Page 25 - Michaela Webb News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Experts from Groom Law Group and CAPTRUST answer questions concerning retirement plan administration and regulations.

Can 403(b) Plan Participants Repay or Initiate Loans After Termination? Experts from Groom Law Group and CAPTRUST answer questions concerning retirement plan administration and regulations. Reported by “ I’ve spent my entire benefits career in corporate plans prior to my arrival at a nonprofit health care organization and have a question regarding its 403(b) plan. The plan appears to allow terminated employees to continue to repay loans, and even initiate loans, since repayments are made via ACH bank transfers rather than payroll deduction. Is this permissible? Even at my prior employers,...

Are Employee Mandatory Contributions to 403(b)s Reported on W-2s? Experts from Groom Law Group and CAPTRUST answer questions concerning retirement plan administration and regulations. Reported by “ I work at a university where we have an employee mandatory contribution that is pursuant to a one-time irrevocable election as to whether to participate in our 403(b) plan. Our payroll people insist that the mandatory contributions don’t have to be reported on the W-2 at all, but I always thought that they needed to be reported somewhere. Who is correct?” Charles Filips, Kimberly Boberg, Dav...

Sponsor Offers a 403(b), 401(k) and 457(b): Can an Employee Contribute to All Three? Experts from Groom Law Group and CAPTRUST answer questions concerning retirement plan administration and regulations. Reported by “ I just started working in the benefits department of a large private health care system (not governmental or church-related). The system sponsors a 403(b), 401(k) and a 457(b) plan, and I’ve been informed that I can participate in all three plans! Is that correct?” Charles Filips, Kimberly Boberg, David Levine and David Powell, with Groom Law Group, and Michael A. Webb, se...

What are the catch-up rules that apply to 457(b) plans?” Charles Filips, Kimberly Boberg, David Levine and David Powell, with Groom Law Group, and Michael A. Webb, senior financial adviser at CAPTRUST, answer: The answer depends on the type of plan sponsor and is thus often a source of confusion. There are two types of catch-up elections for 457(b) plans: an age-50 catch-up rule, which operates in a fashion similar to the age-50 catch-up under 403(b) and 401(k) plans, and a special three-year catch-up, which is an election to catch-up on prior missed deferrals in the three years prior to n...