In a series of private letter rulings, the IRS has determined that plans in question, including a 403(b) plan, are church plans under the definition clarified in a Supreme Court decision.
Tag: 403(b) plans
403(b) plan participants have filed a lawsuit against Matrix Trust Company for making several transfers to an unauthorized account held by recordkeeper Vantage Benefits Administrators.
George Washington University has been sued over fees for its 403(b) plan.
According to the compliant, the defined benefit (DB) plan was required to adhere to Employee Retirement Income Security Act (ERISA) funding rules.
The new claim in the 403(b) plan lawsuit says the defendants should have protected participant data as plan assets and not allowed TIAA to use it to market its products and services to participants.
An announcement also notifies plan participants about revenue sharing paid to TIAA from some investment funds and says revenue sharing will be rebated to participants.
According to the settlement agreement, the university has already made changes to the investment lineup for its 403(b) plans.
The lawsuit claims the university failed to adequately benchmark fees, negotiate for better fees, or reveal true fees participants were paying.
Failure to do so could result in their tax-exempt status being revoked, which will affect their ability to offer 403(b) plans.
Brodie Wood, SVP of healthcare, education and not-for-profit markets at Transamerica Retirement Solutions, discussed the efficiencies and benefits a closed MEP can offer not-for-profit 403(b) plans.
The IPX platform provides RIAs with a more manageable entry point into the complex 403(b) and 457(b) markets by streamlining the requisite custody, trust, trading and administrative services.
The plaintiff argues the briefs filed in support of the University of Pennsylvania provide the university an argument word-count advantage and seek to inject irrelevant issues that are not before the court.
One brief details the history of university retirement plans and argues that 403(b) lawsuits compare apples to oranges; another argues that hindsight cannot be used to challenge investment performance; and TIAA defends its products.
The newly created multiple employer plan (MEP) will help plan sponsors reduce their administrative burdens.
The lawsuit alleges Yale defendants acted imprudently with regard to recordkeeping and investment fees for the plan.
In its motion, NYU asks that a federal district court judge issue an order “precluding from trial … any testimony, evidence, or arguments concerning claims that were previously dismissed by the court in its August 25, 2017, opinion.”
A memo to examiners lists actions 403(b) plan sponsors should take to locate missing participants in order not to be challenged on violating RMD rules.
While dismissing a new complaint in the litigation about excessive fees in NYU's 403(b) plans, a federal judge also denied summary judgment in the original complaint, moving the case forward to trial.
It is available to workers 18 years and older who have contributed to a company-sponsored retirement plan or IRA.
Plan fiduciaries have been charged with breaching their fiduciaries duties under ERISA by selecting more expensive share classes of investments than were available to the plan.