(b)Lines Information and Insights for the 403(b) community / brought to you by PLANSPONSOR.
November 27th, 2018

PLANSPONSOR’s 2018 403(b) Buyer’s Guide

By the end of 2017, more than 17 million participants had invested over $1 trillion in 403(b) plans, making 403(b) plans the 2nd-largest defined contribution market behind 401(k) plans. While sharing similar objectives and designs, 403(b) and 401(k) plans have key differences that may demand unique recordkeeping and service strategies from plan providers. PLANSPONSOR’s 2018 403(b) Buyer’s Guide is intended to assist plan sponsors with understanding the differences in experience and capabilities among select 403(b) plan recordkeepers.Read more >

K-12 403(b) Recordkeeping Requires a Number of Players

K-12 public school 403(b) plans haven’t changed as much as plans in other 403(b) market segments—mostly keeping the multiple-provider model—so they require unique recordkeeping solutions.Read more >

403(b) Plan Participants Voluntarily Dismiss Lawsuit Against Custodian

Two 403(b) plan participants have voluntarily dismissed a lawsuit on behalf of themselves and other similarly situated 403(b) plan participants against Matrix Trust Company for making several transfers to an unauthorized account held by recordkeeper Vantage Benefits Administrators. According to the lawsuit, Matrix, which served as custodian to the plan, executed at least $3 million of unsanctioned transfers from at least five 403(b) plans into a private, Bank of America business account maintained by Vantage or its agents. Just last month, Jeffrey Richie and Wendy Richie, co-owners of Vantage Benefits Administrators, were charged with conspiracy, theft from an employee benefit plan, wire fraud and aggravated identify theft.Read more >
New Hardship Rules Regarding Earnings on 403(b) Elective Deferrals
“I previously posed a question about whether the new hardship distribution rules would allow for distribution of earnings on elective deferrals in 403(b) plans. Back then you stated that the issue would likely be resolved when the IRS issued new regulations regarding hardship distributions. Do the Experts have any update?”Read more >

DOL Grants Retirement Plan Compliance Relief Due to California Wildfires

The relief relates to the verification procedures for retirement plan hardships and loans, timely remittance of contributions and loan repayments, and blackout notices, as well as the processing of benefit claims.Read more >

Health Care System Sued Over Retirement Plans’ Governmental Status

A lawsuit alleges a health care system in North Carolina falsely claims to be a governmental entity, allowing it to dodge Employee Retirement Income Security Act (ERISA) requirements and protections for its retirement and health plans.Read more >

What Can the Retirement Plan Industry Expect in 2019?

Sources say retirement plan sponsors will increase financial wellness efforts, and Congress is at the ready to work on significant retirement reform.Read more >

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

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