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American Retirement Association (ARA) CEO Brian Graff is scheduled to testify on the first day of a public hearing hosted by the Department of Labor (DOL) titled “Retirement Security Rule: Definition of an Investment Advice Fiduciary.”
Graff will follow opening remarks from Assistant Secretary...
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In MarketBeat, Allison Wielobob writes that the proposed fiduciary rule would change who an ERISA fiduciary is and the conditions under which those fiduciaries may conduct business with retirement investors.
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Tech Talk discusses the limits relevant to figuring the maximum amount that can be contributed to a 403(b).
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In a positive sign that lawmakers are committed to fixing several errors contained in the SECURE 2.0 Act, the House and Senate have just released a draft technical corrections bill, including changes to allow catch-up contributions and provide parity for Starter 401(k)s championed by the American...
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The IRS has released a draft of the updated version of Publication 571, “Tax-Sheltered Annuity Plans (403(b) Plans) for Employees of Public Schools and Certain Tax-Exempt Organizations.”
Publication 571 is intended to help taxpayers better understand the tax rules that apply to 403(b) tax-...
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The rule temporarily reinstating the requirement that employers provide two identifying numbers in order to register with CalSavers could become permanent.
Employers originally had been required to provide (1) their employer payroll tax account number and (2) their federal employer identification...
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When asked what actions they were likely to take in 2024 as to their overall savings picture, new research finds a hint of optimism appears to be shining through, even though challenges remain.
In fact, findings from Voya’s Q4 Retirement Report based on the firm’s Financial Consumer Insights...
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The IRS has prepared the draft instructions for the Form 5329 for reporting additional taxes on qualified plans, including Roth and traditional IRAs and other tax-favored accounts from 2023.
Employers, plan administrators and retirement plan professionals may find it worthwhile to remind plan...
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November was a very quiet month. It started with a family vacation and ended with a wonderful week of thanksgiving. I am personally thankful for all of you who do so much for the educators across this great nation. Thank you for putting in the time and effort to ensure that educators have the best...
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While contribution levels have remained consistent, a troubling trend is that many individuals increasingly have been tapping their retirement savings through hardship withdrawals or loans.
This is according to the latest data from Fidelity Investments’ Q3 2023 retirement analysis, which shows...
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It’s all about the attitude—especially in retirement saving and investing, writes John Sullivan in MarketBeat. He adds that Goldman Sachs Asset Management has identified which financial behaviors matter most.
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Tech Talk discusses designating 403(b) plan elective deferrals as Roth contributions.
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Happy Birthday, ERISA!
It’s been 50 years since the Congress passed landmark legislation that protected the savings of American workers and—arguably—created an entire industry. It’s now time for the golden anniversary.
The American Retirement Association announced that it and eight associations...
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The IRS in Revenue Procedure (Rev. Proc.) 2023-37 has issued fresh guidance on qualified pre-approved plans and 403(b) pre-approved plans which combines, conforms, clarifies, and updates rules for those plans set forth in prior revenue procedures.
Rev. Proc. 2023-37 generally became effective...
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Bills before the Massachusetts House and Senate that would expand the Massachusetts Defined Contribution CORE Plan are moving again.
The legislation, introduced early in 2023, has been largely dormant since summer; however, committees in both chambers have given the measures a nod.
About the...
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The windfall elimination provision (WEP) reduces the Social Security benefits of certain workers who also are eligible for pension benefits from jobs not covered by Social Security. It engenders active discussion, and a Nov. 20 hearing offered a fresh opportunity for people to weigh in on the WEP—...
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The IRS has released a draft of the Form 1099-R to be used in 2024. This is an early release draft of the form, as well as its instructions, which the IRS is providing only to inform taxpayers, including benefits recipients.
The form is used to provide information to recipients about...
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Many 403(b) plans are sponsored by single employers, but that could change. A recent report by the Congressional Research Service (CRS) discusses legislation that has—and could—change the rules governing them.
In “403(b) Pension Plans: Overview and Legislative Developments,” the CRS provides a...
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Retirement plan coverage can be particularly challenging for some industry sectors. In MarketBeat, John Iekel writes about the experiences of one corporate leader in providing a 403(b) to employees in the care industry. Click here.
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Another university 403(b) plan has won yet another victory in staving off an excessive fee suit by the Schlichter law firm.
The most recent case[1] involved Cornell University, which had already successfully fended off most of the claims in 2019 in the U.S. District Court for the Southern District...
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Recent Comments
Does the roth requirement for catch-up contributions for people who earned $145,000 apply to 457...
Hi Ed,
I really liked this article and I think you make a lot of sense. And I had no...
I believe there's a misstatement in that last quote - it should refer to governmental and...
Working with several medical providers as clients, I note that the high-end earners tend to push...
Congratulations to NTSAA for landing a good one. Nathan's breadth of experience and...