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SECURE 2.0 signed into law December 29, 2022 focuses on significant changes for section 403b tax-sheltered annuity plans 403b plans. 403b plans are similar to 401a tax-qualified defined contribution plans subject to unique requirements under the Internal Revenue Code.
Congress and Biden administration see long-term benefit of incentivizing retirement savings included new means for plan participants to access emergency funds in SECURE 2.0, signed into law end of last year. Effective for plan years starting on or after January 1, 2024.
In Krutchen v. Ricoh USA, No. 22-cv-678, 2022 U.S. Dist. LEXIS 206792 (E.D. Pa. Nov. 15, 2022), a Pennsylvania district court dismissed an ERISA excessive fee complaint for failing to provide enough information...
The IRS has been working to give employers sponsoring 403b plans the opportunity to obtain a level of official comfort as to documentary compliance that is similar to that enjoyed by the company sponsors of 401a plans.
Two recent district court decisions add to the growing number of courts granting motions to dismiss putative ERISA class actions challenging defined contribution plan fees and investment performance.