403(b) Compliance Summit Report Released
Best Practices Developed by 403(b) Professionals
ARLINGTON, VA, (January 6, 2012) – The National Tax Sheltered Accounts Association (NTSAA) released the report from their third annual 403(b) Compliance Resolution Summit in Dallas today.
The NTSAA 403(b) Compliance Resolution Summit is a forum for 403(b) professionals to identify service issues and develop best practices for the resolution of those issues. The first NTSAA Summit was held in 2009, as a response to widespread service issues—mainly with public school district and community college administrators sponsoring 403(b) non-ERISA plans.
“The Summit draws an array of industry participants who commit to honestly discuss compliance issues in the ever-changing 403(b) regulatory arena. The focus of the annual Summit is to examine common operational and compliance problems that are prevalent in the 403(b) marketplace and provide real working solutions and share these with practitioners through our Best Practices Manual,” said Ellie Lowder, consultant, TSA Training & Consulting Services and NTSAA Advisor.
The 2011 Summit included more than 100 participants, including representatives from the Internal Revenue Service (IRS), the Association of School Business Officials (ASBO), consultants, attorneys and advisors.
Discussion topics included:
• Fee Disclosure Guidance: How rules will impact 403(b) plans subject to ERISA.
• Participant Advice and Fiduciary Issues
• De-Selected Service Providers & the Audit requirements for ERISA 403(b) Plans
• Plan Terminations, Individual Contracts and Provider Disclosures
• Written Plan: Form and Following It’s Terms
“The compliance summary report identities problem areas where best practices need to be established and features recommendations for current issues like fee disclosure—which impacts virtually everyone in the 403(b) marketplace. We also, with the assistance of the American Institute of Certified Public Accountants (AICPA) thoroughly discussed problems with 403(b) ERISA plan audits. In addition, the report includes check lists, glossaries, and forms that are essential in understanding and adopting the best practices. I encourage anyone involved in the 403(b) market to read the report and consult the Best Practices Manual—together these provide an invaluable tool kit for the 403(b) ERISA and non-ERISA market,” said Lowder.
The current edition of NTSAA Best Practices Manual is available for purchase online or at the NTSAA 403(b) Advisor Summit in February 2012. NTSAA will hold their fourth annual NTSAA 403(b) Compliance Conference in Las Vegas, May 3-4, 2012. Read the full report from the NTSAA 403(b) Compliance Resolution Summit here.
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The National Tax Sheltered Accounts Association (NTSAA) is the only independent, non-profit association dedicated to the 403(b) and 457 marketplaces in the nation and represents practitioners, agencies, corporate, and employer members. The NTSAA mission is to provide members with high quality education, technical support, and information resources, as well as to offer a professional networking forum. For more information, visit www.ntsaa.org.
The American Society of Pension Professionals & Actuaries (ASPPA) is a national organization of more than 7,500 retirement plan and benefits professionals that serves as the educator, voice, and advocate for the employer-based retirement system. ASPPA members are administrators, actuaries, advisors, attorneys, accountants, and other financial services professionals who provide consulting and administrative services for qualified retirement plans. ASPPA is based in Arlington, Virginia, and has 20regional ASPPA benefits councils (ABCs) providing local retirement plan employee benefit professionals with opportunities to participate in ASPPA activities in their local communities. www.asppa.org
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