Tag: 403(b) plans

The new lawsuit alleges the university engaged in prohibited transactions when it used revenue sharing from plan investments to pay for HR staff salaries and fringe benefits.

While not disagreeing with a federal court judge's decision, the plaintiff says the judge's findings about certain plan committee members warrants her ordering them to be removed.

A charter school in New Orleans has been told it has violated federal law and its obligations regarding financial management as identified in the charter operating agreement.

A federal district court judge found that “while there were deficiencies in the Committee’s processes—including that several members displayed a concerning lack of knowledge relevant to the Committee’s mandate—plaintiffs have not proven that the Committee acted imprudently or that the Plans suffered losses as a result.”

However, a federal district judge found enough plausible evidence to move some duty of prudence claims forward.

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.

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.