Products April 24, 2008

TIAA-CREF Puts Out 403(b) Guide

April 24, 2008 (PLANSPONSOR.com) - TIAA-CREF has released a guide to new 403(b) regulations.
Reported by

A news release said the publication, “ 403(b) Plan Fundamentals –  Your Guide to Compliance, “ includes:

  • At a Glance   – An overview of new rules, plan sponsors ‘ responsibilities, and a checklist for compliance;
  • The Details –   In-depth information about plan documents, non-discrimination requirements, loans and distributions, information sharing agreements, plan documents, contribution limits, Form 5500 and the Employee Retirement Income Security Act (ERISA), and fiduciary liability; and
  • Resources –   Frequently Asked Questions, a glossary, and reference materials.

According to the announcement, TIAA-CREF also provides customized Webinars, client workshops led by specialized teams, monthly e-newsletters, and a special section on its Administrator Web Center home page called “ 403(b) Outlook, “ where new articles on key issues are posted each week.

Get more!  Sign up for PLANSPONSOR newsletters.

More information is at 1-888-842-7782.

Compliance April 23, 2008

Senate Bill Expands Health Costs Tax Breaks

April 23, 2008 (PLANSPONSOR.com) - Two U.S. Senators have proposed a bill allowing Americans to deduct health insurance premiums from their federal income taxes and take money tax free from Health Savings Accounts (HSAs) to pay health plan premiums.
Reported by

A news release from U.S. Senator Jim DeMint (R-South Carolina) said he and Senator Jon Kyl (R-Arizona) are sponsoring the Health Care Equity Act.

Under current law, individuals without employer-sponsored health care can only deduct the cost of their health insurance if it is greater than 7.5% of their adjusted gross income.

For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.

Workers currently pay no income taxes on employer health coverage contributions. Employees may also exclude their own portion of health insurance premiums from income taxes if they receive employer-sponsored coverage.

According to the DeMint announcement, the proposal provides individuals buying health insurance on their own with the same tax benefit as those who receive employer-sponsored coverage.

“We can make health insurance affordable for millions of Americans by ending unfairness in the tax code,” said DeMint, in the announcement. “By leveling the playing field, Americans without health insurance can purchase quality coverage and take it from job to job. Too many hardworking Americans are penalized today simply because they work for a business that doesn’t offer health coverage. This bill will help fix that and begin to reduce the number of uninsured in our country.”

«