Tag: 403(b) plans

A magistrate judge found that there are genuine issues of material fact as to whether Columbia acted prudently throughout the class period by not consolidating to a single recordkeeper.

The lawsuit accused Allina Health System defendants of allowing one provider free-reign to add funds to Allina's 403(b) and 401(k) plans, and of failing to monitor investment service providers.

It is looking into whether agents are engaging in deceptive and unfair sales practices, such as failing to appropriately disclose product costs and merits.

Revenue Procedure 2019-39 sets forth a system of recurring remedial amendment periods for correcting form defects in 403(b) individually designed plans and 403(b) pre-approved plans occurring after the initial remedial amendment period ends on March 31, 2020.

“We’ve heard the need for these investment options in 403(b) plans from advisers, consultants and plan sponsors for decades,” says Bruce Corcoran, managing vice president/head of 403(b) Business at ICMA-RC.

Plan advisers can help 403(b) plan sponsors looking for downside protection, active strategies and target-date funds (TDFs) that can be used as a decumulation vehicle in retirement.

The denial of leave to file an amended complaint by a district court judge offers a brief lesson in Federal Rules of Civil Procedure.

For a small number of plans in which the plan sponsor has decided to no longer allow contributions to the EQUI-VEST variable annuity and to make the AXA Retirement 360 Defined Contribution Program available as an option, AXA is required to file with the SEC to allow transfers.

However, 403(b) plans are in a remedial amendment period, and the IRS has offered much help for them to be in compliance with regulations.

An appellate court revived two claims in the lawsuit that had been previously completely dismissed by a District Court, but in a dissenting opinion, one judge expressed concern about permitting implausible allegations to result in a large settlement.

AdvisorConnect is a support network of plan sponsor-approved, registered financial professionals who specialize in the public-sector retirement space and has been designed as a value-add to plan participants seeking customized financial solutions.

Vanderbilt will conduct a request for proposals (RFP) for a new recordkeeper, among other things.

"We believe that The 403(b) Plan eSource will be the ‘go-to’ resource for 403(b) professionals and will allow 403(b) professionals to find answers to their compliance questions easily and quickly,” says Timothy McCutcheon, JD, CPA, MBA, publisher of ERISApedia.com.

The agreement also calls for Brown to to try to further reduce recordkeeping fees from the plans’ two recordkeepers and conduct a request for proposal (RFP) process for the role of independent investment adviser to the plans.

Vanderbilt University joins Duke University and the University of Chicago in settling claims about 403(b) plan mismanagement.

The program is aimed at promoting NTSA’s dual goals of improving the understanding of retirement planning options for teachers and school staff and boosting 403(b) plan participation.

The request regards information collection for Revenue Ruling 2000-35, which describes certain criteria that must be met before an employee's compensation can be reduced and contributed to an employee's section 403(b) plan in the absence of an affirmative election by the employee.

No reason was given for why the plaintiff decided on the voluntary dismissal.

In addition to a gross monetary payment of $10.65 million, the university agreed to other non-monetary actions.

According to ICMA-RC, its overall plan costs in some cases may be more than 33% lower than what other 403(b) participants pay.