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News Items, by Subject (Headlines and Excerpts)

403(b) plans


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Headlines

2019 Governmental Guidance Impacting Retirement Plans

"This article provides a high-level overview of some of the [recent] guidance ... [1] Expansion of the use of self-correction for loan failures; [2] Limited expansion of IRS Determination Letter Program; [3] Final regulations issued on hardship distributions; [4] Guidance on Remedial Amendment Periods for Code Section 403(b) plans; [5] Flexibility created under DOL final regulations on association retirement plans (a/k/a Multiple Employer Retirement Plans, or 'MEPs'); [6] DOL MEP transition relief for Form 5500 reporting."

(Akerman)
[Guidance Overview] Final Hardship Regs: What You Need to Know

"[1] How did we get here? ... [2] What hardship provisions were modified as part of the Final Regulations? ... [3] Can Plan Sponsors rely upon their adoption of administrative changes implementing the proposed hardship regulations? ... [4] When does the hardship amendment need to be adopted? ... [5] Will document providers be able to sign the amendment on behalf of their employer-clients?"

(FIS Relius)
Section 403(b) and 457 Retirement Plans Are the Subject of New Government Agency Investigations (PDF)

"The SEC is seeking details on how the plan administrators ... choose investment options and police themselves when conflicts of interest arise.... The investigation is currently non-public, and it is unclear how many Section 403(b) or 457 plan administrators have received the SEC investigation notices."

(Jenner & Block)
SEC Launches Investigation of Practices in Retirement Plans for Teachers, Government Employees

"The agency is seeking details on how administrators -- which often serve crucial roles in selecting investments for 403(b) and 457 retirement plans for employees including teachers and government workers -- choose investment options and police themselves when conflicts of interest arise."

(The Wall Street Journal; subscription may be required)
[Guidance Overview] IRS Finalizes New Hardship Withdrawal Rules

"The employee representation that she has insufficient cash/liquid assets only applies to cash/assets that are 'reasonably available' ... That representation may be made in writing, electronically, or verbally (if recorded) ... The requirement that the plan administrator not have 'actual knowledge' 'does not impose upon plan administrators an obligation to inquire'[.]"

(October Three Consulting)
[Guidance Overview] Final Hardship Withdrawal Regs Issued -- Where Do We Stand?

"Plan sponsors should ... [1] Consider how hardship withdrawals will be made available going forward in light of the rule changes.... [2] Understand how hardship withdrawals were administered during 2018 and 2019, so that plan amendments can adequately reflect administration of the plan.... [3] Make sure the plan is amended within the required time frame to reflect how hardship withdrawals have been and will be administered.... [4] Review the summary plan description to determine whether modifications are necessary."

(Dentons)
403(b)'s 15-Year 'Long Service Catch-Up' Is an 'Attractive Nuisance' to Be Avoided in Plan Restatements

"The 402(g)(7) 'long service catchup' ... [at] the very least, [is] a terrible trap for the unwary. It is a benefit which is virtually unsupportable except for those employers with sophisticated payroll systems which have also been programmed over an extended period of time to calculate and store the data needed to provide this benefit."

(Business of Benefits)
[Opinion] Why K-12 403(b) Plans Stink

"ERISA doesn't apply to public K-12 schools and public universities, but it does to private universities and private K-12 school plans. This leads to generally excellent plans at ERISA institutions and long K-12 403(b) vendor lists stocked with mostly-high fee products pushed by non fiduciary sales agents."

(403bwise)
[Guidance Overview] New Disaster Relief and Expanded Sources Available for Hardship Distributions

"[I]ndividually-designed 401(k) plans that currently permit hardship distributions will likely need to be amended to reflect the final regulations by December 31, 2021. The amendment deadline for pre-approved 401(k) plans is more complicated and depends on several factors; however, generally, the deadline to make changes for the final regulations would likely be the employer’s tax filing deadline (plus extensions) for 2020."

(Proskauer Rose LLP)
[Guidance Overview] IRS Revenue Procedure 2019-39 Establishes Recurring Remedial Amendment Periods for 403(b) Plans

"Rev. Proc. 2019-39 creates recurring pre-approved 403(b) plan cycles. Each cycle will have a one-year submission window during which plan sponsors of pre-approved 403(b) plans may apply for opinion and advisory letters for pre-approved plans. The IRS plans to issue guidance on application procedures and timing of the cycles before each cycle's submission window. Additionally, the IRS will announce the deadline for employers to adopt the approved plan."

(Thomson Reuters Practical Law)
New York State Officials Open Probe Into 403(b) Sales to Teachers

"New York's top financial-services watchdog on [Oct. 1] dispatched letters to a dozen major insurers seeking details on how they market retirement-income products to teachers, opening a probe of industry practices ... The insurers have three weeks to respond ... It wasn't immediately clear which insurers received the letters."

(The Wall Street Journal; subscription may be required)
Participation, Contributions Climb in 403(b) Plans

"Top trends: [1] Increased average contributions promoting retirement readiness: Plan sponsor contributions up to 5.5%, from 4.7%; Participants now contribute 6.6% of pay, up from 6.3%. [2] Retirement advisors needed: Nearly half (46.6%) don't currently work with one. [3] Financial wellness programs gaining momentum: A quarter (26.7%) already have a formal plan in place; nearly half (47%) have plans or interest in implementing one."

(Principal Financial Group)
[Official Guidance] Text of IRS Rev. Proc. 2019-39: Remedial Amendment Periods for Correcting Form Defects in 403(b) Plans (PDF)

31 pages. "This revenue procedure sets forth a system of recurring Remedial Amendment Periods for correcting Form Defects in Section 403(b) Individually Designed Plans and Section 403(b) Pre-approved Plans first occurring after the Initial Remedial Amendment Period ends on March 31, 2020, and provides a limited extension of the Initial Remedial Amendment Period for certain Form Defects.... [T]his revenue procedure establishes a system of Section 403(b) Pre-approved Plan Cycles under which a Section 403(b) Pre-approved Plan Sponsor may submit a proposed Section 403(b) Pre-approved Plan for review and approval by the IRS. Once approved, the Section 403(b) Pre-approved Plan may be made available for adoption by Eligible Employers. Finally, this revenue procedure provides deadlines for the adoption of plan amendments for Section 403(b) Individually Designed Plans and Section 403(b) Pre-approved Plans.

"This revenue procedure also announces that the Department of the Treasury and the IRS intend to issue additional guidance, prior to the date that Section 403(b) Pre-approved Plans may next be submitted for review, relating to the system of recurring Remedial Amendment Periods and the system of recurring Section 403(b) Pre-approved Plan Cycles."

(Internal Revenue Service [IRS])
[Guidance Overview] Final Hardship Distribution Regs: Implementation Considerations

"The regulatory preamble confirms that the prohibition on suspension of contributions applies only to a qualified plan, 403(b) plan, and most 457(b) plans. Plans subject to section 409A may retain existing suspension provisions ... The regulatory preamble confirms that ESOP dividends that have been paid to the plan and that are available for the employee to elect to receive in cash are generally considered 'available' plan distributions that must be taken prior to a hardship distribution."

(Proskauer Rose LLP)
[Guidance Overview] Final Hardship Distribution Regs: Key Changes and Deadlines for Plan Sponsors

"Individually-designed 401(k) plans that currently permit hardship distributions will likely need to be amended to reflect the final regulations by December 31, 2021 -- but operational changes will be needed to comply with the new regulations by January 1, 2020.... Effective January 1, 2019, employees are not required to take plan loans before receiving a hardship distribution."

(Proskauer)
IRS Issues Final Regs on Hardship Distribution Rules

"The final regulations require the employee-participant to represent only whether the employee has cash or other liquid assets that are 'reasonably available' to satisfy the immediate and heavy financial need and not earmarked for other short-term financial needs such as rent payments."

(Thomson Reuters Practical Law)
Fiduciary Breach Lawsuits Often Involve Multiple Recordkeepers

"Out of the twenty-three lawsuits involving primarily the 403(b) plan of healthcare and/or higher education organizations, sixteen of them included the claim that the fiduciaries breached their responsibilities by allowing multiple recordkeepers to be active vendors in the plan. According to the lawsuits, having multiple providers allegedly led to significantly higher recordkeeping fees and subsequently lowered the account accumulations for the plan participants."

(Cammack Retirement Group)
Deadline Approaching for 403(b) Plan Document Restatements

"The IRS has set a deadline of March 31, 2020 for 403(b) plans to be restated on IRS pre-approved documents if the plan sponsor wishes to gain assurance that its plan document provisions retroactively meet IRS requirements."

(Venable, via Lexology; free registration required)
Johns Hopkins University Settlement with 403(b) Participants

"Going forward, an independent investment consultant is required to work with plan executives to issue requests for proposals from at least three record keepers. These record keepers must identify their fee policy as a total fixed fee per participant instead of a percentage of plan assets. Future record keepers will not be allowed to solicit plan participants to cross-sell products and services for individual retirement accounts, non-plan managed accounts, life or disability insurance, investment products, or wealth management services, unless initiated by the plan participant."

(Bolton)
[Opinion] The NTSA Released a 403(b) Plan Enhancement Guide

"On the surface the NTSA lays out a few solid ideas (automatic enrollment, match programs and retirement education programs).... The big problems with this publication, however, can be found on page 3. This is where the NTSA cites a previous piece of its own propaganda, a 2018 'study' which somehow concludes that a multi-vendor environment increases the 403(b) participation rate."

(403bwise)
A Common Misunderstanding of the 'Student' 403(b) Exclusion Arises During Document Restatement Process

" 'Student' status means nothing in the 401(k) world, but it is one of the few classes of employees which can be excused by employers from the universal availability rule of 403(b) plans. Student employees do not have to be given the opportunity its to make elective deferrals into the 403(b) -- and given the often transient nature of student employment at colleges and university, this is a welcome exclusion."

(Business of Benefits)
403(b) Plan Enhancement Guide (PDF)

14 pages. "This paper extends the work of NTSA’s 2018 survey of public education 403(b) retirement plans to offer suggestions on how to further improve the 403(b) benefit and encourage greater employee participation and savings."

(National Tax-Deferred Savings Association [NTSA])
[Opinion] K-12 403(b) Isn't Just for Teachers

"By design [the 403(b) plan] is open to virtually all K-12 school employees. This includes bus drivers, custodians, maintenance crew, office personnel and countless others.... Nationally, K-12 teacher participation is only about 2 in 5. The data ... [is] even worse for non teachers.   What makes low non-teacher participation even more troubling is that support personnel aren’t always eligible for pension plans."

(403bwise)
[Guidance Overview] 403(b) and 457(b) Plan Compliance Challenges: Avoiding Pitfalls in Plan Design and Administration

47-slide presentation by attorney Carol V. Calhoun. Topics include "Why would a public school have a 403(b) plan instead of a 401(k) or 457(b) Plan?", the universal availability requirement for 403(b) plans, and the section 4960 excise tax on annual remuneration in excess of $1 million for covered employees.

(Venable LLP)
Loans in 403(b) Plans

"One of the areas that suffers most from the lack of standardization is the general administration of 403(b) plan loans.... Because of the proprietorial issues unique to loan processing, it may be difficult to establish uniform acceptable 'best practices' for loans in the marketplace.... [L]oan provisions in the plan document should defer to the contractual language of the loan provisions in each participant's underlying annuity contract or custodial account to avoid conflict."

(National Tax-Deferred Savings Association [NTSA])
Fiduciary Breaches: When Do Multiple Investment Options Become Too Many?

"A frequent issue cited in the lawsuits against healthcare and higher education institutions is that the retirement plan offers too many investment options. Some of the plans implicated have up to 100 investment options; others have as many as 300 to 400 choices.... While the results in the lawsuits on these claims have been mixed, the Courts have mostly found in favor of the defendants."

(Cammack Retirement Group)
403(b) Retirement Plan Fee Litigation: An Update

"The claims in these lawsuits cover a broad range of topics and issues. However, most are focused on the fees charted and investments used in retirement plans."

(Cammack Retirement Group)
[Opinion] There is Still a Fishy Smell in the Teachers' Lounge

"With school starting across the country, teachers are as vulnerable as ever. And it's not just in the teachers' lounge that they need to be 403(b) aware. Insurance companies are providing 'education' about the 403(b) at mandatory new teacher and back-to-school workshops."

(403bwise)
[Guidance Overview] The Enduring Value of Rev. Proc. 2007-71 in Dealing With Legacy 403(b) Contracts.... and Should it be Updated?

"The value of [Rev. Proc. 2007-71] endures; and is particularly helpful when plans restate their 403(b) plan docs and need to do things like name their vendors; have Information Sharing Agreements; and try to make plan redesign decisions.... The question for the IRS now ... is whether there really is any value in maintaining the different treatment between the pre-2005 legacy contracts and the 2005-2009 legacy contracts, and whether those 2005-2009 contracts should also enjoy that same broad exemption without any requirement to prove the 'good faith effort' of over a decade ago."

(Business of Benefits)
[Opinion] California K-12 Teachers Have Great 403(b) Choices -- They Just Don't Know It

"Most school districts offer 35 plus vendors with the overwhelming majority of the companies selling high-fee insurance products pushed by high-commission sales agents. But dig a little deeper, and you find that nearly all California teachers have at least a couple of really good vendor choices."

(403bwise)
[Guidance Overview] Proposed Regs on Hardship Distributions for the Public Sector

"In late 2018, the [IRS] issued proposed regulations regarding hardship distributions from 401(k) and 403(b) plans. Beginning on January 1, 2020, plans must operationally comply with some of the key provisions of these Proposed Regulations. In addition, plans must be amended by December 31, 2019 to reflect any optional changes implemented in 2019."

(Ice Miller LLP)
[Guidance Overview] Time Is Running Out for 403(b) Plan Sponsors to Secure Retroactive Relief

"[Rev. Proc. 2017-18] announced a deadline of March 31, 2020 for adopting pre-approved 403(b) plans in order to receive retroactive relief for any noncompliant plan provisions. Shortly thereafter, it began issuing opinions on plans submitted by sponsors of volume submitter and prototype 403(b) plan documents."

(Stinson Leonard Street)
Texas 403(b) Law Causes Adviser Concern Over Investor Protection

"The law ...  eliminates price caps on investment products such as annuities sold to employees in the state's kindergarten through 12th grade school system who participate in a 403(b) plan. Current rules stipulate that products have a maximum front-end or back-end commission of 6% and that product fees can't exceed 2.75% a year."

(InvestmentNews; subscription may be required)
Settlement in Johns Hopkins 403(b) Plan Lawsuit Includes Recordkeeper Bid

"The $14 million settlement agreement also requires the University to retain an independent consultant to assist plan fiduciaries in reviewing the plan’s existing investment structure." [Kelly v. The Johns Hopkins Univ., No. 16-2835 (D. Md. Sept. 28, 2017; settlement filed Aug. 6, 2019)]

(PLANSPONSOR; free registration may be required)
[Guidance Overview] 403(b) Plans Must Comply with the 'Once In, Always In' Rule This Year
"Regardless of when the relief ends or ended for a given 403(b) plan, all plans should be complying with the 'once in, always in' rule beginning this year. The IRS has simplified the process of coming into compliance somewhat, by permitting plans that have previously failed to comply with the 'once in, always in' rule to make a fresh start. Specifically, beginning with plan years that start on or after January 1, 2019, plan administrators may treat the 'once in, always in' rule as if became effective on January 1, 2018." (Verrill Dana, LLP)
New Texas Law Enhances School District Role in 403(b)s
"The new law includes provisions that: [1] Repeal the requirement that an educational institution can only enter into a salary reduction agreement with an employee of the institution if the qualified investment product is registered with [the Teacher Retirement System (TRS)]. [2] Require that educational institutions that enter into a salary reduction agreement with employees ... require that contributions to eligible qualified investments be made by automatic payroll deduction and deposited directly in the investment accounts. [3] State that an insurance company is eligible to offer qualified investment products to the employees of educational institutions in Texas if the company satisfies [specified] criteria[.]" (National Tax-Deferred Savings Association [NTSA])
Dealing with the Legacy of the 403(b) 'Money Purchase' Plan
"It is a very common practice in the 403(b) market for an employer to specifically identify the percentage of compensation it will deposit as an employer contribution to their 403(b) plan ... It has been typical for 401(a) plan sponsors to treat plans with set percentage of compensation as 'Money Purchase Plans' ... But does this rule apply to 403(b) plans? This is not an esoteric issue. If you truly believe that your 403(b) plan is a 'money purchase plan' several things happen." (Business of Benefits)
[Opinion] Giving 403(b) a Bad Name
"[T]he public K-12 403(b) market is a mess; the polar opposite from the rest of 403(b)s. High fees, too many recordkeepers, and far too many investments are the norm for these plans.... [T]he school districts are generally small and have no staff allocated to providing proper oversight to their 403(b) or any other voluntary benefits. For the most part, these 403(b) plans are voluntary and supplemental to a state retirement system that is in place, so they are quite low on the totem pole in terms of allocated resources." (Cammack Retirement Group)
Best Practices for Plan Sponsors, Part 9
"As with the Anthem case, the Vanderbilt settlement teaches fiduciaries that they need to pay attention to the share classes of the mutual funds they include in their plans, including private sector 403(b) plans. A committee should devote at least part of one meeting a year to a report by its investment advisor on the share classes of their plan's investments and the share classes that are available to the plan. This is a high risk area and should be treated accordingly, that is, with close attention and care." (FredReish.com)
Sweeping 403(b) Changes in Portman-Cardin Legislation Leave Unanswered Questions
"The Portman-Cardin Bill, the Retirement Security and Savings Act of 2019, introduces sweeping changes to 403(b) plans by expanding their investment universe. These changes, however, also required modification to the Securities Laws otherwise applicable to 403(b) plans in order for them to work.... A few things are conspicuously absent from the statute ... Who is the shareholder? ... Unitization under 403(b).... Distributed annuities." (Business of Benefits)
Changing Your 403(b) TPA
"Problems may arise when employers change their plan's TPA and do not notify the product providers, the plan participants or the former TPA. In the absence of such notification, all parties continue to interact with the former TPA, but plan transactions are not processed or approved. Delays occur, contributions are not processed, information is not provided and a logjam develops.... [This article describes] general recommendations based on successful transitions that have been made in the 403(b) marketplace[.]" (National Tax-Deferred Savings Association [NTSA])
Third Circuit Resuscitates Claims Against University 403(b) Plan Fiduciaries
"The Third Circuit ... rejected the University's argument that the Court's earlier decision in Renfro v. Unisys Corp.... insulated plan fiduciaries from liability for a breach of fiduciary duty where plans offer a mix and range of investment options, because such a ruling would allow a fiduciary to avoid liability by stocking a plan with hundreds of options even if the majority were overpriced or underperforming. Furthermore, it would hinder courts from evaluating fiduciaries' performance against contemporary industry practices because practices change over time and ERISA fiduciaries have a duty to act prudently according to current practices." [Sweda v. Univ. of Penn., No. 17-3244 (3d Cir. May 2, 2019)] (Proskauer)
Why Do Employees Cash Out Their 401(k)/403(b) When They Leave?
"[T]aking a withdrawal should be as easy as internet shopping. Whether it is via chat, telephone, messaging, etc., there should be a big flashing warning to participants considering this option: 'Do You Know There Are a Lot of Tax/Wealth Accumulation Consequences to This Withdrawal? Are You Certain You Wish to Proceed?' Otherwise, individuals who move from job to job have ample opportunity to cripple their retirement at each step along the way." (Cammack Retirement Group)
Part-timers Improperly Excluded from Your 403(b) Plan? There's Still Time to Correct That!
"Employers that were not aware that employees once eligible to participate in a 403(b) plan must always be eligible, regardless of their current status as part-time employees, now have the chance to fix their plan and operations without penalty and without retroactive contributions. The fix applies generally to operations beginning with 2019 and to plan amendments made by March 31, 2020." (Buck)
One Year to Go Until the 403(b) Restatement Deadline
"Not-for-profit organizations have an opportunity during the restatement period to align their retirement plan procedures with their written plan documents to help ensure that their retirement plans are following best practices. Changes may need to be made to the operations of the plan, the provisions in the plan documents or both." (CBIZ)
Specialized Types of Retirement Income Plans: Recent Developments (PDF)
12 pages; ABA EBC 2019 Midwinter Meeting Report. Outline of statutory and regulatory developments for ESOPs, 401(k) plans, IRAs, and Section 457 plans. (Employee Benefits Committee [EBC], American Bar Association)
Recent Cases on Multiemployer Plan Withdrawal Liability (PDF)
29 pages; ABA EBC 2019 Midwinter Meeting Report. Outline of recent litigation involving multiemployer plans. (Employee Benefits Committee [EBC], American Bar Association)
Tax Treatment of Welfare Benefits for Employees and Beneficiaries (PDF)
7 pages; ABA EBC 2019 Midwinter Meeting Report. Outline of tax consequences for employees of various welfare benefits, including recent statutory and regulatory developments for transportation fringe benefits, and reporting of health care benefits. (Employee Benefits Committee [EBC], American Bar Association)
Regulation of Employee Health Care Benefit Plans (PDF)
8 pages; ABA EBC 2019 Midwinter Meeting Report. Outline of statutory and regulatory issues affecting health care benefit plans; includes brief summary of recent litigation (Employee Benefits Committee [EBC], American Bar Association)
Liability Issues Unique to Welfare Plans (PDF)
42 pages; ABA EBC 2019 Midwinter Meeting Report. Detailed decsriptive outline of recent litigation involving welfare benefit plans. (Employee Benefits Committee [EBC], American Bar Association)
Benefit Claims: Alternatives to Litigation (PDF)
16 presentation slides, from ABA EBC 2019 Midwinter Meeting. Topics: [1] Pre-suit settlement negotiations; [2] Media coverage; [3] External review; and [4] Request for review strategies. (Employee Benefits Committee [EBC], American Bar Association)
Engagement Letters for Employee Benefits Attorneys (PDF)
7-page presentation outline, from ABA EBC 2019 Midwinter Meeting."An initial issue ... is whether employee benefit plans are an independent legal person, different than the plan sponsor. On this issue, the law is not only obtuse, but the federal circuits have conflicting lines of authority.... For pension plans, is the plan sponsor or the plan administrator, if different entities, the proper party to act for the plan? ... For fully insured welfare benefit plans, is the insurer also the plan and thus the proper party? For engagement letters, this issue can often be finessed by an arrangement that does not resolve it but makes it not relevant." (Employee Benefits Committee [EBC], American Bar Association)
Defined Contribution Plan Fee and Investment Litigation (PDF)
34 presentation slides, from ABA EBC 2019 Midwinter Meeting. Topics: [1] 401(k) and 403(b) fee litigation; and [2] Fiduciary risk on alternative investments. (Employee Benefits Committee [EBC], American Bar Association)
Emerging Trends in 401(k) and 403(b) Fund Menus
"The power of the 'default effect' in automatic enrollment plans has made target date funds (TDFs) the dominant investment choice for retirement savers.... [Y]ounger participants are proving to be the most powerful advocates for these types of solutions.... [T]he starting point and single most important investment decision for this generation of retirement plan fiduciaries revolve around the target date decision. But first, let's take a step back and briefly discuss the strategic outcomes fiduciaries should be focused on when designing a fund lineup for their plan." (Greenspring Advisors)
Understanding the Importance of Recent 403(b) ERISA Settlements
"[T]aken together, these settlements highlight the peculiar staying power of 403(b) ERISA cases even in uncharted waters.... If the 403(b) excessive fee litigation continues along a trajectory similar to its 401(k) predecessors, then we can expect the recent 403(b) settlements to usher in a new volley of suits brought against institutions overseeing slightly smaller retirement plans than the billion-dollar-plus plans at issue in the first wave of 403(b) cases." (Thompson Coburn)
403(b) Retirement Plan Fee Litigation: An Update
"While each lawsuit makes claims based on the particular facts and circumstances of the plan in question, there are some common themes that have emerged ... [P]lan sponsors should understand the issues being raised and keep track of the litigation, in order to manage risk. [A chart provides] a status update on each of the 403(b) lawsuits." (Cammack Retirement Group)
Brown University Settles 403(b) Fiduciary Class Action Suit for $3.5 Million
"Brown University, Providence, R.I., settled a class-action lawsuit alleging the university's 403(b) plans' managers breached their fiduciary duties under ERISA by offering too many similar investment options and paying excessive fees for investments." (Pensions & Investments)
403(b) Plan Remedial Period Closing Less Than Year from Now
"While the March 31, 2020 deadline may seem far off, the correction process requires significant time. Since amendments to the plan document must be retroactive to January 1, 2010 (or the plan's effective date, if later), a review must be done to evaluate both [1] all amendments made to the plan since that date, and [2] whether the plan has in fact been administered consistently with the plan document since that date." (Sheppard Mullin)
Time to Review 403(b) Plans for Compliance with IRS Requirements
"The IRS has established a pre-approved plan program under which a plan sponsor has until March 31, 2020, to retroactively adopt a plan document which the IRS has already opined complies with the requirements of Internal Revenue Code section 403(b). A plan sponsor should analyze whether a pre-approved plan document works administratively and structurally with its objectives. The IRS has indicated that it does not intend to establish a determination letter program for individually designed section 403(b) plans." (Miller Canfield)
2019 Compliance Checklist for Non-ERISA Plans (PDF)
"The Compliance Checklist incorporates requirements for governmental and nonelecting church plans, non-ERISA 403(b) plans, 457 plans and nonqualified executive benefit plans, and provides information on the materials that you will need to file, filing due dates and agencies to which the filings should be made." (Prudential)
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