Recently, my firm, Carroll Consultants, Ltd., has been doing a great deal of document amendments for 403(b) plan sponsors wishing to add more options to their plan, such as Roth accounts. The first question that clients have before they make the decision to amend their document is what are other 403(b) plan sponsors
doing? For those 403(b) plan sponsors seeking to compare their plans against their peers, the Plan Sponsor Council of America (PSCA) recently concluded its 2013 survey of 403(b) plans sponsored by 573 non-profit organizations. The survey findings are for the 2012 plan year. The following are some of the highlights of the survey:
Employee Deferrals and Employer Contributions
matching formula was 4.7 percent of participantai??i??s compensation and the average maximum non-elective contribution was 6.1 percent of compensation
Investment viagra cialis levitra online review and monitoring
Loans and Hardship Withdrawals
Participant Education and Communication
One of the most interesting results from the survey is the fact that 7.3 percent of the respondents canadian pharmacy council did not know their planai??i??s ERISA status. While 7.3 percent does not appear to be a big number, there are huge consequences for ERISA plans that are not operating in accordance with Title I of ERISA. Specifically, Title I requires ERISA
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plans to comply with the U.S. Department of Laborai??i??s reporting and disclosure rules, and fiduciary provisions. Failure to comply with these rules, could lead to penalties and personal liability for plan fiduciaries. Thus, it is important for all plans to know their ERISA status.
For additional questions, please contact, Chizoba ai???Chizai??? Egbuonu at firstname.lastname@example.org or (610) 225-1211.
This material is not intended to provide specific legal or other professional advice.