403(b) plans (BenefitsLink.com)Headlines re 403(b) plans, gathered by BenefitsLink.comGuidance Overview 403(b) Annuities from Employee Organization Are Not ERISA Plans- (Found July 5, 2008 ) Excerpt: "The U.S. District Court for the Western District of Washington has ruled that an employee organization legally cannot establish or maintain a 403(b) plan under the Employee Retirement Income Security Act (ERISA)." (PLANSPONSOR.com; free registration required)http://www.plansponsor.com/pi_type10/?RECORD_ID=41663 Guidance Overview Both Large and Small 403(b) Plans Should Beware of Schedules H And I- (Found July 5, 2008 ) Excerpt: "I don't know how many times I have heard in the past year the comment that 'we have time,' as the first Form 5500 filings for the 2009 plan year won't be due until July 2010. Plenty of time, one would think. But both Schedule H and Schedule I require the reporting of financial data from the beginning of the year, as well as year-end data." (Baker & Daniels)http://www.benefitsbizblog.com/2008/05/large-and-small-403b-plans-bew.html Guidance Overview Final 403(b) Regulations Make 2008 a Key Planning Year- (Found July 5, 2008 ) Excerpt: "This article focuses on a number of significant changes and trends reflected in the final 403(b) regulations and related guidance that impact plan design and implementation decisions that should be made in 2008." (Groom Law Group)http://www.groom.com/Final_403b_regulations.html Guidance Overview Section 403(b) Plans for Tax-Exempt Employers - the Collective Bargaining Dilemma- (Found July 5, 2008 ) Excerpt: "The 403(b) Regulations repeal a nondiscrimination safe harbor which was made available under Notice 89-23 to provide temporary relief with respect to the imposition of the qualified retirement plan nondiscrimination rules on all employer contributions (other than elective deferrals) and after tax contributions to 403(b) plans. As a result of such repeal, 403(b) plans will now be fully subject to minimum coverage testing under 410(b) and employer contributions to them will be...http://www.bnatax.com/tm/insights_jewett2.htm The 403(b) Market- (Found July 5, 2008 ) Excerpt: "The chart illustrates the distribution of investments in the 403(b) market as of December 31st of each year. The numbers represent billions of dollars invested." (Spectrem Group via bWise Guys, LLC)http://403bwise.com/features/403bmarket.html Is Your Plan Investment Menu Boxed In- (Found July 5, 2008 ) Excerpt: "If an investment committee for a participant-directed 403(b) is doing its job, the investment policy statement (IPS) serves as a road map for selecting and monitoring investments offered to plan participants." (PLANSPONSOR.com; free registration required)http://www.plansponsor.com/pi_type11/?RECORD_ID=41336 Sample 403(b) Plans' Information Sharing Agreement- (Found July 5, 2008 ) 13 pages. Excerpt: "The sample ISA provides: A set of sample contractual provisions, with bracketed alternative or optional text and italicized user notes, and A list of the data elements and information which SPARK Institute members have collectively agreed upon as minimally necessary for issuers and vendors to exchange." (The Spark Institute)http://www.sparkinstitute.org/content-files/File/SPARK%20Inst%20403b%20Plans%20Sample%20IS... Best Practices for 403(b) Plans Information Sharing Minimum and Comprehensive Data Elements (PDF)- (Found July 5, 2008 ) 18 pages. Excerpt: "This document sets forth certain best practices with respect to the data elements for information sharing between 403(b) plan employers or employer representatives and vendors. The document also identifies a basic file convention layout. The document does not define best practices for: (1) the methods and frequency of data transmission, or (2) information sharing with respect to specific plan transactions or events (e.g., loans)." (The Spark Institute)http://www.sparkinstitute.org/content-files/File/SPARK%20Inst%20403b%20Plans%20Info%20Shar... PLANSPONSOR 2008 Ultimate Buyer's Guide: 403(b)- (Found July 5, 2008 ) Excerpt: "Sponsors who decide to search for new plan vendors or a vendor that will take on the monitoring or recordkeeping function should look for providers that have 'best-in-class' investment choices . . . . Sponsors also should ask what services the providers offer and what fees they charge for the services. Finally, . . . sponsors should look for providers that are committed to the 403(b) business and the retirement readiness of participants." (PLANSPONSOR.com; free registration..http://www.plansponsor.com/magazine_type3/?RECORD_ID=41202 Let's Make It Cool to Save- (Found July 5, 2008 ) Excerpt: "A coalition of consumer advocates, public policy groups and academics wants to attack our country's dependence on debt by creating a national campaign much like the one used to curb smoking." (Michelle Singletary in the Washington Post; free registration required)http://www.washingtonpost.com/wp-dyn/content/article/2008/05/10/AR2008051000189.html |