Employer

Employer resource articles

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Read articles of interest for district administrators, payroll coordinators, and other district administrative staff.

Articles are available from the past year and are sorted by quarter based on the Benefits NewsBrief email for Wisconsin public school district employers. If you would like to be alerted to timely articles, please sign up at the Benefits NewsBrief subscription page.


January 2023

October 2022

July 2022

April 2022


January 2023 articles

>>2023 contribution limits >>Required notices for 403(b) plans
>>SECURE 2.0 is law >>Still mailing in checks for 403(b) remitting?
>>Protect your employees by making sure that only the appropriate business office personnel have access to yourPLAN ACCESS

2023 contribution limits

Let your employees know that the 403(b) employee contribution limit increased to $22,500 in 2023 (2022 limit was $20,500). Those age 50 or over at the end of the calendar year can also make catch-up contributions of $7,500 (2022 catch-up was $6,500) beyond the basic limit on elective deferrals. If permitted by the 403(b) plan, an employee who has at least 15 years of service with the same eligible 403(b) employer may be able to contribute an additional $3,000.

The total contribution limit for both employee and employer contributions to 403(b) plans under section 415(c)(1)(A) increased from $61,000 to $66,000.

For more information on contribution limits in the 403(b) and IRA retirement savings programs, visit weabenefits.com/limits.

Required notices for 403(b) plans

The Universal Availability Notice (UAN) and 415 Notice need to be provided annually. There is no “provide by” date requirement; however, a common practice is to provide these documents with the W-2 distribution. The notices can be emailed, but a hard copy needs to be provided to employees who do not have access to email.

The UAN has two key components: opportunity and eligibility.

  • The UAN opportunity provides the employee with the frequency of when salary reduction agreements can be made or changed.
  • The UAN eligibility provides the details on which employees are permitted to make elective deferrals.

The 415 Notice provides employees with contribution limits and explains their responsibility for staying within those limits. It outlines the types of retirement accounts that are combined for that contribution limit.

If WEA Member Benefits is your document provider, an email was sent on January 4, 2023, with a link to the document portal. If you did not receive this link or have questions on the documents, please contact Plan Administration at 1-800-279-4030, Extension 8579, or WEAPlanAdmin@weabenefits.com.

SECURE 2.0 is law

The Senate passed the Consolidated Appropriations Act of 2023 (CAA) on December 22, 2022, and the House passed it on December 23. The bill was signed into law on December 29.

A part of CAA is SECURE 2.0. SECURE 2.0 is the consolidation of: Securing A Strong Retirement Act—House bill, the Enhancing American Retirement Now (EARN) Act—Senate Finance bill, and the Retirement Improvement and Savings Enhancement to Supplement Healthy Investment for the Nest Egg (RISE & SHINE) Act—Senate Health, Education, Labor and Pensions committee bill. As a result, it is a lengthy document that we will continue to review.  However, we wanted to highlight a few items that will directly impact your 403(b) plan.

Some provisions may be included (or not) at the discretion of the employer. These provisions are noted as “optional.”

Effective now:

  • The required minimum distribution age increased from 72 to 73 beginning January 1, 2023. It will increase to age 75 in 2033.
  • Qualified birth or adoption now restricted to three years (from no restriction). This became effective on date of enactment, which was December 29, 2022.
  • Hardship withdrawals can be taken from elective deferrals, qualified nonelective contributions, qualified matching contributions, and earnings from all before-mentioned contribution sources. This is effective for plan years beginning after December 31, 2022.
  • Hardship withdrawals can be self-certified. An employee can self-certify that they have a hardship event that is in compliance with safe harbor rules. This provision became effective when the Act was enacted, December 29, 2022.
  • De minimis financial incentives can be offered by employers to encourage employees to contribute to retirement plan. The de minimis financial incentives cannot be paid from plan assets. There is no definition of what is considered de minimis. This provision also became effective when the Act was enacted, December 29, 2022.
  • Student loan payments are treated as elective deferrals for purposes of matching contributions (optional). Employers are permitted to consider student loan payments to be elective deferrals for purposes of making matching contributions to the retirement plan. An annual self-certification by employee is required. This is effective January 1, 2023.
  • Withdrawals for certain emergency expenses are exempted from the 10% premature tax penalty (optional). The emergency expense withdrawal is for unforeseeable or immediate financial needs relating to personal or family emergencies. One distribution per year of up to $1,000 is allowed with the option to repay the distribution within three years. An additional emergency distribution would be allowed if the account is “rebuilt”—either repayment within the three-year period of the prior distribution or making contributions equal to the distribution. This is effective after December 31, 2023.
  • Employer matching or nonelective contributions can be designated as Roth contributions (optional). Employees have the option of receiving matching or nonelective contributions as Roth. It became effective at enactment on December 29, 2022.

Effective later:

  • Saver’s match replaces the saver’s credit. The saver‘s credit is a refundable tax credit, while the saver’s match will apply a federal matching contribution directly to a taxpayer’s IRA or retirement plan account. The match equals 50% of an individual’s first $2,000 of contributions to an IRA or retirement plan. The maximum match amount is $1,000 and the minimum match is $100. The match phases out between income of $41,000 and $71,000 for taxpayers filing a joint return and $20,500 to $35,500 for single filers. This is effective for taxable years beginning after December 31, 2026.
  • Increase to catch-up limit for those age 60, 61, 62, and 63. Plan participants may be able to add $10,000 more per year above the standard contribution limit. The limits may be different when this becomes effective after December 31, 2024.
  • Emergency savings accounts provide employees an opportunity to save toward an emergency savings account linked to their employer plan (optional). These accounts are capped at $2,500, and the contributions are made on a Roth-like basis. The contributions are treated as elective deferrals and are included in matching contributions. Distributions are deemed to be qualified Roth distributions and are not taxable. A participant can take a distribution at least monthly, and the first four distributions may not be subject to any fees or charges. Any subsequent distributions may be charged reasonable fees. At separation of service, the emergency savings account can be rolled to a Roth source (if plan allows), rolled to a Roth IRA, or cashed out to the employee. This is effective after December 31, 2023.
  • Increase the mandatory distribution limit from $5,000 to $7,000. An employer may transfer former employee accounts from their retirement plan to an IRA if the balance is between $1,000 and $7,000 (formerly $5,000). This is effective after December 31, 2023.
  • Retirement savings “lost and found” to be created by the Department of Labor (DOL). It is an online searchable database for lost retirement accounts. The database will contain information on benefits owed to missing, lost, or non-responsive participants and/or beneficiaries in tax-qualified retirement plans. Participants and beneficiaries that have lost track of their retirement account will be able to search the database for plan administrator contact information. The database needs to be created no later than two years from the enactment date of December 29, 2022.
  • Domestic abuse penalty-free distributions may be permitted in the amount of the lesser of $10,000 or 50% of the presently vested account balance. The distribution can be self-certified and is available up to one year after the date the individual became a victim of domestic abuse. The distribution can be repaid within three years. This is effective after December 31, 2023.
  • Roth plan distributions to owner for required minimum distributions are eliminated to match Roth IRA rules. This eliminates pre-death required minimum distributions requirements for Roth accounts in employer plans. This is effective after December 31, 2023.
  • Catch-up contributions are to be made in the form of Roth contributions. If a 403(b) plan wants to allow catch-up contributions, those contributions must be made on an after-tax (Roth) basis. This means that a plan allowing catch-up contributions must also allow Roth contributions. An exception is made for employees with compensation of $145,000 or less (indexed). This is effective after December 31, 2023.

Still mailing in checks for 403(b) remitting?

The start of a new year is a great time to make the switch from mailing paper checks to electronic remitting through the Automated Clearing House (ACH). The ACH option eliminates the extra time needed for mailing. This is beneficial given the Department of Labor rule that contributions should be made no later than 15 business days following the month of the payroll withholding. The transmission of contributions through an electronic method is the best way to reduce delay. If you are interested in setting up an electronic pull/push from your bank, please call our Plan Administration Team at 1-800-279-4030, Extension 8579, or email them at WEAPlanAdmin@weabenefits.com.

Protect your employees by making sure that only the appropriate business office personal have access to yourPLAN ACCESS

yourPLAN ACCESS, the online employer access site for Member Benefits’ 403(b) plan, offers many options for obtaining information about your 403(b) plan, and this needs to be protected.

Who has access is just as important as the type of access that is given to the employee. There are two types of access: 1) full—which provides access to the entire site and the ability to run reports and set up new accounts, or 2) payroll only—which will allow the user to enter and submit payroll rosters.

Member Benefits kicked off a campaign in mid-January to reach out to Plan Sponsors and ask that they review the employees that have access to yourPLAN ACCESS. Contact the WEA Member Benefits Plan Administration team at 1-800-279-4030, Extension 8579, or email them at WEAPlanAdmin@weabenefits.com with any questions.

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October 2022 articles

>>Timely 403(b) contributions >>New 403(b) contribution limits
>>Annual notices coming your way >>Update on SECURE Act 2.0

Timely 403(b) contributions

When contributions are not deposited timely, an operational failure occurs, which could lead to plan disqualification.  The Department of Labor (DOL) states employee contributions must be remitted to the plan by the earlier of the date when contributions can reasonably be segregated from employer’s general assets or the 15th business day of the next month.  The DOL requires the employer to make up for the lost earnings on late contributions calculated from the date the deposit should have occurred through the date the actual deposit was made.

In many cases, the reason for late contributions is due to district office staff turnover.  Ideally, the outgoing district staff is available to train the new staff member.  However, this is not always feasible.

If a district finds themselves in this situation, Member Benefits is here to assist with the process.  The first step is to remit any late contributions.  The next step is to reach out to us by email at WEAPlanAdmin@weabenefits.com or call us at 1-800-279-4030 ext. 8579.

New 403(b) contribution limits

In late October or early November, the IRS will be releasing the 2023 contribution limits.  Retirement plan contribution limits are adjusted for inflation each year.  Inflation has been at elevated levels so the prediction is that contribution limits will increase for 2023.

As these rates are announced, it is a great time to review your 403(b) Salary Reduction Agreement (SRA).  The districts that use their own SRA often include 403(b) contribution limits that will need to be updated.  This creates an opportunity to share the updated form with your employees which might spark an increase in retirement savings.

Annual notices coming your way

If your district offers automatic enrollment, the Annual Notice to employees needs to be distributed each year by December 1. If your plan uses WEA Member Benefits’ 403(b) plan documents, we will send the automatic enrollment notice to you in November. Please watch for the email and reach out if you have questions or do not receive the notice by November 21, 2022.

403(b) plan sponsor are also required to provide all eligible employees with the Universal Availability Notice (UAN) and 415 Notice. If your plan uses WEA Member Benefits’ 403(b) plan documents, we will send these notices to you in January 2023. The UAN and 415 Notices reflect current year information, so to ensure that 2023 information is captured they will be sent in January. These notices need to be provided annually to employees but do not have a date requirement like the automatic enrollment notice.

Please contact Plan Administration at 800-279-4030, ext. 8579 or WEAPlanAdmin@weabenefits.com if you have any questions on these annual notices.

EARN Act, RISE and SHINE Act, and SECURE 2.0 Update

The Senate Finance Committee received the fully amended document of the Enhancing American Retirement Now (EARN) Act on Thursday, September 8.  The amended document had only a few minor changes including:

  • Individuals age 60 or older could start making higher catch-up contributions in 2025 (versus 2024).
  • Employees with wages below $100,000 could make catch-up contributions on a pretax or Roth basis. Employees with wages exceeding $100,000 would still be required to make catch-up contributions on a Roth basis.
  • The option to treat employer contributions as Roth contributions would be available starting in 2023 (versus 2024).

The other Senate bill, the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg Act (RISE and SHINE Act) is moving through the Senate Committee of Health, Education, Labor and Pensions.

The two Senate bills and the House of Representatives bill of Securing a Strong Retirement Act (SECURE 2.0) will likely be consolidated for the final legislation.  The final legislation is targeted for some time between Election Day and the end of the year.

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July 2022 articles

>>RISE and SHINE Act and SECURE Act 2.0 >>Before sending in funds for your new employee, verify their 403(b) account is open
>>SECURE Act, CARES Act and CAA Amendments are in Process >>Important information for Plan Sponsors that offer hardship withdrawals
>>Do you need to update employment status for your employees?

RISE and SHINE Act and SECURE Act 2.0

On March 29, 2022, The Securing a Strong Retirement Act of 2021 (SECURE 2.0) passed in The House of Representatives.  On June 14, 2022, the Senate Health, Education, Labor, and Pension (HELP) Committee approved the Retirement Improvement and Savings enhancement to Supplement Health Investments for the Nest Egg (RISE and SHINE).  RISE and SHINE acts are the HELP Committee’s version of SECURE 2.0.

Provisions in both bills:

  • Allowing 403(b) plans to participate in multiple employer plans (MEPs) and pooled employer plans (PEPs)
  • Reducing the required years of service from three to two for part-time employees to be allowed to participate in an employer’s retirement savings plan
  • Directing DOL to modify regulations concerning performance benchmarks for asset allocation funds

Provisions in SECURE 2.0 but not in RISE and SHINE Act:

  • The required minimum distributions (RMD) required begin date may be pushed back from age 72 to age 73, then age 74 starting in 2029, and to age 75 in 2032.
  • Employees between the ages of 62 and 64 would be able to contribute additional catch-up contributions up to $10,000. This is an increase from the current age 50 catch-up contribution of $6,500.
  • Employers may be able to match employee student loan payments with contributions into a retirement savings plan.

Provisions in RISE and SHINE Act but not in SECURE 2.0:

  • Retirement Plan Modernization Act, amending the cash-out limit from $5,000 to $7,000.  Employers would be allowed to transfer employee’s retirement accounts out of the employer plan to an Individual Retirement Account (IRA) if their balance is between $1,000 and $7,000.
  • Pooled Employer Plans (PEP) Modification, defines fiduciary responsibilities for collecting contributions in PEP and requires a written contribution collection procedure.

It is important to remember that the proposed bill mostly likely will change and not all these items may impact your 403(b) plan.  We will continue to monitor.  In addition to the RISE and SHINE Act, The Senate Finance Committee released the Enhancing American Retirement Now (EARN) Act on June 17, 2022.  The EARN Act contains a mix of the provisions from SECURE 2.0 and RISE and SHINE Act.

Provisions in EARN Act but not in RISE and SHINE Act or SECURE 2.0:

  • Includes Starter-K Act, which creates starter retirement plans that streamline regulations and lower costs for small businesses. The defined contribution plans could be established under a 401(k) and 403(b).
  • Enhanced Saver’s Match modifies the existing Saver’s Credit for IRA and retirement plan contributions by changing it from a cash tax refund to a government matching contribution that must be deposited into a taxpayer’s IRA or retirement plan. The credit would be 50% of IRA or retirement plan contribution up to $2,000 per individual.  The credit rate does phase out for taxpayers filing a joint return between $41,000 and $71,000 ($20,500 to $35,500 for single taxpayers).

The Senate Finance Committee meet again on June 22, 2022, and they unanimously approved the EARN Act.  The full Senate will vote on the RISE and SHINE Act and the EARN Act.  The prediction is that the full Senate will pass both Acts.  If this happens, a reconciliation process through which House and Senate leadership would draft the final bill or bills.  The final bill(s) will be voted on by both chambers and sent to President Biden for signature.

We will communicate with you about any possible changes that may impact your 403(b) plan.  If you have any questions, contact Plan Administration at 1-800-279-4030, Extension 8579, or WEAPlanAdmin@weabenefits.com.

Before sending in funds for your new employee, verify their 403(b) account is open

Summer is the kickoff for new hire paperwork. It can be easy to overlook an item. The enrollment into a 403(b) is a two-step process. A vendor application and a salary reduction agreement need to be completed. We are here to make the process easy for you and your employees.

A few ways to help your employees get started saving include:

  1. Setting up automatic enrollment into the 403(b) plan. Call your Worksite Benefits Consultant for more information.
  2. Utilizing the online Salary Reduction Agreement (SRA). Call your Worksite Benefits Consultant for more information.
  3. Providing your employees with 403(b) enrollment resources by accessing the new Retirement Savings and Enrollment Materials landing page that offers a quick way to access the new enrollment information for your employees.
  4. Providing employees with one or all of the following:

SECURE Act, CARES Act and CAA Amendments are in process

The Setting Every Community Up for Retirement Enhancement Act (SECURE Act), the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Consolidated Appropriations Act (CAA) require Plan Sponsors to adopt them into their plans. In February, we began the process of reaching out to districts that use WEA Member Benefits’ plan documents to assist them with incorporating these Acts into their district’s plan documents. If WEA Member Benefits’ is your district’s plan document provider, please watch for email notifications and education opportunities from your district’s Worksite Benefit Consultant.

If you have any questions, contact Plan Administration at 1-800-279-4030, Extension 8579, or WEAPlanAdmin@weabenefits.com.

Important information for Plan Sponsors that offer hardship withdrawals

To assist you with your hardship request reviews, we are providing you with the WEA TSA Trust 403(b) program hardship procedure.  The following information contains important information about how an employee can apply for a hardship withdrawal from their WEA TSA Trust 403(b) account.  It is important to review the hardship procedures of all your vendors.

Procedure for Applying for a Hardship Withdrawal

A hardship withdrawal applicant must be an active participant in a school district 403(b) plan whose plan document allows for hardship withdrawals.  The applicant must complete a 403(b) Hardship Withdrawal Request and submit the completed form and supporting documentation to the plan administrator (vendor or third party administrator).  Hardship withdrawal forms may be obtained from the plan participant’s 403(b) vendor.

Hardship Distribution Events

  • Non-reimbursable medical expenses for self, spouse, children, dependents, or primary beneficiary. (Copies of actual dental or medical bills which clearly state your insurance does not cover the expense.)
  • Purchase of primary residence – excludes mortgage payments. (Copy of the binding contractual agreement including addendums, if any, to build or purchase home, signed by both parties – buyer and seller – of the contract.)
  • Tuition for post-secondary Education and related educational expenses for self, spouse, children, dependents, or primary beneficiary. (Copies of actual bills for future tuition of up to the next 12 months.  Bills from previously attended semesters or student loans are not acceptable documentation.)
  • Prevention of eviction from primary residence. (Copy of eviction notice-either court ordered or letter from the landlord.  The notice must clearly state the dollar amount that is due before eviction meetings are to take place.  The landlord must clearly identify himself/herself as the landlord of the property and provide contact information-address and phone number.)
  • Prevention of foreclosure from primary residence. (Copy of the foreclosure notice from the financial institution or court order.  The attachment must clearly state the dollar amount that is due and the date it is due in order to remedy foreclosure proceedings.   The financial institution’s name must be on letterhead, and it must be signed by the institution’s representative.)
  • Funeral expenses for immediate family including primary beneficiary. (An invoice or accounts payable statement from the funeral provider, church, and/or cemetery.)
  • Repair of damage to primary residence that qualifies for casualty tax deduction (Detailed invoices or accounts payable statement from home repair providers indicating amounts still due after insurance payment.)
  • Expenses and losses incurred because of a federally declared disaster. (Residence or place of business must be in the disaster area at the time of the disaster.)

Elimination of Loan First Requirement

  • Effective April 2019, or the first day of the first plan year beginning in 2019 if later, the requirement to take all available non-taxable plan loans prior to taking a hardship distribution was eliminated.
  • Eliminating the loan requirement was optional in 2019 plan year but mandatory as of January 1, 2020.
  • All other available distributions must still be taken prior to taking a hardship distribution.

Elimination of the Six-Month Suspension Period

  • Effective April 2019, or the first day of the first plan year beginning in 2019 if later, the six-month suspension period for new hardship distributions was eliminated.
  • Eliminating the suspension was optional in the 2019 plan year but mandatory for hardship distributions on or after January 1, 2020.
  • The plan sponsor can no longer impose a six-month suspension of employee contributions after a hardship withdrawal from a 403(b) plan.

Roth 403(b) Monies (if plan allows)

The plan administrator will determine whether the employee may receive a hardship withdrawal from their Roth 403(b) money type.  If the plan administrator allows hardship withdrawals from Roth 403(b) money type, the hardship recipient must indicate the amount that would like taken from pre-tax 403(b) and the Roth 403(b) money types.

Allowable amount of hardship withdrawal

Provided a member meets the hardship distribution criteria specified in the plan, a distribution for hardship is allowed if the following requirements are met:

  • The distribution does not exceed the amount of the need.
  • The member has tried other resources, including assets of member’s spouse and dependents.

If you have any questions about the hardship amendment or any other plan compliance topics, please call us at 1-800-279-4030, Extension 8579 or email WEAPlanAdmin@weabenefits.com.

Do you need to update employment status for your employees?

The end of the school year means retirements and terminations.  Updating employment status is quick and easy through the yourPlan Access portal.  If you are not already updating employee information through yourPLAN Access, we encourage you to reach out to Plan Administration at 1-800-279-4030 ext. 8579 or email at WEAPlanAdmin@weabenefits.com.  We know that you will find this to be a convenient and easy way to make employee updates.

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April 2022 articles

>>Protect your employees >>Changes to district approvals coming soon
>>Update on SECURE Act 2.0 >>Retirement Improvement and Savings Enhancement Act of 2021 (RISE Act)

Protect your employees

Make sure only appropriate Business Office personnel have access to yourPLAN ACCESS

yourPLAN ACCESS, the online employer access site for Member Benefits’ 403(b) plan, offers many options for obtaining information about your 403(b) plan—and this needs to be protected.

Who has access is just as important as the type of access that is given to the employee. There are two types of access:

  1. Full access provides access to the entire site and the ability to run reports and set up new accounts.
  2. Payroll only allows the user to enter and submit payroll rosters.

Member Benefits will be kicking off a campaign in late summer to reach out to Plan Sponsors and ask that they review their employees who have access to yourPLAN ACCESS. The communication will include a list of who has access and the type of access you have set up.

Contact the WEA Plan Administration team at 1-800-279-4030, Extension 8579 or email them at WEAPlanAdmin@weabenefits.com with any questions.

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Changes to district approvals coming soon

The pandemic has been challenging in so many ways but has also led to some efficiencies. One of those efficiencies is the wider acceptance of electronic signatures.

Member Benefits will be rolling out a new process for obtaining employer signatures. The initial rollout will be on exchange/transfer/rollover requests. This process requires a little bit of set up. Our staff will be reaching out to you for assistance in setting up the appropriate authorized signer. This project will be combined with the late summer campaign for yourPLAN ACCESS. You may also receive a phone call prior to this time.

Contact the WEA Plan Administration team at 1-800-279-4030, Extension 8579 or email them at WEAPlanAdmin@weabenefits.com with any questions.

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Update on SECURE Act 2.0

The Securing a Strong Retirement Act of 2021 (SECURE 2.0) is winding its way through various House and Senate committees. On March 29, 2022, it passed in the House of Representatives by a vote of 414 to 5. The U.S. Senate praised the House’s bipartisan vote and has pledged similar action in the upper chamber of Congress.

Below is a short recap of some of the subjects that are being considered and what may impact your plan. Please remember that not all discussion items will impact your plan.

  1. The required minimum distributions (RMD) start date may be pushed back from age 72 to age 73, then to age 74 starting in 2029 and age 75 in 2032.
  2. Employees between the ages of 62 and 64 may be able to contribute additional catch-up contributions up to $10,000. This is an increase from the current age 50 catch-up contribution of $6,500.
  3. The penalty for the failure to take RMDs may be reduced from 50% to 25%. In addition, if this failure is corrected in a timely manner, the penalty could be further reduced to 10%.
  4. Employers may be able to match employee student loan payments with contributions into a retirement savings plan.

It is important to remember that the proposed bill most likely will change and that not all these items may impact your 403(b) plan. We will continue to monitor SECURE Act 2.0 and communicate with you about possible changes that may impact your 403(b) plan.

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Retirement Improvement and Savings Enhancement Act of 2021 (RISE Act)

Below is a short recap of some of the subjects that are being considered and what may impact your plan. Please remember that not all discussion items will impact your plan.

  1. Retirement Savings Lost and Found would be an online searchable database managed by the Department of Labor. The database would be established by the Secretary of Labor and the Secretary of Treasury no later than two years from the enactment.
  2. The Retirement Plan Modernization Act would amend the cash-out limit from $5,000 to $7,000. Employers would be allowed to transfer employees’ retirement accounts out of the employer plan to an Individual Retirement Account (IRA) if their balance is between $1,000 and $7,000.
  3. Multiple Employer 403(b) Plans would enable 403(b) plans to participate in multiple employer plans (MEPs) and pooled employer plans (PEPs).
  4. Small Immediate Financial Incentives for Contributing to a Plan means a plan could offer a de minimis financial incentive to encourage participation. The example often given is a low-dollar gift card.
  5. The Pooled Employer Plans (PEP) Modification would define fiduciary responsibilities for collecting contributions in PEP and require a written contribution collection procedure.
  6. The Recovery of Retirement Plan Overpayment would clarify and improve the rules related to recouping overpayments to retirees to help plan sponsors and protect plan participants.

It is important to remember that the proposed bill most likely will change and that not all these items may impact your 403(b) plan. We will continue to monitor RISE Act and communicate with you about possible changes that may impact your 403(b) plan.

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