403(b) Plans

News & Analysis as of

IRS Gives QLACs the Green Light: Final Regulations Issued

On July 1, 2014, the Internal Revenue Service (“IRS”) issued final regulations (“Final Regulations”) that permit employers and IRA providers to offer “qualified longevity annuity contracts” or “QLACs” under defined...more

Employee Benefits: ERISA Fiduciary Guidance - Fairness for Defined Contribution Fees (6/14)

There has been a tremendous amount of focus on participant-assessed fees in 401(k) and 403(b) plans over the last couple of years. This has come about, in part, because of lawsuits and the Department of Labor (DOL)...more

ERISA Fiduciary Guidance - Making a "Watch List" Work

For most professionals who sit on 401(k) or 403(b) plan administrative or investment committees, there is a fair amount of routine. The committee probably adopted an investment policy that dates back to the time the plan’s...more

Lifetime Income: Participant Needs, Retiree Risks and Retirement Solutions

The aging of the baby boomers in a defined contribution plan world has revealed a weakness in many 401(k) and 403(b) plans: the plans offer no systematic process for providing lifetime income. (For 403(b) plans funded with...more

The Wild Wild West of non-ERISA 403(b) Plans

I always say that as bad as 401(k) plans may be, 403(b) plans are in much worse shape. It didn’t help that the Internal Revenue Service only issued regulations that governed them only 30 years too late, back in 2008. It also...more

IRS Expands Guidance on In-Plan Roth Conversions

Recent IRS guidance clarifies a number of outstanding questions regarding “in-plan conversions” of non-Roth balances to Roth balances in 401(k), 403(b) and governmental 457(b) plans. In particular, the guidance confirms that...more

IRS Provides New Guidance on In-Plan Roth Rollovers

On December 11, 2013, the IRS issued IRS Notice 2013-74 which provides guidance on in-plan Roth rollovers. An in-plan Roth rollover is a rollover within a Section 401(k), Section 403(b) or governmental Section 457(b) plan to...more

Monthly Benefits Update - November 2013

Health & Welfare Plans - Health Care Reform: Supreme Court Grants Review to Two Cases Challenging ACA’s Contraception Coverage Mandate - The United States Supreme Court has agreed to hear two cases challenging...more

Final Regulations Issued on Safe Harbor Contribution Suspension

The Treasury Department has issued final regulations regarding the ability to suspend employer contributions to "safe harbor" 401(k) and 403(b) plans during a plan year. Employers that maintain safe harbor plans should...more

IRS Limited 50% OFF SALE for 403(b) Plans!

Tax exempt employers who sponsor 403(b) plans were generally required to adopt a written plan document by December 31, 2009. If a written document was not timely adopted, the employer may take advantage of the IRS Voluntary...more

Attention Non-Profits, Public Schools and Other 403(b) Plan Sponsors: the Deadline to Correct a Failure to Adopt a Section 403(b)...

In what seems like a lifetime ago, the IRS provided eligible plan sponsors until December 31, 2009 to adopt a written plan under which they would maintain their existing Section 403(b) arrangements. A 403(b) plan is a...more

Update: One-Time Extension for Furnishing Annual Fee Disclosures to Participants

Earlier this month we reminded you that plan administrators of participant-directed ERISA defined contribution retirement plans (e.g., 401(k) plans, 403(b) plans, profit sharing plans and money purchase plans) had to...more

DOL Provides Fee Disclosure Relief

The U.S. Department of Labor (DOL) released Field Assistance Bulletin (FAB) 2013-02 on July 22, 2013, which provides plan administrators of individual account plans with participant-directed investments (such as 401(k) and...more

Important New Fee Disclosure Guidance

On July 22, 2013, the U.S. Department of Labor (DOL) released Field Assistance Bulletin (FAB) 2013-02, which provides plan administrators of individual account plans with participant-directed investments (such as 401(k) and...more

DOL Extends Deadline For Providing Annual Comparative Chart Of Investment Alternatives In Participant-Directed Individual Account...

On July 22, 2013, the DOL announced a temporary enforcement policy that provides the administrators of individual account retirement plans such as 40 (k) or 403(b) plans some additional flexibility regarding when they have to...more

Retirement Plans Get One Chance to Change Annual Participant Fee Disclosure Deadline

On July 22, 2013, the Department of Labor (DOL) announced a one-time opportunity for administrators of participant-directed individual account plans such as 401(k) and ERISA-covered 403(b) plans to “re-set” their annual...more

DOL Delays Obligation of 401(k) and 403(b) Plans To Distribute Annual Investment Related Information

The U.S. Department of Labor (DOL) yesterday released Field Assistance Bulletin 2013-2 granting plan sponsors of participant-directed individual account plans (such as 401(k) and 403(b) plans) the ability to delay this year’s...more

Compliance Corner: Review of IRS 2013 Audit Priorities

Although the Internal Revenue Service (IRS) is engaged in a variety of ongoing qualified plan compliance, education and audit projects, it is targeting certain types of retirement plans and activities in 2013....more

The ERISA Litigation Newsletter - May 2013

This month our articles focus on the availability of damages in complex ERISA class actions and withdrawal liability actions. Jackie Len first provides Proskauer's perspective on the implications for ERISA litigation arising...more

Recent 403(b) Developments

Background - 403(b) retirement plans are similar to 401(k) plans, but the employers who may establish 403(b) plans are limited to public schools, certain tax exempt employers (including religious and charitable...more

Recent IRS Guidance Concerning 403(b) Plans

Final Internal Revenue Code Section 403(b) regulations which became effective January 1, 2009 require that plan sponsors adopt written 403(b) Plan documents. ...more

Modification of Roth In-Plan Conversion Rules Provides Participants Greater Flexibility

Tucked in the provisions of the year-end financial cliff legislation (the "American Taxpayer Relief Act of 2012") was a provision which creates greater flexibility in the conversion of qualified plan dollars to tax-free...more

403(b) Plans – Correction Of Plan Errors

Final Internal Revenue Code Section 403(b) regulations issued December 31, 2009 require that plan sponsors adopt written 403(b) Plan documents. A 403(b) Plan is a form of defined contribution retirement plan that may only be...more

New Opinion and Advisory Program for Pre-Approved 403(b) Plans

The IRS releases new procedures and sample plan language to assist 403(b) plan sponsors in obtaining pre-approval of 403(b) plan documents and to ensure documentary compliance with 403(b) requirements....more

IRS Establishes Pre-Approved Plan Program For 403(B) Plans

On March 28, 2013, the IRS issued Revenue Procedure 2013-22 which establishes a program for the IRS to accept applications for opinion and advisory letters for 403(b) prototype plans and 403(b) volume submitter plans,...more

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