an employer’s overall financial wellness benefits; what communications employees need about student loan debt and saving for retirement, and more. 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