Plaintiff in UPenn 403(b) Suit Asks for Amicus Briefs to Not Be Accepted
For one thing, the plaintiff argues the briefs filed in support of the University of Pennsylvania provide the university an argument word-count advantage.
Tag: 403(b) plans
(b)lines Ask the Experts – Implementing a Vesting Schedule When There Wasn’t One
“We currently sponsor an Employee Retirement Income Security Act (ERISA) 403(b) plan where all contributions are 100% vested. However we are contemplating amending the plan to install a 5-year graded schedule for employer contributions.
(b)lines Ask the Experts – Record Retention for Governmental 403(b) Plans
“It is my understanding that retirement plans under the Employee Retirement Income Security Act (ERISA) are required to keep documents necessary to determine benefits as long as needed for benefit determination.
Brief in University of Pennsylvania 403(b) Lawsuit Points Out Differences From 401(k)s
An amici curiae brief filed by the American Council on Education and other higher education associations details the history of higher education 403(b) plans.
(b)lines Ask the Experts – In-Service Distributions for Participants in Phased Retirement Program
“Our university recently instituted a ‘phased retirement’ program for faculty where they can gradually transition into retirement by working a reduced schedule while still retaining university benefits. After two years, the faculty member then formally retires from the university. Such employees remain eligible for retirement plan benefits until they actually retire, but my question relates to in-service distributions.
Private Higher Education 403(b) Plan Sponsors to Join MEP
The goal is to reduce fees and administrative burdens for plan sponsors while providing better services for plan participants.
Court Moves Forward Claims in Yale 403(b) Plan Case
A federal district court judge denied dismissal of most violation of duty of prudence claims.
NYU Asks to Exclude Certain Evidence from Trial in 403(b) Plans Case
The university also asks that the plaintiffs not be able to attempt to use evidence that their prudent measures and conduct that occurred subsequent to the plaintiffs’ filing of the lawsuit proves that prior conduct was imprudent.
(b)lines Ask the Experts – Rules for Vesting Schedules Shorter Than Maximum Permissible
“I read your Ask the Experts last year on the maximum permissible vesting schedules for a defined contribution retirement plan. But what if I don’t use the maximum vesting schedules for employer contributions (three year cliff or six-year graded)? What other restrictions apply?”
(b)lines Ask the Experts – Refresher on Correcting 402(g) Excess Deferrals
“My plan needs to correct some 402(g) excess deferrals for the 2017 plan year. In looking at some old Ask the Experts columns, I stumbled upon an old Q&A in this regard, but was wondering if the information is still current.”
IRS Expands Audit Guidance for RMDs to 403(b) Plans
A memo says examiners should not challenge a 403(b) plan for violation of the RMD standards for the failure to commence or make a distribution to a participant or beneficiary to whom a payment is due, if the plan sponsor has taken certain steps.
Wisconsin-Based Diocese Closes Pension Plan
The plan was frozen in 2007 and replaced with a 403(b) plan.
(b)lines Ask the Experts – Amounts Allowed for 403(b) Hardships Under Budget Bill
“We currently sponsor an Employee Retirement Income Security Act (ERISA) 403(b) plan and allow hardship withdrawals for elective deferrals, but not earnings, since our understanding is that earnings on elective deferrals are prohibited from being distributed under law.
Original Case Against NYU 403(b) Plans Going to Trial
In addition, a federal judge dismissed a third complaint against NYU—naming its adviser as a defendant—as a duplicative action.
(b)lines Ask the Experts – Distributions When Switching Jobs Within Same Denomination
“I work as an administrator in my local church—recently hired in this position after working in the same position for another church of the same denomination.
(b)lines Ask the Experts – Using Hours of Service to Calculate Eligibility
“Our firm sponsors an Employee Retirement Income Security Act (ERISA) 403(b) plan that has a two-year service requirement (100% vested after two years) in which the hours-counting method (1,000-hour requirement) is used.
Plan Sponsors Should Remind Participants About the Saver’s Credit
Many participants do not know about the credit, the Transamerica Center for Retirement Studies found.
(b)lines Ask the Experts – Record Retention for Non-ERISA 403(b)s
“I read in an Ask the Experts column that the Employee Retirement Income Security Act (ERISA) requires plan sponsors to retain plan documentation for at least six years, and, in many cases, much longer than that.
Hospital 403(b) Plan Faces Lawsuit Over Investment Share Class Selection
The plaintiffs claim plan fiduciaries repeatedly failed to monitor the share classes of mutual fund investments and to substitute less expensive share classes of mutual funds for more expensive ones.
PlanMember Launches Collection of Websites
The provider of retirement planning services to public education and nonprofit organizations says that the websites provide information on retirement for individuals at every career and life stage, as well as employers and advisers.