What If the Last Day of the Plan Year Falls on a Weekend?
“A few employees terminated employment at the end of the year, and their last day of work was December 30, 2016, which was the last business day of the year for our firm, since December 31 was a Saturday last year. Our 403(b) retirement plan has a last-day rule, where the document language says you must be employed on the last day of the plan year (our plan year is calendar) in order to receive our annual employer contribution. Any thoughts from the Experts as to whether or not an employer contribution for the 2016 plan year should be provided?”
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Connecticut Bill Targets 403(b) Provider Conflicts
A new bill is aimed at implementing a state-based rulemaking process that will require any person who enters into a service contract or agreement with a 403(b) retirement plan to disclose conflicts of interest.
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|Ask the Experts|
David Levine and David Powell, with Groom Law Group, and Michael A. Webb, VP, Retirement Plan Services, Cammack Retirement Group, will field your questions concerning 403(b) plans and regulations. firstname.lastname@example.org with Subject: Ask the Experts. Answers may be printed in future (b)lines. This feature is to provide general information only, does not constitute legal advice, and cannot be used or substituted for legal or tax advice.