An analysis from the 2019 BlackRock DC Pulse survey compares investment preferences of 403(b) and 401(k) plan sponsors and also highlights 403(b) plan sponsors’ focus on retirement income solutions.
A federal court judge found that participants in two retirement plans sponsored by Georgetown University filed their motion for leave to file an amended complaint two days too late under Federal Rules of Civil Procedure, and provided no evidence to support extending the timeframe.
The offer is being made to participants in a small number of plans in which the plan sponsor has decided to no longer allow contributions to the EQUI-VEST variable annuity and to make the AXA Retirement 360 Defined Contribution Program available as an option.
The agency has indicated it will launch audit initiatives regarding 403(b) plan compliance this summer; the remedial amendment period and other IRS-provided relief can help plan sponsors prepare.
However, in a dissenting opinion, Senior Judge Jane Richards Roth says cases such as this one should be carefully scrutinized in order not to permit implausible allegations to result in a large settlement, under which a substantial portion of the funds are diverted to attorneys’ fees.
AdvisorConnect is a support network of plan sponsor-approved, registered financial professionals who specialize in the public-sector retirement space, and one of its key components is the My Financial Wellness Center.