On February 12, 2018, ADMIN Partners, LLC. CEO, Mark Heisler, spoke at the North Carolina Association of School Business Officials (NCASBO) 2018 Conference and gave plan sponsors the opportunity to “(b) informed.”

Mark presented an educational workshop for the 60+ attendees in the style of ADMIN Partner’s recent (b)Informed video series, covering relevant news and “what you must know” in the changing milieu of 403(b) compliance.

Along with providing a brief introduction of who ADMIN Partners is and what we do, Mark provided an in-depth synopsis of all the key issues concerning compliance changes in the 403(b) marketplaces. His discussion opened with a focus on the DOL rules pertaining to public education. While these plans remain free of ERISA requirements, they are still subject to state fiduciary guidelines. Mark expanded this analysis by examining the new legislation from the Federal Government which includes the changes in the Tax Cuts and Jobs Act of 2017 as well as adjustments being made to the rules governing hardships and loans.

There was also a great deal of emphasis placed on the North Carolina specific rules regarding retirement planning. Mark highlighted the funding for Teachers’ and State Employees’ Retirement System (TSERS) and how it impacts local plans throughout the state. He also addressed the debate between Federal Policy makers and State IRA Plans. Specifically, he considered how the interests between the two vary and what that means for both employers and employees. ADMIN is seeing more states pass legislation, making it mandatory for investment companies to provide fee disclose on investment products available within their retirement plan(s). Regardless of public schools being statutorily exempt from ERISA, states are making these changes to provide fee transparency to retirement plan participants.

The importance of a potential IRS audit is one that ADMIN Partners is sure to focus on in every discussion regarding plan compliance. While ADMIN Partners provides assistance to any client going through an IRS audit, we also understand that educating Plan Administrators is vital to the success of the Plan. An audit can happen to any plan, no matter how large or small; however, ADMIN has outlined a strategy that can help avoid the likelihood of a Plan being audited. Mark provided an in-depth look at Universal Availability and the necessity of the meaningful notice requirement. There was also a substantial emphasis placed on the adoption of the new 403(b) prototype plan document and what ADMIN Partners is doing to ensure all our clients (new and existing) are converted to the prototype by the 3-31-2020 deadline.

ADMIN Partners is committed to creating new educational opportunities for interested school officials (or other potential 403(b) clients) all around the country and our time at the NCASBO 2018 Conference proved to be an optimistic beginning.


For additional information about this presentation please refer to www.youradminpartners.com or send an e-mail to [email protected].