What kind of loans can you take out from your 403(b) retirement plan? How much time do you have to pay it back and what sort of paperwork do you submit? We answer all these questions and more in this new video in our education Services series, ADMIN Partners with You!
The inaugural offering of (b) Informed will cover a timely subject: The forthcoming new IRS Prototype 403(b) Plan Documents. In the video, Mark provides an overview of the new prototype document adoption process. He also provides insight on how ADMIN Partners intends to support its clients during this amendment process, and what you can do as a Plan Sponsor or Plan Administrator to ensure you remain in compliance with the new plan document rules.
We hope you enjoy seeing and listening to Mark, and we look forward to presenting new videos in the weeks to come.
Our second installment of (b) Informed covers the new fiduciary rules announced in 2016 by the Department of Labor and how they will affect the retirement plan industry. Mark Heisler, CEO of ADMIN Partners and host of this web video series, begins by presenting the historical context of these rules; who is mostly likely to face more rigorous fiduciary responsibilities; what accommodations the retirement plan industry has already made in response; and the potential impact the new administration’s “review” or “delay” policy will have on their planned release.
Our next installment of (b) Informed is a discussion about the potential for new tax reforms in the current session of Congress, and the particular impact these would have on retirement plan savings. Mark Heisler (CEO of ADMIN Partners) briefly speculates on the climate for changes in the tax code; how these code changes will have considerable impact on retirement plans (given the volume of deferred revenue they represent); and what role a “tax neutral” approach to obtaining revenue will play in what develops.
This next installment of (b) Informed covers the crucial topic of Universal Availability. Mark Heisler (CEO of ADMIN Partners) presents the fundamentals concerning this sometimes overlooked component of plan governance; he defines the role ADMIN Partners takes in assisting with meaningful notice requirements, as well as what part the plan sponsors themselves should play; and, as a caveat, outlines a case study of the financial liabilities facing plan sponsors if they fail to comply with these rules, should the Plan come under IRS audit.
As it is National Retirement Savings Week , our next installment of (b) Informed has Mark Heisler (CEO of ADMIN Partners) discussing the current state of retirement savings and some of the important questions surrounding it, such as: Are people saving enough for retirement? Do they feel confident they will be able to retire and live comfortably? What role should employers play in encouraging people to save and retire in a timely fashion (and why)? In addition, Mark examines the serious issue of lost revenue from retirement savings (through loans, cash distributions, etc.) and recommends a number of plan design responses to alleviate this.
This week’s (b) Informed is an update of last month’s discussion on the DOL’s new fiduciary rules announced in 2016. Mark Heisler confirms the recent formal announcement of a 60 day delay in the implementation of these rules by the Trump Administration; but also indicates that many investment advisors are already conducting their business as if the new rules were in place, and what this means for you the plan sponsors and for some individuals holding Individual Retirement Accounts.
This week’s (b) Informed revisits Mark Heisler’s discussion of tax reform; in light of the initiatives which may be forthcoming from the White House this week. Mark reviews two recent mainstream press articles on the topic, and presents the possibility that retirement plan contributions may be included as part of the approach Congress and the Trump Administration take in finding new revenue streams, including potentially eliminating future pre-tax contributions. Mark discusses the implications of this, and its likely negative impact on retirement savings.
Welcome to another installment of (b)Informed. This week Mark Heisler, CEO of ADMIN Partners, offers some suggestions on how plans can be reorganized and participants better informed as a way to improve upon their retirement savings outcomes.
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