K-12 403(b) Plan Sponsors Have New Fiduciary Duties Under Conn. Law
Connecticut decided to pass the law after Connecticut teachers regretted investing in certain products without being informed of fees and other charges.
Tag: 403(b) plans
Prospect Chartercare Faces Lawsuit Over DB Plan Funding
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.
(b)lines Ask the Experts – Roth Accounts and Participant Post-Retirement Benefits
“I have heard that a Roth 403(b) can actually help participants maximize their after-tax retirement benefit. If this is true, can the Experts assist me with the math as to why?”
New Claim Added to Vanderbilt University 403(b) Plan Lawsuit
The new claim is related to the defendants’ alleged failure to protect plan assets by allowing third parties to market services to participants.
Penn State Announces New Retirement Program Fee Practices
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.
University of Chicago Settles 403(b) Plans Excessive Fee Suit
In addition to a monetary payment, the university has agreed to structural changes to its 403(b) plans.
Is There Any Hope for 403(b)s to Be Able to Use CITs?
These lower-cost funds are growing more popular in the 401(k) market, but are not available to most 403(b) plans.
ERISA Excessive Fee Suit Filed Against University of Rochester
The suit challenges fees paid to provider TIAA.
Recent Dip in Average Fidelity Account Balance Belies Long-Term Trend
Average individual 401(k), 403(b) and IRA account balances increased year-over-year, according to the latest cut of data from Fidelity’s book of retirement business, but the average dipped slightly from Q4 2017, reflecting market volatility and the fact that new small-balance savers entered the fold.
(b)lines Ask the Experts – Dealing With Missing Participants
“I have been reading a lot about missing retirement plan participants lately. If our plan has any, should I be concerned about locating them? If so, what steps should I be taking?”
IRS Warns Nonprofits Not to Lose Tax-Exempt Status
Organizations that fail to file annual Form 990 returns for three consecutive years will see their federal tax exemptions automatically revoked, which will have an effect on offering 403(b) retirement plans.
(b)lines Ask the Experts – Can a Church Have Two 403(b)s With Two Different Vendors?
“A church has an existing 403(b) plan with one insurance company providing the investment options.
Retirement Plan Exchanges for 403(b)s
Speaking at the Plan Sponsor Council of America (PSCA) 71st Annual National Conference, Brodie Wood, SVP of healthcare, education and not-for-profit markets at Transamerica Retirement Solutions, discussed the efficiencies and benefits a closed MEP can offer not-for-profit 403(b) plans.
(b)lines Ask the Experts – Amending Retirement Plans for Final Disability Regulations
“I administer an Employee Retirement Income Security Act (ERISA) 403(b) retirement plan, and our plan provides for early retirement distributions in the event of disability. I was just informed that final disability regulations took effect April 1st, but I know that we did not amend our plan to reflect these new regulations. Should I panic?”
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.
(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.