Tag: 403(b) plans
“The school has been deemed non-compliant with its contractual obligations regarding financial management as identified in the charter operating agreement,” a letter sent to school officials says.
In the first university 403(b) plans case to go to trial, a federal district court found the plaintiffs have not proven that the NYU retirement plans committee acted imprudently or that the plans suffered losses as a result.
A federal judge denied dismissal of plaintiffs’ allegations that a prudent fiduciary would have chosen one—rather than two—recordkeepers; that a prudent fiduciary in like circumstances would have solicited competitive bids; and a claim regarding recordkeeping fees.
(b)lines Ask the Experts – Must Participants Take All Other In-Service Distributions Before a Hardship?
Since the Supreme Court decision about the definition of church plan under the Employee Retirement Income Security Act, the Internal Revenue Service has issued several private letter rulings concerning entities’ church plan status, including an organization with a 403(b) plan.
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.
In a brief supporting a motion to dismiss a case against George Washington University related to the management of its 403(b) plan, the defendants note that 403(b)s have always looked differently and were set up for a different purpose than 401(k) plans.
Connecticut decided to pass the law after Connecticut teachers regretted investing in certain products without being informed of fees and other charges.
The complaint alleges that at a certain point, the plan lost its church plan status as defined by ERISA and was required to adhere to ERISA funding rules.
The new claim is related to the defendants’ alleged failure to protect plan assets by allowing third parties to market services to participants.
The plan to adopt a fee-leveling approach and rebate revenue sharing to participants comes as many institutions of higher learning face lawsuits challenging their 403(b) plan fees.
In addition to a monetary payment, the university has agreed to structural changes to its 403(b) plans.