Deals and People May 9, 2023

TIAA Goes Outside the Firm to Fill New Role

New EVP Melissa Kivett arrives from Prudential to help TIAA increase focus on the corporate retirement market.

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TIAA has appointed Melissa Kivett to the newly created role of executive vice president of corporate retirement solutions and business development, beginning May 15, according to an email sent Tuesday by a company spokesperson.

Melissa Kivett

Kivett will be responsible for identifying, managing and growing distribution channels and sales pipelines, the spokesperson explained.

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“She will be responsible for the key products we will leverage for strategic growth in the 401(k) market, bringing a holistic lens from product to client development, with a focus on building partnerships to fuel our position in the market,” Colbert Narcisse, chief product and business development officer at TIAA, stated in an internal memo announcing Kivett’s hire.

TIAA created the new role for an increased focus at the firm on products, partnerships and distribution to the 401(k) corporate retirement market, according to the spokesperson.

TIAA has historically served the 403(b) retirement market, working with nonprofit and educational employers, the spokesperson noted. 

Before joining TIAA, Kivett was a managing director and head of enterprise strategic relationship management at Prudential Financial.

Ask the Experts May 9, 2023

How and When Will SECURE 2.0 Roth Provisions Affect RMDs?

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

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Q: I heard that, under the SECURE 2.0 Act, Roth amounts can be excluded from required minimum distributions. We had a retired participant who just took her initial 2022 RMD from our 403(b) plan that was due to be taken on April 1. She wanted to know if, since that distribution included her Roth balance, whether the distribution could be reversed and retaken without including the Roth balance in the calculation. Also, since she delayed her distribution until recently, she realizes that she also has to take her 2023 RMD this year and inquired as to whether the Roth amount could be excluded as well. What say the Experts?

Kimberly Boberg, Taylor Costanzo, Kelly Geloneck and David Levine, with Groom Law Group, and Michael A. Webb, senior financial adviser at CAPTRUST, answer:

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A: Section 325 of the SECURE 2.0 Act of 2022 states that amounts in a designated Roth account in a plan are not subject to the required minimum distribution rules during a participant’s lifetime. However, this provision is not effective until distributions payable for years after December 31, 2023, including distributions that are required prior to January 1, 2024 but are delayed until January 1, 2024 or later (i.e., for an April 1, 2024, required beginning date). This means that the retired participant must have her Roth balance included in her RMD calculation for 2022 and 2023, because Section 325 is not yet effective.

NOTE: This feature is to provide general information only, does not constitute legal advice and cannot be used or substituted for legal or tax advice.

Do YOU have a question for the Experts? If so, we would love to hear from you! Simply forward your question to Amy.Resnick@issgovernance.com with Subject: Ask the Experts, and the Experts will do their best to answer your question in a future column.

 

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