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NTSA and the Swimming Pool Dilemma

"Recently, the National Tax-Deferred Savings Association [NTSA] released a report titled Improving Retirement Savings for America's Public Educators in which it aims to provide evidence that increasing or maintaining (many) choices for public educators increases participation.... The main conclusion was that 'The data shows a decrease in the participation rates for 403(b) plans when the number of choices are reduced.' If true, this report would be evidence that Nobel winning research on behavioral finance is wrong. However, it's not true. The data doesn't confirm the claims[.]"

The American Retirement Association: A New Name for an Expanding Mission

"For nearly half a century, the American Society of Pension Professionals and Actuaries (ASPPA) and its affiliated organizations have been working for America's retirement. As of today, it does so under a new name as broad and expansive as the members it represents: the American Retirement Association.... [T]he American Retirement Association is a nonprofit professional organization with two major goals: to educate all retirement plan and benefits professionals, and to create a framework of policy that gives every working American the ability to have a comfortable retirement.... The American Retirement Association is composed of four premier retirement industry associations: [1] the American Society of Pension Professionals & Actuaries (ASPPA); [2] the ASPPA College of Pension Actuaries (ACOPA) ; [3] the National Association of Plan Advisors (NAPA); and [4] the National Tax-deferred Savings Association (NTSA)"

Improving Retirement Savings for America's Public Educators (PDF)

"[T]he number one factor driving participation and savings rates in school districts is participant choice.... [1] There is 25% greater participation in plans with 15 or more investment providers compared to plans with only one provider. [2] On average, account balances are 73% higher among plans with 15 or more providers compared to single provider arrangements. [3] There is a 203% increase in average contribution rates among plans providing access to 15 or more providers compared to plans with only one provider. [4] Single provider arrangements have the lowest participation rate; 8% below the national average."

NTSA Works Against Teachers' Best Financial Interests

"[The author] recently detailed how the National Tax-Deferred Savings Association uses almost comically flawed research and white papers to argue why K-12 403(b) plans should remain multi-vendor.... Let's look at three concrete ways they lead the charge to keep the K-12 403(b) in the Dark Ages."

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."

North Carolina, Maine Look at Retirement-Related Bills

"Legislation is before the North Carolina House of Representatives that would call on the Department of the State Treasurer to study the establishment of a voluntary 'work and save' retirement program for private-sector workers whose employers don't provide one.... The Maine bill, HP 715, would establish the Adjustable Pension Plan Program, a combined defined benefit and defined contribution retirement plan, to replace the State Employee and Teacher Retirement Program for state employees and teachers hired on or after July 1, 2017."

Reduce Your Plan’s Storm Vulnerability

"[Take] steps beforehand to be better able to later offer relief to affected participants ... [The IRS] provides a webpage ... to help those who have lost some or all their records during a disaster.... [If] a plan's recordkeeper is not functioning because of a disaster ... an employer or plan sponsor should 'take reasonable steps' to put the funds it would have provided to the recordkeeper or trustee in a separate account for the participants until normal functions can be resumed."

University of Pennsylvania Prevails in 403(b) Fee Suit

"The suit, brought by participants in the $3.8 billion University of Pennsylvania Matching Plan against the University of Pennsylvania and its Vice President of Human Resources ... alleges ... that: [1] the defendants breached their fiduciary duty by 'locking in' plan investment options into two investment companies; [2] the administrative services and fees were unreasonably high due to the defendants' failure to seek competitive bids to decrease administrative costs; and [3] the fiduciaries charged unnecessary fees while the portfolio underperformed." [Sweda v. Univ. of Penn., No. 16-4329 (E.D. Pa. Sept. 21, 2017]

Floodgates: States in Overdrive on Retirement Legislation

"Since January, new state retirement plan bills have poured into state legislatures around the country, some promising opportunity and some threatening confusion or worse for state plan participants. Obviously not every piece of legislation succeeds, but bills that die in one session often re-emerge later if there's enough political appetite." [Article includes a summary of legislation pending in ten states.]

2016 403(b) Plan Compliance Calendar

"Here is a 403(b) Plan Compliance Calendar for 2016, listing many compliance deadline dates for 403(b) plans. Note that some of the deadlines only apply to particular plan types (such as ERISA plans) and are noted accordingly. Also note that plans with non-calendar plan years may be subject to different deadlines for a portion of the dates [listed]."