Topic
403(b) Plans
130 published works
Employee Benefits Blog
IRS Expands Determination Letter Program to Include Individually-Designed 403(b) Plans
In Revenue Procedure 2022-40, the IRS recently expanded the determination letter program to allow applications by individually-designed 403(b) plans. This expansion will allow 403(b) plan sponsors to request a determination…
Benefits Law Update
New IRS Determination Letter Program for 403(b) and 401(a) Plans
On November 7, 2022, the IRS issued Revenue Procedure 2022-40, which allows certain tax-exempt employers (such as schools, charities, and churches) to apply for IRS determination letters on their individually…
Benefits Law Update
403(b) Plan Compliance with the Annual Additions Limit: IRS Expects 403(b) Plan Sponsors to Collect Information About Employees’ Outside Employment
In a recent Issue Snapshot about how the annual limit on retirement plan contributions under Section 415(c) of the Internal Revenue Code (“Code”) applies to 403(b) plans, the IRS revealed…
The Business of Benefits
The 403(b) “Qualified Plan Distribution Annuity Contract” Under SECURE Section 109
By Robert Toth
You may've noticed that the SECURE Act introduced yet another new twist to the 403(b) world: the Qualified Plan Distribution Annuity Contract ("QPDAC"-you may want to look at my prior…
The Business of Benefits
A Technical Analysis of How “Small Amount” Cash-Outs Under 403(b) Plans Work
By Robert Toth
The minute differences between 403(b) plans and 401(k) plans are often inconvenient, at best, and sometimes they produce serious conundrums in plan administration which can be difficult to resolve. Prominent…
The Business of Benefits
Are There “Partial Terminations” of 403(b) Plans ?
By Robert Toth
There is no “vesting on partial termination" for 403(b) plans, and no need to track the “20%” rule for vesting on partial terminations for a 403(b) plan. That rule simply…
Compensation & Benefits Blog
Seventh Circuit Upholds Dismissal of 403(b) Plan Lawsuit Against Northwestern University in Apparent Split with Third Circuit
By Myron Rumeld, Russell Hirschhorn, Tulio Chirinos, Benjamin Flaxenburg
Since the beginning of 2016, the ERISA plaintiffs’ bar has filed nearly two dozen complaints targeting university-sponsored 403(b) plans. The majority of these lawsuits assert that plan fiduciaries breached their…
Wyatt Employment Law Report
Extension to Amend and Restate 403(b) Retirement Plans
By WyattLLP
By Sherry Porter All 403(b) retirement plans are yet another area impacted by COVID-19. These retirement plans (sponsored by nonprofits and governmental entities) were required by the Internal Revenue Service…
Beneficially Yours
IRS Provides Additional COVID-19 Relief: Plan Adoption Deadlines Extended
By Diane Dygert, Richard G. Schwartz
Seyfarth Synopsis: Several deadlines established by the IRS to adopt amendments or restatements to employer-sponsored retirement plans, and in this instance specifically, to 403(b) plans maintained by tax-exempt entities and…
Beneficially Yours
401(k) and 403(b) Hardship Distributions and COVID-19 Declared Disaster Areas
By Sarah Touzalin, Christina Cerasale, Richard G. Schwartz
Updated March 28, 2020: Under the IRS safe harbor reason for a hardship related to FEMA, a hardship is available for expenses and losses for employees living or working in…