YOU HAVE FOUND OUR OLD WEB SITE. BE SURE TO CHECK OUT OUR NEW AND IMPROVED SITE!     403(b) Legislation & Lawsuits/Settlements     Legislation 2008 Texas Retirement System Updates 403(b) Compliance 3/20/08 — Employers get a little more leeway as it relates to excluding vendors who fail to comply with new regulations; still can't boot them for offering lousy products. [TRS]   IRS 403(b) Model Plan Language (pdf) 4/4/07 — Excerpt: "This revenue procedure provides model plan language that may be used by public schools..." [IRS]   2007 IRS Issues Model 403(b) Plan Language (pdf) 12/3/07 — Analysis of IRS model 403(b) plan. [Baker & Daniels]   Legal Alert: IRS Publishes Model 403(b) Plan (pdf) 12/3/07 — Overview of IRS model 403(b) plan. [Sutherland Asbill & Brennan]   New Fiduciary Responsibility for Employers 10/21/07 — Does your plan work to exclusive benefit of participant? [Milliman]   Get Familiar with the Facts (pdf) 10/15/07 — 403(b) regulations: understanding the changes. [Standard]   Plan Sponsors Guide to New Regs 10/15/07 — Thorough overview of new regs. [Principal]   Side-by-side Comparison of Old and New Regs 10/15/07 — Old and new regs in chart form and the implication for employers. [Principal]   Vanguard On Board With New Transfer Rules 9/20/07 — Excerpt: "Please rest assured that we intend to comply with these regulations." [403(b)wise Discussion Board]   90-24 Rules Before and After September 24 Deadline 9/18/07 — NTSAA interpretation of transfer rules after discussion with IRS and Treasury officials. [NTSAA]   Final 403(b) Regulations Issued by IRS Require Employer Action 9/18/07 — Overview of new 403(b) regulations. [Dechert]   Nonprofit Workers Face Retirement-Plan Deadline 9/10/07 — Are you a teacher with a high-cost savings plan? New IRS rules this month will limit your ability to switch to a better one. [Money]   Overview of New Regs 9/7/07 — Summation of new 403(b) regulations. [Seyfarth-Shaw]   IRS Working on Model 403(b) Plan 8/29/07 — IRS's Bob Architect said a "simple plan" is in the works. [Walter Kluwer]   90-24 Transfers 8/24/07 — A look at 90-24 transfer before and after September 24 deadline. [McKay Hochman]   New Regs Overview and Look at Hidden Fees (PDF) 8/22/07 — A look at the new regs and the high cost of hidden fees, particularly in annuity products. [Millman]   90-24 Outrage 8/16/07 — Virginia teachers feels effects of rapid termination of 90-24 transfer. [403(b)wise]   Final Regs Under Section 403(b) (PDF) 8/14/07 — Concise verview of final regs. [Morgan, Lewis & Bockius LLP]   New Transfer Rules Require Immediate Action 8/6/07 — New regs "may functionally require changes in procedures for certain transfers or exchanges of existing contracts" as early as September 25, 2007. [Sutherland Asbill & Brennan]   Overview of 403(b) Regulations (PDF) 7/28/07 — Excerpt: After years of waiting, we finally have the answers. [Drinker Biddle & Reath LLP]   Common Remitter Functions Under New Regs 7/26/07 — Opinion: It looks like all employers trying to use the special 403(b) exemption are going to have to hire somebody to provide compliance services. [403b-457plansblog]   Overview: ERISA and Final 403(b) Regs 7/25/07 — Department of Labor issues guidance on interaction. [Sutherland Asbill & Brennan LLP]   Highlights of New Regs 7/25/07 — Excerpt: The written plan document will be required for plan years beginning after December 31, 2008. [Gatekeeper]   IRS 403(b) Guidance Guide 7/24/07 — Information on new regs for employers and employees. [IRS]   New 403(b) Regulations Released 7/23/07 — Excerpt: the regulations generally apply for taxable years beginning after December 31, 2008. [US Treasury]   IRS Issues Further Roth 403(b) Guidance 7/16/07 — Synopsis of updated IRS guidelines. [Milliman]   Overhaul Overdue for Nonprofit Plans 7/15/07 — The 403(b) is about to undergo first overhaul since Johnson Administration. [Baltimore Sun]   Employer Get Wise Guide for the New 403(b) Regs 5/9/07 — New regs offer employers unique opportunity to drastically improve their plan. [403(b)wise]   Facts on New 403(b) Regs 4/24/07 — Understanding the proposed changes. [The Standard]   Pension Protection Act Overview 1/26/07 — Overview of 2006 legislation. [Money Alert] Congress Goes After Retirement Plan Fees 1/9/07 — Labor Department, Rep. George Miller, spearhead a move toward broader disclosure. [Workforce Management] 2006 Changing 403(b) Plans for Changing Times 12/18/06 — New 403(b) due dilligence and compliance expectations provide "enormous opportunities for employers to reduce fees." [Benefits & Compensation Digest] The Pension Protection Act and 403(b) Arrangements 10/12/06 — Overview of PPA's impact on the 403(b). [McKay Hochman Co.] Overview of New 403(b) Regs 9/27/06 — Excerpt: Section 403(b) plans will look and feel different. [BDO Seidman, LLP] PPA Changes Affecting 403(b) and 457(b) 9/15/06 — The most important thing the Pension Protection Act did was to make EGTRRA permanent. [403b-457plansblog] IRS Delays New 403(b) Regs 8/29/06 — Excerpt: "Final regulations generally will not be effective earlier than January 1, 2008." [IRS] Pension Protection Act of 2006: IRAs, 403(b) and 457 Plans 8/21/06 — Overview of affect of Pension Protection Act of 2006 on IRA, 403(b) and 457. [Sutherland Asbill & Brennan] MEA Has Gone Away; Never to Rise Again! 8/9/06 — Summary of H.R. 4 — Pension Protection Act of 2006. [Citizens Bank & Trust] 401(k) Bill May Affect 403(b) 8/3/06 — ERISA 403(b)s typically follow rules of 401(k) plans. [SFGate] School System Ahead of IRS on Streamlining 403(b) vendors 7/15/06 — School system streamlines 403(b) vendor list from 55 to 1. [403(b)wise] 403(b) Regs to Be Delayed Until 2008? 6/29/06 — Reportedly new 403(b) regulations will not go into effect until 2008. [403(b)wise] IRS Clarifies Roth Accounts Tax Liability 1/26/06 — New rules to clarify how distributions from Roth 403(b) plans are to be taxed. (free login). [PlanSponsor] Proposed Rules on Roth 403(b) Contributions 1/25/06 — Treasury and IRS release proposed rules regarding designated Roth 403(b) contributions. [Treasury] 2005 403(b) Regs Delayed 9/14/05 — IRS officials report that proposed 403(b) regs will not be effective before January 1, 2007. [403(b)wise] Status of 403(b) Regs 7/18/05 — Excerpt: "It is clear that the IRS would like to eliminate all 90-24 transfers." [NTSAA] Comments on 403(b) Regs (pdf) 5/24/05 — National Sales Director for Retirement Marketing Specialists comments on 403(b) regs. [403(b)wise] Automatic Signup In 401(k)s Backed 5/22/05 — Provision eyed for Social Security bill. [The Washington Post] W. Virginia Closes DC Plan to New Hires (pdf) 5/12/05 — Bucking a recent trend, W. Virginia switches back to a defined benefit plan. [nctr.org] Schwarzenegger Pulls Back on Pension Reform 4/8/05 — California governor backs off plan to privatize California's public employee pension system. (free login) [Plan Sponsor] West Virginia House Votes to End Personal Accounts 3/31/05 — The bill would send all new hires into the state's older Teachers Retirement System. [herald-dispatch] 403(b)etter or Worse? 3/31/05 — Big changes could be coming to the 403(b) in 2006 (free login). [Motely Fool] Alaska Proposes DC Plans for Teachers 3/15/05 — Following California lead, Alaska proposes replacing pension plan with DC plan (free login). [Plan Sponsor] ASPPA Comments on 403(b) Regs 3/12/05 — American Society of Pension Professionals and Actuaries comment on proposed 403(b) regs. [ASPPA] Treasury's Proposed Roth 403(b)/401(k) Rules 3/2/05 — The Department of Treasury and IRS today announced proposed regulations regarding designated Roth contributions to 401(k) and 403(b) plans. [Department of Treasury] Schwarzenegger, Unions Clash Over Pension 2/22/05 — California teachers, firefighters and other workers worried about their retirement [The Washington Post] Leading Annuity Companies Comment on 403(b) Regs (pdf) 2/11/05 — AXA Financial, ING, TIAA-CREF and others comment on proposed 403(b) regs. [groom.com] NTSAA Comments on Proposed 403(b) Regs (pdf) 2/11/05 — Prepared by NTSAA advisors Kristi Cook, J.D., and Ellie Lowder, MCRS. [NTSAA] Official Launch of 403bcompare.com (pdf) 2/9/05 — Powerful website allows visitors to pull up free, objective information about 403(b) products. [403(b)wise] CalSTRS Formally Opposes Legislation to Replace the Current Pension System 2/3/05 — The Teachers' Retirement Board opposes two proposals that would replace guaranteed defined benefit pensions. [CalSTRS] Proposed 403(b) Regulations Issued by the IRS 2/1/05 — The IRS anticipates that the regulations will be finalized and take effect in plan years beginning after December 31, 2005. [TIAA-CREF] Calif. Voters May Face Choice to Change State Pensions to 401(k) plan 1/6/05 — In a significant echo of President Bush's plan to privatize part of Social Security, Gov. Arnold Schwarzenegger called Wednesday for privatizing two of the nation's largest public pension systems. [SFGate.com] 2004 To Be or Not To Be a 403(b) (pdf) 12/20/04 — Proposed 403(b) regulations contain many new components. [Gardner Carton & Douglas] Summary of Proposed 403(b) Regulations (pdf) 11/16/04 — Proposed rules consolidate statutory changes, previous IRS rulings, and administrative practice into one set of guidance. [Citizens Bank] Treasury and IRS Propose New 403(b) Regulations 11/15/04 — First comprehensive guidance on 403(b) plan in 40 years. [Department of Treasury] Teachers Seek End to Social Security Penalty 3/25/04 — Social Security system penalizes teachers and other public employees in retirement. [Star-Telegram] Congress Closes "Last Day" Teacher Social Security Loophole 3/2/04 — HR 743 has three key provisions that impact public sector employees. [NCPERS] Measure Shuts Teachers' Social Security Loophole 2/11/04 — Bill to close a loophole in federal law that allows Texas teachers to keep their own state pensions and the full Social Security benefits of deceased spouses. [Houston Chronicle] Retirement Savings Plans Resurface 2/2/04 — 2005 budget includes LSA, RSA, and ERSA, and new Individual Development Accounts. [Treasury Department] House Introduces Legislation Allowing State Workers to Contribute to 403(b) 1/30/04 — HR 3718, which if passed would allow state government workers to contribute to 403(b) plans. [Financial-Planning.com] Bill Introduced to Allow State Employees to Contribute to 403(b) 1/29/04 — HR 3718 was introduced by Virgil H. Goode Jr. (R-Virginia). [457bwise] Bush Retirement-Savings Plans to Resurface in February 1/28/04 — RSA and LSA plans will be unveiled in the president's Feb. 2 budget, Treasury Department says. [Seattle Times] 2003 The 403(b) and Bankruptcy 12/24/03 — Non-trust plans not protected from creditors according to 6th Circuit Court of Appeals. [403(b)wise] Congress Moves to Plug Texas Teacher Loophole 12/11/03 — Texas teachers would lose extra retirement benefits. [Houston Chronicle] Drive Renews for Tax-Free Savings Accounts 12/6/03 — Treasury will again push for RSA and LSA accounts. [The Washington Post] ERSAs on Comeback Trail 10/31/03 — Bush Administration poised to push for its new breed of retirement savings programs next year. [PlanSponsor.com] Panel Hears Complaints About Laws That Cut Retirement Checks 9/25/03 — Complaints from retirees have prompted several members of Congress to sponsor bills that would repeal or modify laws that reduce benefits. [The Washington Post] Overview of Final Section 457 Regulations 7/21/03 — Excerpt: "One of the more controversial aspects of the proposed regulations was its rule for coordinating IRC section 457(f) and section 83... [Deloitte & Touche] In Testy Session House Committee Approves Portman-Cardin 7/18/03 — Bill would allow individuals to contribute $15,000 to 403(b), 457(b) and 401(k) plans next year. IRAs would increase to $5,000. [The Washington Post] IRS Releases Final 457 Regulations 7/11/03 — Detailed summation of final IRS 457 regulations. [Great-West] IRS Releases Final 457 Regulations 7/10/03 — The regulations reflect the changes made to section 457 by the Tax Reform Act of 1986, the Small Business Job Protection Act of 1996, the Taxpayer Relief Act of 1997, the Economic Growth and Tax Relief Reconciliation Act of 2001, the Job Creation and Worker Assistance Act of 2002, and other legislation. [IRS] Pension Reform Comparison 6/18/03 — Side-by-side comparison of EGTRRA, the Bush Proposal and Portman-Cardin, and the impact of each on the 403(b) and 457. [TIAA-CREF] Florida Teachers Can Stay on Jobs Longer 6/11/03 — A provision in a new state law will allow longtime teachers to defer their retirement for an extra three years, including an 86-year-old Polk County teacher who isn't ready to give up her classroom yet. [Miami Herald] Controversial Texas 457(b) Legislation Fails to Come to a Vote 6/9/03 — Texas legislation SB 1243 which sought to apply state 403(b) rules to the 457(b) failed to come to a vote before the close of the 78th Legislative Session. [457(b)wise] IRS Issues Proposed Regulations on Deemed IRAs 5/30/03 — For purposes of the Deemed IRA rules, the term "qualified employer plan" includes 401(a)/(k) qualified retirement plans, 403(a) annuity plans, 403(b) tax-sheltered annuity plans, and governmental 457(b) plans. [Great West] Dumb and Dumber in Texas: Lobbyists Seek to Torpedo RFP in 457(b) 5/28/03 — Under proposed Texas legislation SB 1243 that seems very likely to pass, school districts will soon be denied the ability to engage in the RFP process when offering 457(b) plans. [457(b)wise]   Focus on 457: House to Vote on Pension Security Act 5/14/03 — The House of Representatives is scheduled to vote on the Pension Security Act (HR 1000) on May 14, 2003. Also includes information on proposed 457 and 403(b) regulations. [Great West] My View on Proposed Legislation to Amend Teacher Retirement System of Texas (SB 1243) 5/8/03 — Employee benefits specialist David K. Young, MPA, CEBS, sees advantages to proposed Texas bill. [403(b)wise] Congress Sees New Pension Reform Bill 4/30/03 — Information on the Portman-Cardin Pension and Savings Act which among many benefits makes permanent EGTRRA's retirement savings provisions. [TIAA-CREF] Details of Portman-Cardin Proposal 4/17/03 — Highlights of the Portman-Cardin Pension and Savings Act which would accelerate 403(b) and 457 contributions to $15,000 for 2004. [Great-West] Portman and Cardin Introduce Retirement Security Legislation 4/11/03 — Americans would be able to save more for retirement and have more control over their savings under the bipartisan Pension Preservation and Savings Expansion Act introduced today by Reps. Rob Portman (R-OH) and Benjamin L. Cardin (D-MD). [house.gov] House Approves Bill Ending Social Security Boon for Teachers 4/3/03 — The House passed legislation yesterday to end a Social Security practice that allowed some government workers to receive increased retirement benefits. Texas Democrats said the bill was a hardship for their state's teachers. [Washington Post] Workforce Committee Approves Bipartisan Pension Security Act 3/6/03 — The comprehensive pension protection bill backed by President Bush and passed by the House last year would give millions of Americans new tools to help them better manage and expand their retirement savings. [Committee on Education and the Workforce] 2002 AB 2506 Chaptered 11/12/02 — AB 2506 requires a central database listing all fees and charges in 403(b) plans sold in California. Here is the chaptered version of this new bill. [403(b)wise] Bill Seeks to Increase 403(b) Contribution and Catch-up Limits 10/22/02 — HR 5558 would, among other things, raise contribution and catch-up limits in IRAs and 403(b)-like retirement plans for 2003. [403(b)wise] AB 2506 Signed into Law 9/29/02 — AB 2506, which establishes a registration process for vendors offering 403(b) retirement investment products in Califorina, was signed into law Sunday, September 29, 2002. [403(b)wise] Texas TRS Approves Criticized 403(b) Regulations The Texas Teacher Retirement System Board of Trustees approved revised 403(b) regulations that contain expense caps. However, some believe the new regulations don't go far enough, and worse, are a cave-in to the insurance industry. [403(b)wise] Enroned Again: Lobbyists Mess with Innovative Texas 403(b) Plan Scores of unwitting small-time investors figure to be gored on their retirement plans in Texas. Sound familiar? [403(b)wise] Attorney Says Texas TRS Succumbed to Lobbyists Teacher advocate criticizes proposed changes to 403(b) investment regulations. [403(b)wise] New Rules for Texas 403(b) Plans Texas is implementing a new certification process for companies wishing to sell 403(b) products. [State of Texas] Texas Acts to Clean Up 403(b) Market The Texas Legislature, in response to growing complaints by teachers and several high profile class action lawsuits, has enacted sweeping changes in the way 403(b) products can be sold to teachers in Texas. [403(b)wise]   2001 Throw Away The MEA Calculators - The Repeal of a Complicated Formula Gives New Life to 403(b) Plans Included in President Bush's new tax law is the provision for repealing the Maximum Exclusion Allowance (MEA) calculation for 403(b)s at the end of 2001, allowing plan contribution rules to mimic that of 401(k) plans. [Financial-Planning.com]   The 403(b) Market After Tax Reform What does the passage of the Economic Growth and Tax Relief Reconciliation Act of 2001 mean to the 403(b)? Still River, which produces 403(b) compliance software, gives their analysis of the effects on the 403(b) in this Adobe PDF document. [Still River]   Lawsuits/Settlements 2008 Wal-Mart Sued Over 401(k) Fees 4/22/08 — Missouri Wal-Mart employee and participant in its 401(k) plan has filed an excessive fee lawsuit (free login). [PlanSponsor]   2007 Daniels-Hall vs. NEA 7/17/07 — Class action complaint for violations of the Employee Retirement Income Security Act (ERISA). [403(b)wise]   2 Teachers Sue Union Over Retirement Plan 7/17/07 — NEA is accused of getting a kickback for touting a costly offering (free login). [LA Times]   Lawsuit Says Teachers Are Overcharged on Annuities 7/17/07 — Lawsuit contends NEA breached its duty by endorsing high-cost investments in exchange for payment (free login). [NY Times]   "Teachers Deserve Better" As Lawsuit Charges NEA For Overcharging 7/17/07 — lawsuit claims National Education Association( NEA) overcharged the very teachers it represented in annuities sold by Nationwide Life Insurance Company and the Security Benefit Group. [AHN]   Imperfect Union 4/5/07 — Lawsuit targets ING NYSUT 403(b) arrangement. [Forbes]   2006 Waddell & Reed Settles Market Timing Charges 7/24/06 — Excerpt: Waddell & Reed's senior management knew timing activity was harming the firm's small investors (free login). [Plan Sponsor] Spitzer-NYSUT Settle 403(b) Probe 6/13/06 — Union took payments from an insurance company to promote 403(b) product and took steps to conceal it. [Eliot Sptizer] Hartford Admits Misconduct in Annuities Probe 5/11/06 — Company will pay $20 million in restitution and fines. [Office of NY State Attorney General] 2004 NASD charges Waddell & Reed 1/14/04 — Regulators allege the company improperly urged customers to switch variable annuity contracts. [CNNMoney] 2002 Schools Skimmed on Homework on Benefit Consultants 11/12/02 — Teacher retirement and benefit accounts were a headache for Texas school districts, so many snapped up a company's offer to administer the accounts for free. [Star-Telegram] Laredo Lawsuit May Save Teachers A Lot 403(b) contributors should look toward Laredo and be thankful. [Corpus Christi Caller-Times] 2001 CGU Reaches Settlement in Texas 403(b) Suit CGU Life Insurance Company of America, formerly known as Commercial Union Life Insurance Company of America, announced the settlement of a class action lawsuit filed by teachers and other school district employees who purchased annuities as part of a 403(b) plan. [403(b)wise]   College Life Reaches Settlement in Laredo 403(b) Class Action The suit, filed by a group of teachers in Laredo, Texas, involves annuities and life insurance policies sold as part of 403(b) plans. [403bwise]   2000 Retirement Savings Plan Costs Teachers, Lawsuits Say An increasing number of people have filed lawsuits against a program that they believed would help secure their retirement: the 403(b) savings plan for teachers and nonprofit workers. [Fort Worth Star Telegram]     Home | Disclaimer | © 2001-2007 bWise Guys, LLC. All rights reserved.				Related Information Employer Guide to New 403(b) Regs New 403(b) Regs IRS Guide to New Regs