Welcome to Part 10 (of 10) of our series about the SECURE 2.0 Act of 2022 (SECURE 2.0) (our other articles are on our JL Employee Benefits Blog Page). Among the many changes within SECURE 2.0, the following allow for increased flexibility for participants to access certain retirement plan accounts when faced with qualifying
403(b)
Court Finds No ERISA Liability for Plan Provider Who Delivered Self-Interested Rollover Advice
A New York federal court recently held that a service provider for employer-sponsored retirement plans was not liable as a fiduciary under the Employee Retirement Income Security Act (“ERISA”) when it used participant information to encourage certain plan participants to roll over assets into its more expensive managed account program. Carfora v. Teachers Ins. Annuity…
Last Day of Remedial Amendment Period for 403(b) Plans is March 31, 2020
By Kenneth C. Weafer on
Posted in IRS
Eligible employers sponsoring Code Section 403(b) retirement plans have until March 31, 2020 to self-correct any defects as to the written form of those plans. In recently issued Revenue Procedure 2017-18, the IRS fixed March 31, 2020 as the last day for the current remedial amendment period for 403(b) plans, which began January 1,…