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Important 403(b)/457(b) News Archive

Fidelity Converting to Processing Electronic Remittance Only by 12/1/2018 (10/22/2018)

Fidelity has reached out to 403(b) Plan Sponsors to let them know that they are transitioning to accepting all remittances electronically only or before 12/1/2018. For employers who are not already remitting online, Fidelity has created a Simplified Contribution Platform (SCP). For more information, see the Fidelity notice regarding online remitting for details.

Aspire Platform Changes to take place November 2018 (10/22/2018)

Aspire is migrating to a new system, Aspire's InvestLink, November 2018. During this transition there will be blackout periods as follows

  • Aspire will have a blackout period that will effect paper-based transaction processing Nov. 9th- Dec.3rd. Any transaction sent to Aspire during this period will not be processed till after Dec. 3rd.
  • There is an online access blackout Nov. 19th - Dec.3rd. This will effect participant's and administrators online access, however they will restore online access for remittance only on Nov. 26th.
  • Remittance will be effected in different ways, depending on the method.
    • Check-based remittance will have a blackout from Nov 15th- Dec. 3rd (no changes to where the checks are sent). Checks received during this period will be processed after the blackout.
    • Online remittance blackout will take place Nov. 19th -Nov. 26th.

Here is a downloadable list of Aspire November 2018 Platform Transition Critical Dates for your convenience.

Vanguard announces 403(b) Plan Changes for Participants and Plan Sponsors beginning in Nov. 2017(UPDATED 12/18/2017)

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 following website has been provide with FAQ regarding the transition

To login to your Vanguard 403(b) account, please visit

Participants can reach the 403(b) Service Center by calling 1-800-569-4903.

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.

Contribution Limits Remain Unchanged for 2016 (10/21/2015)

The IRS has published Pension Plan Limitations for 2016. 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.

Life Insurance of the Southwest is rebranding to National Life Group in November 2015 (10/7/2015)

In November 2015, Life Insurance of the Southwest will officially rebranded to National Life Group. An announcements began circulating in September 2015, you can view a sample letter with relevant information here.

First Investors is now Foresters Financial (7/2/2015)

In September 2015, employers and participants will begin to see that First Investors rebranded to Foresters Financial. An announcement with FAQs was sent to TPAs (like CCC) in July, this letter is available here.

Great-West Financial is now Empower Retirement (4/21/2015)

As of February 2nd, 2015 Great-West Financial rebranded to Empower Retirement. An announcement with FAQs is available here.

Primerica announces a change to their remittance processing (2/26/2015)

Primerica Shareholder Services has announce that Franklin Templeton will no longer process remittance, future contributions are to be sent directly to Primerica at the address provided in the notification available here.

Contribution Limits Increase for 2015 (10/23/2014)

The IRS has published Pension Plan Limitations for 2015. Click here to review the IRS's news release or here to review the IRS COLA Increases for Dollar Limitations on Benefits and Contribution Chart. Please visit CCC's Contribution Limits page for additional information.

Waddell and Reed Fair Fund Settlement (8/19/2014)

Some Waddell and Reed investment account holders recently received checks from the Waddell and Reed Fair Fund Administrator as part of a settlement agreement with the SEC stemming from account activity between December 1998 through October 2003. It is imperative that recipients of these checks visit the settlement administrator's website (noted in the letter accompanying the check) to learn more about this settlement, options concerning this settlement, and the contact information for the settlement administrator.

ING is rebranding to Voya Financial in 2014 (8/13/2014)

ING released a statement concerning their intent to rebrand their products to the name Voya Financial. By September 1, 2014, all ING entities subject to the change will begin using the Voya name (this will include ING Life Insurance and Annuities Company and ING USA Annuities). The most recent press release regarding change is available by clicking here and an earlier release is available here. Voya also has a webpage describing the rebranding at (Please note: this change will NOT effect ING ReliaStar.)

Aviva is rebranding to Athene in 2014 (3/3/2014)

Aviva Life and Annuity Company has changed its name to Athene Annuity and Life Company effective 3/3/2014. The press release regarding change is available by clicking here.

Contribution Limits for 2014 (10/31/2013)

The IRS has published Pension Plan Limitations for 2014. Click here to review the IRS's news release. Please visit CCC's Contribution Limits page for additional information.

The Supreme Court Rules the Defense of Marriage Act (DOMA) Unconstitutional (6/26/2013)

On June 26th, 2013 the Supreme Court rules the Defense of Marriage Act (DOMA) unconstitutional in the case of the United States v. Windsor. This ruling has important impacts on qualified plans. The American Society of Pension Professionals and Actuaries (ASPPA) released an article on July 2, 2013 highlighting the impacts of this ruling, titled "Repeal of DOMA Impacts Qualified Plans".

403(b) Pre-Approved Plan Rules and Model Language Published by IRS (3/28/2013)

March 28, 2013, marked the long-awaited and much-anticipated publication of IRS procedures for submission, review, and approval of 403(b) Pre-Approved (Prototype and Volume Submitter) Plans. Submissions will be accepted by the IRS beginning June 28, 2013, and CCC intends to make a submission on behalf of its clients. However, the IRS will not begin reviewing submissions before the submission window closes on April 30, 2014, and eligible employers will not have to adopt pre-approved plans until at least one year after the IRS has ruled on all applications that it received during the submission window (so, no earlier than April 30, 2015). The Pre-Approved Plan rules appear in Revenue Procedure 2013-22 and the Model Language appears in an IRS Listing of Required Modifications (LRM0313-2).

Employee Plans Compliance Resolution System (EPCRS) Procedures Updated (1/4/2013)

The updated EPCRS revenue procedure, Revenue Procedure 2013-12, is now available. The new procedure updates and expands the Employee Plans Compliance Resolution System (EPCRS), the comprehensive system of correction programs for sponsors of retirement plans that have failed to meet one or more requirements of the Internal Revenue Code.

A summary is posted here.

Fiscal Cliff Budget Deal Impacts Roth Conversions for 403(b) and 457(b) Plans (1/1/2013)

The newly passed American Taxpayer Relief Act of 2012 contains provisions related to Roth accounts. Currently, employee deferral plans, like 401(k), 403(b) or 457(b) plans, may have a Roth feature to allow employees to contribute to such plans on an after-tax basis with earnings thereon tax-free when distributed. Plans currently may allow employees to convert their traditional (pre-tax) accounts to a Roth account with respect to amounts for which an employee can elect a distribution. The new law allows employees to convert any traditional (pre-tax) amounts within an employee deferral plan into a Roth account, even if the employee cannot elect a distribution of such amount. The amount so converted would be subject to regular income tax in the year of conversion and the earnings thereon after such conversion would be tax-free when distributed.

This has multiple implications for plan sponsors. As a plan sponsor, you are not required to adopt the new Roth provisions and still have the discretion about whether to make this part of your plan. If you do decide to offer your employees this option, it will require a plan amendment. If you already have a Roth provision in your plan, you should expect some interest in adopting this relaxed rule allowing transfers without a triggering event. If you don't have a Roth option in your plan, you may get interest to add it. If you lack the Roth option and want to put one in place, please contact CCC. The Treasury Department and the IRS are expected to issue technical guidance about these Roth conversions including plan amendment requirements. CCC will provide additional details as they become available.

Contribution Limits Increase for 2013 (10/18/2012)

The IRS has published Pension Plan Limitations for 2013. Click here to review the IRS COLA Increases for Dollar Limitations on Benefits and Contributions. Please visit CCC's Contribution Limits page for additional information.

The Hartford Retirement Plans Group to be acquired by Mass Mutual Life Insurance Company (9/4/2012)

The Hartford announced a definitive agreement has been reached to sale of their Retirement Plans Group to Mass Mutual Life Insurance Company. This sale is expected to be finalized by the end of 2012. There are to be no changes in the contacts or operations at this time. Once the sale is complete, should changes occur announcements will be circulated in a timely manner to alert participants and plan sponsors. To view a copy of this announcement, click here.

Contribution Limits Increase for 2012

The IRS has published Pension Plan Limitations for 2012. Click here to review the IRS Newsroom Article. Please visit CCC's Compliance Limits page for additional information.

Oregon Savings Growth Plan (OSGP) Now Offers Roth 457(b) Accounts (2012)

OSGP now offers employers the option of adopting Roth 457(b) Accounts as an optional feature under OSGP 457(b) Plans. For more information concerning OSGP Roth 457(b) Accounts, please visit the OSGP Resource Page.

CCC Plan Administrative Authorization Vouchers Available via Online Request (2012)

CCC now offers Plan Administrative Authorization Vouchers for for some of the most common 403(b) plan transactions. For detailed information on concerning vouchers, please visit our Voucher FAQ page. Participants or their representatives may request an authorization voucher by completing our online request form here.

CCC Secure File Upload Available (2012)

In our continued effort to add convenient features to our website, we are happy to announce the availability of our new Secure File Upload page. This feature allows plan participants, financial professionals, vendors and employers to send CCC documents that may contain sensitive information in a secure fashion, documents that previously would have only been appropriately sent to CCC via mail or fax.

In-Plan Roth Conversions/Rollovers

An In-Plan Roth Conversion/Rollover is a transaction that allows for the conversion/rollover of Traditional 403(b) accumulated funds into Roth 403(b) accounts for participants eligible for distributions under their employer's plan. This transaction type is subject to availability based on your employer's plan document and availability under your investment contract. For in-depth information on this subject, please review the resources below.

IRS information page covering In-Plan Roth Conversions/Rollovers.

Click here for a downloadable copy of IRS Notice 2010-84.

Click here for the Journal of Accountancy article on In-Plan Roth Conversions/Rollovers.

Wall Street Journal Article (5/4/2010)

Workers Struggle to Deal With Changes to 403(b) Plans provides the best overview we've seen of the challenges that have faced 403(b) Plan sponsoring employers since the final 403(b) Regulations became fully effective on 1/1/2009.

Click Here to review the IRS Employee Plans News Announcement.
Click Here to read the announcement.
Click Here to review the draft prototype document language, described as Draft Revenue Procedure 2009-34.
Click Here to review the IRS Request for Comments.

IRS Publishes Sample 403(b) Prototype Document Language (2009)

Posted by, which is owned and operated by Asset International, Inc., headquartered at 1055 Washington Blvd, Stamford, CT 06901.

CCC has learned today (4/15/2009) that the IRS has released draft "Section 403(b) Prototype Plans Sample Plan Provisions." Public comments about the prototype proposal are requested by 6/1/2009, following which the IRS plans to publish the final version of Revenue Procedure 2009-34. After the final revenue procedure is published, CCC plans to draft Version 1.2 of its 403(b) Plan Document template and submit it to the IRS for review. Once the IRS approves the CCC submission, CCC clients will be advised to adopt the IRS approved Plan Document, since they can then rely on compliance of their Plan Documents with respect to form. Of course, the 403(b) Plan must also be operated in compliance with the terms of the Plan Document.

RMD Moratorium (2009)

This CCH Tax Briefing provides an analysis of the Worker, Retiree, and Employer Recovery Act of 2008, which includes a one-year moratorium on minimum required distributions (MRD) for 2009. Participants who have reached, or will reach, age 70-1/2 by December 31, 2009, are not required by Federal law to take minimum required

IRS Postpones Written Plan Requirement Until 12/31/2009 (2008)

Posted by NTSAA, 2388 Schuetz Road, Suite A-60, St. Louis, Missouri 63146

CCC has learned today (12/11/2008) that the IRS and Treasury Department have released Notice 2009-3, which provides relief during 2009 for sponsors of 403(b) plans with respect to the requirement to have a written 403(b) plan in place by January 1, 2009.

Learn More about what this means for your 403(b) Plan. Click Here to review this extremely important two-page notice.

MarketWatch Article (11/19/2008)

This article provides an up-to-the-minute analysis of what participants in 403(b) Plans might expect when 1/1/2009 rolls around. the title and sub-title are: Happy New Year? Not for some: 403(b) Plans will have fewer investment options, more restrictions in 2009.

Model Language Published (2007)

Revenue Procedure 2007-71, which was published by the Treasury Department on November 27, 2007, is now available online. This Revenue Procedure provides model language that may be used to generate written plans (Plan Documents), required to be in place for 403(b) plans by December 31, 2008. Moreover, guidance is provided for other requirements imposed by the Final 403(b) Regulations. CCC will provide draft Plan Documents for all Full and Transitional Service client Employers for adoption by March 31, 2008.

403(b) Final Regulations Released (2007)

403(b) Final Regulations, which were released by the Treasury Department on July 23, 2007, is also available online. Under these new regulations, public school districts, education service districts, and community colleges will be held responsible for numerous 403(b) Program administrative functions formerly limited to 401(k) Plans in the for-profit sector. These new responsibilities must be taken very seriously, for otherwise the 403(b) Program could lose its tax-advantaged status. Click here to review Employer options in preparing for the new 403(b) Regulations. To protect CCC intellectual property, this information is protected and requires User ID and Password for access. Contact Us and request access to this section of the website.

Impact of Final Regulations (2007)

A two-page summary provides details on the most critical impacts the 403(b) Final Regulations will have on Employers. Alternatives for meeting the new requirements are provided and compared.

Strengthening of Rev. Rul. 90-24 Effective 09-25-2007

Beginning September 25, 2007, in-service under age 59 1/2 transfers from a 403(b) account with one Vendor to a 403(b) account of a second vendor will only be possible if the Employer and the second Vendor have entered into an Information Sharing Agreement (ISA). Follow the link above to Impact of Final Regulations for more information.

457 Final Regulations (2003)

Full text of the Final Regulations on Section 457.

EGTRRA 2001 - Roth 403(b) Accounts.

Roth 403(b) accounts became available on January 1, 2006. Check out Section 617 in the Economic Growth and Tax Relief Reconciliation Act of 2001 for the details.

Roth 401(k) Temporary Regulations

The Treasury Department issued temporary regulations for Roth 401(k) arrangements on March 2, 2005. It is widely believed that Roth 403(b) arrangements should follow Roth 401(k) guidance until Roth 403(b) guidance is provided.

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



Page Last Modified: 10/26/2020 2:12:18 PM