Important 403(b)/457(b) News
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 globalatlantic.com, 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.