Fontenote joins the institutional retirement distribution (IRD) team, supporting the South Central region. He reports to Michael Hall, the IRD national sales director.
In his more than 21 years of experience in the financial services industry, Fontenote worked as director of sales at Principal Financial Group, where he focused on retirement plan solutions from micro plans to the institutional sector.
He holds a bachelor’s degree in marking from Lamar University and FINRA Series 7, 63, 65 and 24 licenses. Fontenote is a Chartered Retirement Plan Specialist (CRPS).
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In response to the Internal
Revenue Service’s (IRS) call for comments in Revenue Procedure 2013-12 (see “IRS Updates Compliance Resolution System”),
which updated the agency’s Employee Plans Compliance Resolutions System
(EPCRS), Ronald J. Triche, Esq., assistant general counsel and director of
Government Affairs at ASPPA, said in order to assist the agency in improving
the system for retirement plan professionals who must keep employer-sponsored
retirement plans in compliance with federal law, ASPPA has recommended a host
of changes.
ASPPA recommends that the IRS
update the EPCRS to:
Provide that non-elective
contributions made to correct missed matching contributions be permitted to
retain all plan characteristics associated with matching contributions;
Provide that no penalty will
be imposed for a failure to timely provide certain notices provided that such
notices meet certain requirements;
Provide that the missed
opportunity for making a designated Roth contribution is 50% of either the
employee’s missed designated Roth contribution (if known) or the average
deferral percentage for the employee’s group (either highly or non-highly
compensated);
Include a correction that
would provide participants with the option of having missed contributions
treated as either designated Roth contributions or pre-tax contributions, and
having such missed contributions corrected through an in-plan Roth conversion;
Update the voluntary
correction program submission rules for situations involving more than one plan
of a plan sponsor;
Clarify that individually
designed Code Section 403(b) plans will be treated as having a determination
letter for purposes of EPCRS, even if such plans do not have a determination
letter after the implementation of the pre-approved plan program;
Provide a universal $100 or
less de minimis threshold, without regard to the costs of correction, which
would apply to corrective contributions, forfeitures and distributions; and
Provide for correction by
retroactive plan amendment under self-correction where the plan, in operation,
covers a broader class of employees than is permitted in the plan
document.