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Important 403(b)/457(b) News

Vanguard announces 403(b) Plan Changes for Participants and Plan Sponsors beginning in Nov. 2017(UPDATED 10/26/2017)

Vanguard has announce several key changes to their 403(b) business, including:

  • Vanguard is partnering with Newport Group to provide expanded services beginning in November 2017
  • Enhancements will be made to the Vanguard website
  • Roth Accounts and Loan services will be made available (subject to availability under the employer's plan)
  • Participants will have access to lower-cost Admiral share class for many of the mutual fund options
  • A new flat recordkeeping fee of $5 a month will be implemented in 2018 and will be dropping the existing annual fee of $15 per mutual fund.

The detailed information is available in the Vanguard notices below:

Participants with questions or concerns are encouraged to call Vanguard at 1-844-859-0275 to discuss how these changes impact their account.

Update for Plan Sponsors : The Newport Group created to provide guidance on the changes taking place. They provide a FAQ for Plan Sponsors that speaks to the key changes, including:

  • Contributions are to be remitted to Newport Trust beginning November 4, 2017. Plan Sponsors must update their Wire, ACH, and Postal Information for sending Vanguard Remittances. (Note: CCC client employers should refer to the email they received on 10/13/2017 for plan-specific instructions).
  • There will be a "blackout period" Nov. 4th through 12th. Plan transactions and remittance will not be processed during this time.
  • The new Plan Sponsor website will be available for access Nov. 13th, please note the URL has changed per the FAQ to:
  • A summary of the timeline for these changes was made available in Vanguard's October Notice to Plan Sponsors

Effective Sept. 5th, 2017 Voya has updated electronic and paper check remittance information (8/9/2017)

Voya has recently circulated notices to plan sponsors concerning an update to their remittance instructions. To view a copy of these updated instructions, please visit Voya's website page explaining the change or download a PDF of the information here .

Symetra is No Longer Opening New 403(b) or 457(b) Accounts (2/1/2017)

CCC has been alerted to a change in policy for Symetra via a letter stating they will no selling their Spinnaker Variable Annuity product, the investment product Symetra offered in the 403(b) and 457(b) market. They will continue to service existing accounts, but as of February 1st, 2017 they will no longer open new accounts. Please note: this change does not affect existing account holders. They have directed employers to call the Symetra customer service line at 1-800-796-3872 ext. 22299 with any questions or concerns. A generic version of the announcement sent to Plan Sponsors is available here.

Contribution Limits Remain Unchanged for 2017 (10/27/2016)

The IRS has published Pension Plan Limitations for 2017. Click here to review the IRS's news release or here to review the IRS COLA Dollar Limitations on Benefits and Contribution Chart. Please visit CCC's Contribution Limits page for additional information.

Commonwealth Annuities is rebranded as Global Atlantic (issued by Commonwealth Annuity) in August 2016 (9/12/2016)

In August 2016, Commonwealth Annuities officially rebranded to Global Atlantic Financial Group. On the CCC website and in the 403(b) vendor lists of employers offering this vendor as a payroll slot they will be listed as Global Atlantic (issued by Commonwealth Annuity). While the name change will appear on marketing materials and the website has been moved to, contact information and remittance information will remain unchanged and remittance checks should continue to be made out to Commonwealth. An announcement sent to TPAs on this matter is available here.

Conseco Fair Fund Settlement Checks (8/22/2016)

This month many employers sponsoring 403(b) plans and some plan participants have received checks from the Conseco Fair Fund Administrator related to an SEC settlement concerning market timing issues that occurred December 1999 through October 2002. If you are an employer and CCC Client who received one or more settlement checks, please contact us for assistance with this matter. Participants receiving these checks should visit the Conseco Fair Fund Administrators FAQ page for information and options concerning how to handle the check you have received.

The U.S. Department of Labor Finalizes New Rules Concerning Fiduciary Advice (4/6/2016)

The DOL has finalized revamped rules regarding advice regarding retirement accounts in specific situations. These new rules are currently being reviewed, CCC will provide an FAQ once we have reviewed the available information and conferred with experts in our industry on the impacts to the 403(b) and 457(b) market.

To view older news items pertaining to 403(b) and 457(b) plans, please visit our Important 403(b)/457(b) News Archive.