415 Limit Applies in Aggregate When 403(b) Participant Sponsors Another Plan
The IRS addresses how to apply the annual additions limitation in an updated Issue Snapshot.
California Educators Convinced to Roll Retirement Plan Money Into Risky Investments
The owner of a 403(b) plan administration firm and another insurance agent have been charged with multiple counts of securities fraud violations.
IRS Issues Procedures for 403(b) Plan Remedial Amendment Cycle 2
The agency also issued a Revenue Procedure which extends the deadline for making interim amendments for IRC Section 401(a) plans.
Wake Forest University Baptist Medical Center Sued Over 403(b) Plan Fees
The lawsuit says plan fiduciaries failed to ensure reasonable investment fees and mismanaged revenue sharing to pay for administrative expenses.
Bronson Healthcare Group Sued Over 403(b) Plan Fees
The lawsuit alleges fiduciary breaches related to ensuring reasonable administrative and investment fees.
House Ways and Means Committee Passes SECURE Act 2.0
The markup hearing, punctuated by a unanimous vote to advance the legislation, demonstrated that retirement security issues are capable of bringing together members of Congress who don’t agree on much else.
Lawsuit Says Changes to University of Tampa 403(b) Plan Made Too Late
The complaint says fees charged to participants in the plan were "grossly excessive" because they were not based on the services provided.
Actively Managed Funds and High-Cost Share Classes Called Out in ERISA Suit
Participants of a terminated 403(b) plan say the plan sponsor's fiduciary breaches caused them approximately $4.6 million in losses.
2020 Required Amendments List Published by IRS
The two items that may require an amendment relate to difficulty of care payments treated as compensation for 415 limits, and the application of cooperative and small employer charity pension plan rules.
Proposed Bill Would Give 403(b) Plan Sponsors Access to Open MEPs
The SECURE Act's provisions for pooled employer plans (PEPs) did not apply to 403(b) plans.
Settlement for Cornell 403(b) Plan Suit Filed for Preliminary Approval
Parties agreed that a payment of $225,000 will settle the remaining claim in the case related to the share class of the TIAA-CREF Lifecycle Funds.
Another 403(b) Excessive Fee Suit May Settle
Parties in the lawsuit against Cornell University have asked for the trial on the one remaining claim in the suit to be vacated.
More Sutter Health 403(b) Plan Participants Challenge Plan Investments
As in a lawsuit filed in July, the plaintiffs in the recent case challenge the use of an actively managed TDF suite over an index suite.
Mercy Health Charged With Excessive Fees, Prohibited Transactions
The lawsuit challenges fees for recordkeeping, target-date funds and stable value funds, as well as fees paid to service providers to the health care system's 403(b) plan.
SEC Charges VALIC Financial Advisors With Deceptive Sales Practics
The firm was also charged with mutual fund share class violations.
Sutter Health 403(b) Plan the Target of Excessive Fee Suit
Defendants are accused of failing to leverage the size of the plan to negotiate for lower investment and recordkeeping fees, among other things.
Emory University to Pay $16.75 Million to Settle 403(b) Excessive Fee Suit
The agreement also calls for the university to issue an RFP for recordkeeping services and engage an independent consultant to review investments, among other things.
IRS Moves Certain Deadlines for DB, 403(b) Plans
The agency says it is postponing deadlines for certain time-sensitive actions required by these plans and others because of the COVID-19 emergency.
Judge Gives Parties in Cornell 403(b) Suit Options for Proceeding
A federal judge noted that the pandemic will affect civil jury trials in the Southern District of New York “for a considerable and presently unknowable time to come.”
IRS Offers Review of Special 403(b) Catch-Up Contribution Rules
The agency says proper use of catch-up contributions will be an examination focus for 403(b) plans in fiscal year 2020.