"I've got a 403b plan that tried to move from recordkeeper A to recordkeeper B several years ago. Despite numerous plan documents saying it is an ERISA plan, RKA is insisting that the accounts they hold are non-ERISA accounts and therefore the plan sponsor can't move the accounts. The financial advisor did a bunch of presentations showing that RKB has lower fees and this convinced about 90% of the people to move, but there are ~15 who just haven't, for whatever reason. They are all terminated, and all have $7K+ vested balances. We're launching a new attempt to reason with RKA, but we are expecting it to fail. One of the directors asked if they could incentivize the participants to either take a distribution or authorize the transfer to RKB. $100 cash, say. Since the financial advisor didn't immediately shoot it down, I said that I'd look into it. How insane and/or illegal is this idea? More importantly, are there any other good ideas?"

"For many SECURE 2019 and SECURE 2022 tax law points, recordkeepers set presumptions about which provisions a customer plan sponsor ought to want or is deemed, absent an opt-out, to have instructed the recordkeeper to assume in providing the recordkeeper's services. Imagine a recordkeeper chooses to do this about whether a plan provides or omits an Internal Revenue Code Section 414A eligible automatic contribution arrangement. Imagine the recordkeeper practically must set the defaults using only the information the recordkeeper's computer systems know. Imagine the system doesn't know whether the employer 'has been in existence for less than 3 years.' Imagine the system doesn't know whether the employer 'normally employed more than 10 employees.' If the system doesn't show that the plan's Section 401(k) arrangement was established before December 29, 2022: Am I right in guessing a recordkeeper in these circumstance would set a default that an eligible automatic contribution arrangement is on (until the plan sponsor tells the recordkeeper it's off)?"

"Last year BCBS Michigan emailed a letter stating they were covering Gag Clause Attestation for all fully insured plans. I have no doubt they are doing it this year as well. However, I can’t find this anywhere on their site (it’s easy to find on many other state BCBS websites). Called employer support and they bounced me around (majority of contacts claimed to have never even heard of Gag Clause Attestation). I googled it to death but can only find Attestation confirmations for other BCBS locations. Anyone able to steer me towards where in writing they acknowledge they are filing on behalf of fully insured plans again so I can save the document/statement for my records? It appears every other BCBS state has pushed this information out to their website for easy reference last month."