National Tax-deferred Savings Association (NTSA)

TAMPA, FL – The National Tax-Deferred Savings Association is proud to announce the winners of its 2019 Elite Advisor Award.

Selected by a panel of judges from 12 finalists, the 2019 NTSA Elite Advisor Award winners are:

• Gary Immink, Williams & Co. Financial Solutions, Grandville, MI;
  Broker-Dealer, PlanMember Securities
• Walter “Wat” Keys, CFP®, CRPS, CAPTRUST, Raleigh, NC;
  Broker-Dealer, CAPFINANCIAL SECURITIES, LLC
• Randal Lupi, RPS, AXA Advisors, Novelty, OH;
  Broker-Dealer, AXA Advisors
• Robert Young, One2One Wealth Strategies, Glendale, AZ;
  Broker-Dealer, PlanMember Securities

“NTSA honors the ‘best of the best’ with its Elite Advisor Award,” stated Brent P. Neese, NTSA Executive Director. “These Elite Advisors excel in advocacy, practice management, leadership and legacy.”  The NTSA 2019 NTSA Elite Advisor Awards were presented during the Awards Luncheon at the NTSA 30th Anniversary Summit at the Westin Tampa Waterside, Tampa, FL.

Established in 2014, the NTSA Elite Advisor Award recognizes the contributions of advisors who have advanced best practice standards in the 403(b) and/or 457(b) retirement industry, and in so doing, have improved the ability of American workers to build a successful retirement.  Now in its 30th year, NTSA has acknowledged 30 Elite Advisors. A complete list is available on NTSA-net.org.

“NTSA has been driven by distinguished professionals,” said 2019 NTSA President Kristine Coffey. “NTSA is very proud of its members, and its power lies in its members,” she added.

More information about the Elite Advisor Award is available at https://www.ntsa-net.org/industry-intel/elite-advisor-award.

Formed in 1989, the National Tax-Deferred Savings Association (NTSA) represents nearly 6000 practitioners, agencies, and corporate members. For nearly three decades, NTSA has been nationally recognized for its thought leadership and policy expertise with regard to public-sector retirement plans. NTSA represents its membership in Washington, D.C. and state capitals across the country to address issues and design retirement plans that improve employee outcomes. NTSA also provides high-quality education, professional development, and information resources for those involved in the 403(b) and 457(b) marketplace.

Media Contact:  Nevin E. Adams, JD, Chief Content Officer, American Retirement Association, 703.516.9300 Ext 114, [email protected]

ARLINGTON, VA – The National Tax-Deferred Savings Association (NTSA) has honored Susan J. Jennings with its Bob D. Schiller Award for her lifetime achievements and meritorious service.

The NTSA Bob D. Schiller Award recognizes individuals who have given freely of themselves, their time and resources to the NTSA and to the 403(b)/457 industry — individuals who have gone above and beyond expectations. It is named in memory of Bob Schiller, an enthusiastic supporter of the NTSA who devoted his time and energy to its success.

Jennings is Vice President and Director of Government Relations for the National Life Group, , a company with which she has been associated for almost 30 years. In that role, she provides strategic guidance on corporate initiatives and potential retirement savings markets and, as an advocate of behalf of the company, she promotes federal and state governmental policies that assist teachers and other government employees save for retirement.

She is the past Chair of the Texas Association of Life and Health Insurers (TALHI) and served as Chair of the TALHI PAC.  She serves on the Executive Committee of the Indexed Annuity Leadership Council (IALC) and the Government Affairs Committee of the National Tax-Deferred Savings Association (NTSA).  Susan is also a voting member of the Federal Legislative Strategy Committee and Retirement Plans Committee of the American Council of Life Insurance (ACLI).

Named by her peers as a Fellow of the American Bar Endowment in 2008, Susan was honored for her work in several capacities in the American Bar Association (ABA)/ Tort and Insurance Practice Section (TIPS). She is also a member of the Dallas Bar Association and is the past Chair of the Corporate Counsel Section.  As a volunteer, Susan is the past Moderator of the Deacons at Highland Park Presbyterian Church and is a member of the Park Cities Republican Women’s Club, La Fiesta De Las Seis Banderas, and the Dallas Symphony Orchestra League.

She has a B.A. in Political Science/Journalism from Indiana University, J.D. from Texas Tech School of Law and an LLM in Taxation from Southern Methodist University School of Law.  She is a CLU and FLMI with a designation in Pensions.

“Susan has been a long-standing contributor to the NTSA Government Affairs Committee and a committed champion for public policy that promotes and protects workplace savings solutions,” said NTSA Executive Director Brent Neese.

Formed in 1989, the National Tax-Deferred Savings Association (NTSA) represents nearly 6000 practitioners, agencies, and corporate members. For nearly three decades, NTSA has been nationally recognized for its thought leadership and policy expertise with regard to public-sector retirement plans. NTSA represents its membership in Washington, D.C. and state capitals across the country to address issues and design retirement plans that improve employee outcomes. NTSA also provides high-quality education, professional development, and information resources for those involved in the 403(b) and 457(b) marketplace.

Media Contact: Nevin E. Adams, JD, Chief Content Officer, American Retirement Association, 703.516.9300 Ext. 114, [email protected]

ARLINGTON, VA – New research published by the National Tax-Deferred Savings Association (NTSA) confirms that a decrease in investment choice and reduced access to advisors leads to lower retirement plan participation by teachers in 403(b) plans

The research, based on data from nearly 4,500 school districts across the United States, was published in “Improving Retirement Savings for America’s Public Educators”, a white paper authored by Jason J. Fichtner, Ph.D., a Senior Lecturer of International Economics at Johns Hopkins University’s Paul H. Nitze School of Advanced International Studies.

The research finds:

25% greater participation in plans with 15 or more investment providers compared to plans with only one provider.

Account balances are, on average, 73% higher among plans with 15 or more providers compared to single provider arrangements.

There is a 203% increase in average contribution rates among plans providing access to 15 or more providers compared to plans with only one provider.

Single provider arrangements have the lowest participation rate; 8% below the national average.

“Simply stated, the data reveals a positive and significant correlation between the number of choices/advisors and participation,” notes Fichtner.  “The research revealed that the number one factor driving participation and savings rates in school districts is participant choice”. 

The data bears out the experiences of school districts across the nation, including:

55 school districts in California that experienced a 56% decrease in participation after reducing investment choices.

A Maryland school district that went from 10 investment providers to one, and saw the number of active participants drop from 1,000 to 775.

A Florida school district that reduced choice from 12 to 5 investment providers and lost more than 1,000 active contributors, all of whom had not resumed participation since the change at the time of the survey.

Three hundred school districts in Michigan that cut back 16 to 5 investment providers, and saw participation plummet from 23,000 to fewer than 17,000 active contributors. Today, after adding back several investment providers, they are finally back to 23,000 participants.

In 2009, Iowa transitioned from a competitive, open 403(b) marketplace model to a narrow number of five options, only to see participation rates plunge up to 50% in some counties.

In contrast, recent research conducted by AXA found that:

Participants who use an advisor contribute 49% more annually on average.

Participants who work with an advisor are significantly more likely to have increased their contributions 24% more often since opening their account.

Participants report higher satisfaction (72% vs. 54%) with their 403(b) plan overall and higher confidence (64% vs. 56%) in meeting their retirement goals when working with an advisor than those who do not. 

Overall, the research finds that public employees who have access to retirement educational resources at the workplace and the assistance of financial professionals are saving earlier and contributing more to their 403(b) plans, and have greater confidence in being able to achieve their retirement goals.

“The range of participation rates in America’s public school districts is dramatic, suggesting that the choices that each school district makes available to employees and the resources that they provide to help employees understand the benefits of participation are key differences in driving participation rates,” noted Brent Neese, Executive Director of NTSA.  “While expanding investment provider options may create more administrative complexity for individual school districts, the paper suggests other alternatives to alleviating this burden, such as using an independent third party administrator (TPA) to administer the plan and providing transparent disclosure of investment fees and other expenses to workers”.

Formed in 1989, the National Tax-Deferred Savings Association (NTSA) represents more than 5,000 practitioners, agencies, and corporate members. For nearly three decades, NTSA has been nationally recognized for its thought leadership and policy expertise with regard to public-sector retirement plans. NTSA represents its membership in Washington, D.C. and state capitals across the country to address issues and design retirement plans that improve employee outcomes. NTSA also provides high-quality education, professional development, and information resources for those involved in the 403(b) and 457(b) marketplace.

Media Contact: Nevin E. Adams, JD, Chief Content Officer, American Retirement Association, 703.516.9300 Ext. 114, [email protected]

ARLINGTON, VA – The National Tax-Deferred Savings Association (NTSA) today announces that The Source: 403(b) and 457(b) Plans has been updated to reflect the impact of tax reform and the fiduciary rule. 

Widely regarded as one of the most valuable reference guides for advisors that work with 403(b) and 457(b) plans, “The Source” is authored by two of the industry’s leading subject matter experts, Ellie Lowder, a tax-exempt and governmental plan consultant with TSA Training & Consulting Services, and Susan Diehl, CPC, QPA, ERPA, President of PenServ Plan Services, Inc. and Chair of the NTSA Communications Committee.

The newly updated 7th edition features information on the ways that the Tax Cuts and Jobs Act affects 403(b) and 457(b) plans.  It also discusses the current status of the Department of Labor’s fiduciary rule, as well as the Securities and Exchange Commission’s recently proposed fiduciary regulations, includes information on the new hardship withdrawal rules, as well as a comprehensive outline of the market, from history to product offerings, to investments to market data.

“It’s called ‘The Source’ for a reason,” notes NTSA Executive Director Brent Neese.  “It’s a single volume reference source for all the technical, compliance, administrative and marketing aspects of 403(b) and 457(b) markets.”

Also covered are IRS audit tips based on recent IRS audits over the past few years, ERISA 403(b) compliance concerns and testing, how to maintain a non-ERISA 403(b) and pairing with other DC plans, as well as updated versions of numerous checklists and sample forms, rollover/portability charts, insights on how to select a third-party administrator (TPA), and a sample Administrative Appendix that can be used to compare TPAs; Vendors and other third parties.

The Source: 403(b) and 457(b) Plans is available to NTSA members at a discount.  To find out more about purchasing the guide as a non-member, contact Elizabeth Duda.

About the National Tax-Deferred Savings Association (NTSA)

Formed in 1989, the National Tax-Deferred Savings Association (NTSA) represents nearly 5,000 practitioners, agencies, and corporate members. For more than a quarter century, NTSA has been nationally recognized for its thought leadership and policy expertise with regard to public-sector retirement plans. NTSA represents its membership in Washington, D.C. and state capitals across the country to address issues and design retirement plans that improve employee outcomes. NTSA also provides high-quality education, professional development, and information resources for those involved in the 403(b) and 457(b) marketplace.

Media Contact:  Nevin E. Adams, JD, Chief Content Officer, American Retirement Association, (703) 516-9300 Ext. 114, [email protected]