| Our laundry list of newsworthy 403(b) stories previously featured on this site. | |
| July 2010 | |
| States Shift To Hybrid Pensions » | |
| Facing shortfalls, some combine guaranteed plans with 401(k)-like options. | |
| CalSTRS Selects BWISE GUYS to Build Retirement Plan Information Portal (.pdf) » | |
| Site will serve as one-stop-place for school employees to learn about the 403(b) and 457(b), and access, forms, documents and vendors. | |
| In-plan Roth Conversions, Roth 457 Accounts Expected to Gain Senate Approval » | |
| HR 5297 would authorize governmental 457(b) plans to add Roth features, including in-plan conversions. | |
| The 403(b)ill of Rights » | |
| We, the people of the 403(b) plan, in order to form a more perfect retirement vehicle, establish justice, insure investing tranquility... | |
| June 2010 | |
| 403(b) Contribution Data for 2009 » | |
| Latest 403(b) market data from Spectrem Group. | |
| Teachers Facing New Financial Pains » | |
| Layoffs, salary cuts force educators to rethink finances. | |
| Financial Reform: Free Pass for Annuity Salespeople? » | |
| Excerpt: "annuity peddlers are still not required to act in their customers’ best interest..." | |
| Teaching Kids About You Know What » | |
| I am, of course, talking about the rampant unprotected financial transactions far too many children engage in.... | |
| TIAA-CREF Launches Spanish Site » | |
| Spanish committment includes site, seminars and bilingual consultants. | |
| Weigh the Cost Before 403(b) to 401(k) Switch » | |
| Excerpt: there is NO blanket statement declaring either plan type is better than the other for every plan sponsor. | |
| Survey: Teachers Strongly Support Teaching of Financial Literacy » | |
| Results from Dan Otter's survey of 2,776 classroom teachers gauging their attitudes and beliefs about teaching personal finance. | |
| Annuities: Good, Bad Or Ugly? » | |
| Bogleheads object to high expense, surrender fees and sales tactics. | |
| May 2010 | |
| 403(b)wise on Twitter » | |
| Get our latest news from a little birdie. | |
| Retirement Debate Focuses on Annuities » | |
| Can annuities ensure retirement funds will last? | |
| 2010 403(b) Plan Survey from the Profit Sharing/401k Council of America » | |
| Survey reports on the 2009 plan-year experience of 552 plan sponsors from across the country. | |
| Investor Bulletin: Target Date Retirement Funds (.pdf) » | |
| Overview of popular retirement saving investment. | |
| Workers Struggle to Deal With Changes to 403(b) Plans » | |
| Overview of impact of new 403(b) regulations. | |
| Minimizing Risk and Maximizing Outcomes (.pdf) » | |
| Fiduciary and compliance risk guidance for plan sponsors. | |
| April 2010 | |
| Financial Blogs Worth Your Time » | |
| Guide to some of the best — and often little-known — websites to help manage your finances. | |
| March 2010 | |
| 403(b)wise Turns 10; Joe Biden Weighs In » | |
| New wise crack blog entry. | |
| John Bogle: Consistently Correct » | |
| Kathy Kristof story on Vanguard founder. | |
| Target-Date Funds Series Research Paper (.pdf) » | |
| 2010 industry survey by Morningstar. | |
| 403(b) Annuity Plan Guidance for Tax-Exempt Entities: Where Does Your Plan Stand? » | |
| Excerpt: "The new DOL guidance on 403(b) annuity programs reinforces the idea that an employer needs to be very thorough and cautious in determining whether a 403(b) annuity program is subject to ERISA and the Form 5500 reporting requirements." | |
| Employees Succeed in Trimming Plan Fees » | |
| Excerpt: Jeff Powelson knows how tough it is to fight for lower fees in a 401(k) retirement plan. | |
| Pensions Still Fall Short As A Retirement Parachute » | |
| Excerpt: "The financial crisis certainly laid bare how inadequate our retirement savings system is," says Alicia Munnell, the director of the Center for Retirement Research at Boston College. | |
| February 2010 | |
| Annual Reporting and ERISA Coverage for 403(b) Plans » | |
| Q & A's from Employee Benefits Security Administration. | |
| The 403(b) Plan Audit Part 2 » | |
| Second in series on what to expect if your 403(b) plan is audited. | |
| Are
403(b) Plan Administrators Prepared to Meet the New Regulatory Requirements? » | |
| Excerpt: To better understand the effect of the new regulations on plan compliance, the TIAA-CREF Institute recently conducted a survey of more than 400 plan administrators at not-for-profit and governmental institutions with 403(b) plans. | |
| Vermont Teacher Retirement Deal Would Save $15M a Year » | |
| Teachers would pay more to pensions, work longer, but would receive increased benefits. | |
| January 2010 | |
| SPARK Institute Releases Form 5500
Guidelines for 403(b) Plans (.pdf) » | |
| Guidelines cover multi-vendor plans. | |
| 403(b) Advocates Welcome NTSAA to Palm Springs | |
403(b) advocate Steve Schullo and partner Dan Robertson have a message for NTSAA officials on
the eve of their January 27 to January 30 National Conference in Palm Springs. | |
| December 2009 | |
| Contribution Limits to Stay the Same in 2010 » | |
| Review limit information in our FAQs. | |
| The Doctor Is In (Reluctantly) » | |
| Dan Otter blogs about earning his doctorate, and his new financial literacy initiative. | |
| Bringing Higher Education 403(b) Plans Up-to-Date with Current ERISA Fiduciary Best Practices » | |
| White Paper titled Avoiding the Breach was developed to help higher education plan sponsors understand when and how ERISA applies to 403(b) plans. | |
| November 2009 | |
| DOL Considering 403(b) FAQ » | |
| Excerpt: (Biggest challenge is) addressing the mystery of how to define and manage fiduciary issues arising from 403(b) plans funded with individually owned annuity contracts. | |
| Living the Retirement Reality [Part 4] » | |
| Teacher and 403(b) advocate Steve Schullo concludes his series on life in retirement. | |
| Bogle Takes on Mutual Fund Industry as Top Court Considers Fees » | |
| Vanguard founder is backing investors asking the U.S. Supreme Court to limit fees charged by fund managers. | |
| October 2009 | |
| The Free Plan "Education" Fallacy » | |
| Most 403(b)/457(b) financial education programs in public schools are really just covers for commission-based product sales. | |
| NAGDCA DC Plans Taskforce (.pdf)» | |
| Report on implementing defined benefit (DB)-like features in defined contribution (DC) plans. | |
| GAO Issues Retirement Savings Report » | |
| Excerpt: Many 403(b) plan sponsors keep sponsor involvement to a minimum, which limits the opportunities to pool assets and decrease fees. | |
| Fairfax County Schools Pick 403(b) Providers » | |
| Great-West Retirement Services and TIAA-CREF selected. | |
| September 2009 | |
| 403(b) Theft — How Employees and Employers Get Bilked » | |
| Most plan participants and employers have no idea how much they are losing. | |
| California Stars: CalSTRS and Scott Dauenhauer » | |
| New post in the Wise Cracks blog. | |
| The 403(b)wise Visitor Survey » | |
| Help make 403(b)wise even better by participating in our short 10-question user survey. | |
| Introducing the New Wise Cracks Blog » | |
| Dan Otter of 403(b)wise blogs about a recent presentation to teachers in California, 403(b)wise doings and more. | |
| Participant
Loan Extension Can Carry Unexpected Consequences » | |
| Failure to comply with the Tax Code's constraints on participant loans can subject a borrowing participant to immediate income taxation and, if the participant is not yet age 59-1/2, a 10% penalty tax. | |
| 403(b) Contribution Limits to Drop in 2010? » | |
| Low inflation may lead to lower contribution limits according to consulting firm Mercer. View related discussion comments » | |
| August 2009 | |
| IRS Makes Available 403(b) Plan Information Presentations for Employer and Employee » | |
| IRS 403(b) Presentation for Employees and IRS 403(b) Presentation for Employers | |
| Hire a Salesman as Your Financial Advisor... » | |
| And your return looks PacMan-like. | |
| Mutual Funds Slide, But Fees Jump Five Percent » | |
| Awful year just got more awful for many mutual fund investors. | |
| Comparison: New 403(b) Plan Requirements and the 401(k) » | |
| This article explores the new regulations and the key questions CPAs need to ask when discussing these options with their nonprofit employers or clients. | |
| DOL Issues Limited Relief for Annual Reporting Requirements » | |
| Under certain conditions current and former employees will not be treated as participants for Form 5500 reporting requirements. | |
| July 2009 | |
| New Edition of Teach and Retire Rich Now Available » | |
| Updated version of popular book on teacher retirement plans is now shipping. First 25 orders will be autographed by author. | |
| Planner Delia Fernandez Renews Commitment to 403(b) Advisor Directory » | |
| Fernandez is a fee-only planner based in Los Alamitos, California. | |
| 403(b)wise Advisor Directory Adds New Advisor » | |
| Michelle Slawny, CFP, of Wisconsin is the newest member of our unique advisor directory. | |
| New SPARK Best Practices Documents » | |
| Institute has released three new best practices documents for 403(b) plans, including new best practices for sharing remittance and census data. | |
| June 2009 | |
| Obsolete 403(b) Guidance Documents (.pdf) » | |
| Finalized IRS list of obsolete 403(b) revenue rulings. | |
| Rebuilding Target-Date Investment Options » | |
| Scott Dauenhauer of Meridian Wealth Management proposes a better target date fund. | |
| June 30 Deadline to Fix Defective 403(b) Contract Exchanges » | |
| Excerpt: "Plan sponsors whose plans permitted exchanges with non-approved vendors after September 24, 2007, and who did not enter into ISAs with such vendors by January 1, 2009, might wish to remind plan participants of the upcoming deadline and the need to re-exchange any such contracts back into the plan in order to avoid the potential income tax consequences." | |
| Groom Comments on Proposed IRS 403(b) Prototype Plan Program (Opinion) (.pdf) » | |
| Firm has specific comments on: vesting, selected church plan rules, employer contributions, cash limit, hardship distribution and disability definition. | |
| The SPARK Institute Comments on IRS 403(b) Plan Prototype Program (.pdf) » | |
| The Case for 'Distributed Custodial Accounts' from Terminated 403(b) Plans » | |
| Excerpt: "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." | |
| May 2009 | |
| Pension Reduction Rally (.pdf) » | |
| Government Workers: Learn how the Government Pension Offset and Windfall Elimination Provision can drastically reduce Social Security benefits at a May 30 rally in Berkeley, California. | |
| April 2009 | |
| IRS Prototype 403(b) Plans » | |
| Summary of key provisions in the "draft" revenue procedure. | |
| New 403(b) Market Statistics Available » | |
| Statistics showing the distribution of investments in the 403(b) market are now updated to include 2008 information. | |
| IRS Publishes Sample 403(b) Prototype Document Language (.pdf) » | |
| The Internal Revenue Service has published some sample prototype 403(b) language — and wants to know what you think. | |
| Texas Legislators Seek to End Abusive TPA Practices » | |
| Read talking points (.pdf) and the bill (.pdf). | |
| March 2009 | |
| Dan Otter Speaks to Educators in Los Angeles | |
 Earlier this month, 403(b)wise operator and Teach and Retire Rich author Dan Otter spoke to educators on retirement issues in an event hosted by United Teachers Los Angeles (UTLA). For more information about Dan's seminars, go to the Teach and Retire Rich website. | |
| Target Date Funds Took Too Many Risks for Near-Retirees » | |
| Funds show that one-size-fits-all investments can be faulty when risks aren't understood. | |
| Superintendent Was Client of Benefits Manager Who Also Acted As Broker » | |
| At issue is the deferred-compensation program run by the Fringe Benefits Consortium, which was organized by the county schools office in 1982 and now serves about 72,000 school employees in San Diego, Riverside and Imperial counties. | |
| Benefits Manager Acted as Broker » | |
| Office of Education employee collected at least $355,000 in commissions as a broker for AIG. | |
| Reallocation Versus Rebalancing » | |
| Discussion on difference between rebalancing a portfolio's current asset allocation and outright changing a portfolio's target asset allocation. | |
| February 2009 | |
| 401(k) Fee Bill Introduced in Senate » | |
| Legislation aimed at improving disclosure of 401(k) fee information was introduced in the Senate. | |
| Rate Your 401(k) » | |
| BrightScope puts plans under microscope. | |
| 403(b)wise Adds 12th Advisor to Directory » | |
| Eric Weiss, a CFP from Florida, becomes 12th member of the 403(b)wise Advisory Directory, a unique listing of fee-only planners who meet our strict requirements for inclusion. | |
| January 2009 | |
| IRS Provides Guidance to Financial Institutions on RMDs for 2009 » | |
| The Act waives any RMDs for 2009 for individual account plans, such as 401(k) plans and 403(b) plans, and for IRAs. | |
| Our Vanguard 403(b) Story (.pdf) » | |
| A Tough Test for 403(b)s » | |
| Updated look at new 403(b) rules. | |
| New 403(b) Regulations Now in Effect » | |
| New 403(b) era begins though written plan requirement has been delayed. | |
| Lessons the Market Taught Us in 2008 » | |
| Bear market provided a "doctoral seminar" of investment lessons. | |
| December 2008 | |
| Financial Tips for Teachers from a Teacher (.pdf) » | |
| Teacher and author Danny Kofke shares ideas on how teachers can make the most of their salaries. | |
| Teacher Pensions: A Background Paper (.pdf) » | |
| Excerpt: "Paper examines one important but relatively unfamiliar element of human resource policy for teachers — pensions." | |
| Virginia School Board Chooses One Provider » | |
| After weeks of contention, Newport News School Board chooses Lincoln Financial Group. | |
| Financial Tips for Teachers from a Teacher (.pdf) » | |
| Teacher and author Danny Kofke shares ideas on how teachers can make the most of their salaries. | |
| President Bush Signs Pension Relief Bill » | |
| Excerpt: "The bill allows retirees to avoid making withdrawals from depleted 401(k)s, IRAs, and 403(b)s in 2009." | |
| 403(b) Plan Termination FAQs » | |
| Revised information reflects recent conversations with a representative of the IRS National Office. | |
| 403(b) Crunch Time Series » | |
| Blog to help employers get ready for new regulations. | |
| IRS Announces Delay in Written Plan Requirement (.pdf) » | |
| Employers now have until December 31, 2009 to comply with this provision. | |
| CalSTRS Expands Compliance Services » | |
| California pension fund helps employers with new regulations. | |
| The SPARK Institute Holding 403(b) Information Sharing Webcast » | |
| December 10th event will begin at noon EST and include Q&A session. | |
| SPARK Institute Answers More Technical Questions Regarding Information Sharing » | |
| New questions and answers are now available. | |
| Happy New Year? Not For Some » | |
| 403(b) plans will have fewer investment options, more restrictions in 2009 | |
| November 2008 | |
| ASBO Asks for New Reg Delay (.pdf) » | |
| Group cites "difficulties faced by our constituents in attempting to comply with the new 403(b) regulations." | |
| It's Time to Rethink Our Retirement Plans » | |
| An opinion article by TIAA-CREF's CEO about the need to fix what isn't working before the next financial crisis. | |
| Video: IRS Technical Presentation on 403(b) Final Regulations » | |
| Each part is less than 10 minutes long. | |
| SPARK Institute Releases New Version of Best Practices for 403(b) Plans Information Sharing » | |
| The Data Elements Best Practices document was modified from an earlier version due to a number of complicated and technical questions received from companies that are actively developing systems to follow the best practices. | |
| October 2008 | |
| IRS 403(b) Phone Forum on December 4 » | |
| Following a presentation, Bob Architect will answer questions about new regs. | |
| Groups Ask for Extension on 403(b) Written Plan Requirement (.pdf) » | |
| More than 30 organizations including the SPARK Institute and American Benefits Council ask for extension and recognition of good faith compliance effort. | |
| Baltimore County Schools Choose 5 Providers » | |
| After rejecting single vendor, board chooses: AIG Retirement, ING Life Insurance & Annuity Co., Lincoln Financial Group, MetLife Resources and Security Financial Resources & Security Distributors Inc. | |
| IRS' Architect Dispels Myths about 403(b) Regs » | |
| Sponsors of and advisers to 403(b) plans recently got some clarification regarding compliance directly from one of the “architects” of the new regulations. | |
| IRS Announces 2009 Contribution Limits » | |
| 403(b) contribution limits rise to $16,500 for 2009, and age 50 catchup increases to $5,500 for 2009. | |
| A.M. Best Downgrades Ratings of Security Benefit Life Insurance Company and Its Subsidiary » | |
| Ratings placed under review. | |
| Move to One Vendor Rejected » | |
| Board unanimously opposed recommended contract with 403(b) plan provider Lincoln Financial Group, which would have moved away from multiple vendors. | |
| Retirement Plans and the Troubled Asset Relief Program » | |
| Will Emergency Economic Stabilization Act affect qualified retirement plans? | |
| AIG to Sell VALIC Unit (.pdf) » | |
| AIG perspective on sale of VALIC, "the #1 provider of retirement plans to K-12 market." | |
| Nurturing The Nest Egg » | |
| School districts get new federal duties in overseeing workers' 403(b) supplemental retirement accounts. | |
| Transcript Available from Education Week Online Chat on Financial Meltdown » | |
| John Musso, chief financial officer for ASBO, and Dan Otter, operator of 403(b)wise, discussed the financial crisis and its effect on school districts, teachers, and their retirement savings. | |
| Retirement Plan Disclosure (.pdf) » | |
| A declaration of ethical principles and legal obligations. | |
| September 2008 | |
| New AHA/Diversified Survey Reveals Overhaul of 403(b) Regulations Impacting Retirement Plans for Healthcare Sector » | |
| Just one year after the IRS issued an extensive overhaul of 403(b) regulations, an AHA/Diversified survey reveals that they are impacting healthcare employers' decisions about their retirement plan administration even more so than the Pension Protection Act of 2006 (PPA). | |
| Letter from AIG Retirement to Plan Participants (.pdf) » | |
| AIG Retirement responds to questions they have received from retirement plans and participants regarding their parent company, AIG. | |
| Educators Eye Exposure to U.S. Financial Turmoil » | |
| School business officials kept a close watch on the financial markets this week. | |
| AIG Releases Talking Points Document (.pdf) » | |
| Response to recent press coverage on AIG's liquidity. | |
| California Attorney General's Opinion Regarding Whether School District Can Give Preference to a 403(b) Vendor (.pdf) » | |
| Also addresses whether a school district or its employees receive compensation for the promotion or sale of a particular 403(b) plan to public school employees. | |
| AIG Slumps as Insurer Rushes to Raise Capital » | |
| Insurer gets access to $20 billion in assets from subsidiaries. | |
| 'Two' Works for 403(b) Plans » | |
| At long last, a DOL official has spoken publicly about what constitutes a "reasonable choice" under its 403(b) "safe harbor," 2510.3-2(f)(3)(vii). | |
| HEART Act Changes Retirement Plan Rules for Military Reservists » | |
| Article summarizes changes as they apply to qualified defined benefit and defined contribution plans, Section 403(b) plans, and Section 457(b) plans. | |
| Final 403(b) Regulations and How They Affect Plan Sponsors » | |
| "Under these new regulations, a greater level of employer involvement will be necessary," said Gene Paranczak, senior consultant and ERISA attorney in Vanguard Institutional Strategic Consulting. "Vanguard is committed to helping 403(b) plan sponsors adjust to their new fiduciary responsibilities." | |
| The SPARK Institute Releases Answers to Technical Questions Regarding Its 403(b) Plans Information Sharing Best Practices » | |
| The SPARK Institute today announced that it has created a web site to address questions regarding its "Best Practices for 403(b) Plans Information Sharing — Minimum and Comprehensive Data Elements" document released in July. | |
| The New 403(b) Plan Documents and ERISA » | |
| Dreaded question: whether or not any particular 403(b) plan is subject to ERISA's Title I. | |
| Putting the Nest Egg at Risk » | |
| Hard economic times drive many employees to raid retirement plans to meet immediate needs. | |
| August 2008 | |
| 403(b) Participants More Cautious » | |
| Participants in 403(b) retirement plans contribute less and are not as aggressive with their investments as their 401(k) counterparts, according to a Spectrem Group survey released today. | |
| How America Saves 2008: A Report on Vanguard 2007 Defined Contribution Plan Data » | |
| A reference tool that provides an analysis of savings, investing, and account activity trends in Vanguard defined contribution plans. | |
| Clarifying "Information Sharing Agreements" » | |
| The new 403(b) regulations introduced a new term of art into the industry, the "Information Sharing Agreement." Conversations with a number of consultants, attorneys and IRS officials reveal that this is a term which is still seeking a meaning, and which is causing a bit of confusion in the marketplace. | |
| Sample Letter to TPAs from Employers (.doc) » | |
| Are California educational entities even aware of the state TPA disclosure requirement? This sample letter can be used by employers to see if their TPAs are in compliance with recently passed fee disclosure laws. We believe employers outside of California would be wise to require similar disclosure. | |
| A Retirement Plan Where Everything Goes Wrong » | |
| Persistent misconceptions exist that can put many retirees at risk of running out of money according to MetLife study. | |
| Workers Deserve Index Funds with Low Fees and High Returns » | |
| Vanguard Group Founder John Bogle has shown that, between 1980 and 2005, an S&P 500 index fund returned 12.3% a year, compared to 7.3% for the average mutual fund. | |
| When 401(k) Investing Goes Bad » | |
| Teachers in West Virginia offer a valuable lesson for what not to do. | |
| July 2008 | |
| Managing Your 403(b) Plan — Is It Like Herding Cats? » | |
| New Social Security Calculator » | |
| New user-friendly online benefits estimator. | |
| 401(k) Proposal Would Clarify Fees » | |
| Fees "subtract from the overall amount of retirement savings, so it's really important that workers are able to compare for themselves the relative level of expenses that are deducted," said Labor Secretary Elaine Chao. | |
| RFP Guide for 403(b) Plans (.pdf) » | |
| The SPARK Institute today released a guide to help employers conduct vendor searches that are being prompted by the IRS' 403(b) plans regulations. | |
| Best Practices for 403(b) Plans Information Sharing (.doc) » | |
| The SPARK Institute released a new version of this document to help vendors and employers comply with the new IRS regulations. | |
| 403(b)wise Launches New Look, New Features, and New Service | |
| 403(b)wise, the leading source for 403(b) news and information on the internet, announces a total site redesign. In addition to an attractive new interface, 403(b)wise now offers online calculators, a dedicated employer section, an advisor directory, and a new education service for employers and employees: the YourPlan.info Portal. | |
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