One of the natural byproducts of doing a lot of 403(b) work is a necessary familiarity with many of the security law rules which apply to retirement plans. This familiarity is recently becoming handy on the 401(a) side of our business as well, with the SEC showing an increasing interest in all retirement plans. The
Do 403(b) Distributed Custodial Accounts Currently Exist?
Our blog of May 26 on "Distributed Custodial Accounts" generated a number of comments, which require a bit of a "follow-on." Ellie Lowder, one of the grand dames of the 403(b) world, agreed with my assessment. She mentioned that she had discussions with the IRS on this point. Staff just couldn’t see how distributions of
The Case For “Distributed Custodial Accounts” From Terminated 403(b) Plans
What Happened
One of the biggest disappointments arising from the issuance of the 403(b) regs has been the inability of employers to effectively terminate their plans. At first, the IRS caused quite a favorable stir when it announced that the regs would specifically classify the termination of a 403(b) plan as a distributable event, and
Green Book Further Outlines Automatic IRA Similarity to 403(b)
The Green Book, published May 11 by the Treasury Department, contains further details on Obama’s workplace pensions first described in his budget proposals (on which we blogged in March). See pages 7-9 of the Treasury report for details.
It really does create a new scheme of individual pensions, much akin to the 403(b) arrangements
ERISA and Mom
ERISA really did create some fundamental changes that has broad personal affect. This reposting of a blog I wrote last year provides a good Mother’s Day reminder of the importance of the work we do:
ERISA wonks such as ourselves tend to get lost in the press of details which seem to flow non-stop
Annuity Advocate Appointed to Senior Treasury Post
Mark Iwry, one of the principals of of the Retirement Security Project, has been appointed as Senior Advisor to Treasury Secretary Geithner and Deputy Assistant Secretary for Retirement and Health Policy.
First and foremost, our heartfelt congratulations to Mark. This is a post well suited to him, and an appointment which will serve the nation’s
ERISA Section 404(a)(1)(b) Lost in the Shuffle: Whatever Happened to Minimizing Risk?
The mantra of Congress, investment advisors and the DOL over the past decade has been consistent: retirement plan assets must be invested in such a way to provide American workers with sufficient assets upon which to actually retire comfortably. This is as basic as apple pie, and a concept with which one can hardly disagree.
IRS Announcement 2009-34: The 403(b) Prototype Program Takes Shape In a Well Written Way
Just when I thought I was going to get a chance to talk a bit about annuities again, the IRS drops a bomb: it has proposed the design of its long awaited 403(b) prototype program and List of Required Modifications. Announcement 2009-34 is the description of the prototype program; and the LRMs can be
The DC Annuity Fog
It has been a couple of weeks since we’ve last posted a blog, and with good reason. Between Evan, Monica and I, this two month span has us doing some 15 presentations and articles, whie keeping up with clients (and a couple of us squeezing in some overdue vacation time!). Monica is speaking this week
The Lost Souls of 403(b): 2009 Form 5500, Participant Counts and the DOL
Evan and I spoke at the ALI-ABA’s Advance Law of Pensions this past week in San Francisco, probably the leading seminar for experienced employee benefit lawyers in the country. Our topic was "Getting Over The Hump," a 403(b) guide for the non-403(b) practitioner. We’re checking with ALI-ABA for permission to publish our paper and PowerPoint