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October 11th, 2022 Information & Insights for the 403(b) Community New Bill Would Void Mandatory Arbitration in ERISA-Governed Plans The Mental Health Matters Act moves to the Senate after House passage, and would eliminate forced arbitration clauses, class action waivers, discretionary clauses, and representation waivers in ERISA-governed plans. The Cost of Protection Managing the growing expense of liability coverage. Ask the Experts How important are proper termination dates for retirement plan compliance purposes? "We are a large, complex health care system that sponsors a 403(b) plan for all the 501(c)(3) members of our controlled group, of which there are many. We have some issues with recording the proper dates of termination of employment for retirement plan purposes. One problem is that the process of reporting termination dates is a manual one, and some of our managers are simply more efficient at it than others. In addition, since it is not a payroll item, termination dates are not fed to our recordkeeper each payroll as part of our remittance feeds, but instead as a separate, less-frequent feed from our HRIS system. Finally, we have a lot of rehires, as well as employees who transfer between employer in our controlled group. This has resulted in our recordkeeper failing to capture some termination dates. We know we need to fix this, but how important are proper termination dates for retirement plan compliance purposes? As I’m sure the Experts can understand, there are a lot of competing benefits projects here, so I want to prioritize this project accordingly. " IRS Issues Update on 10-Year RMD Rule The updated guidance waives the excise tax for those who failed to take a required minimum distribution in 2021 and 2022. Retirement Clearinghouse Announces Auto-Portability Network with Fidelity, Vanguard and Alight The Portability Services Network seeks help mitigate cash-out leakage and accelerate the nationwide adoption of auto-portability. Webinar: Your HSA Questions Answered - Oct. 13 Join PLANSPONSOR and industry experts for a webinar October 13 during which you will increase your understanding of health savings accounts by comparing features to those of defined contribution plans, learn how to position HSAs on your menu of benefits, and hear tips for increasing employee engagement with HSAs. Register today. Participate in the DC Survey For more than 20 years, PLANSPONSOR’s annual Defined Contribution Survey has provided benchmarking data for nearly 50 industries/business sectors and for 401(k), 403(b), and other DC plans, as well as nonqualified plans. Represent your industry and plan type by participating, and you’ll receive a free benchmarking report. Did someone forward you this newsletter? Sign up here to get (b)lines directly in your mailbox! Unsubscribe | Manage Subscriptions | Contact Us Copyright ©2024 Asset International, Inc. All rights reserved. No reproduction without prior authorization. Modern Slavery Statement 2022 | Do Not Sell My Personal Information | Privacy (including cookies), Social Media & Legal 702 King Farm Boulevard, Suite 300, Rockville, MD 20850