About 403(b) Final Regulations
On July 23,2007, the IRS issued the first comprehensive 403(b) regulations in over 40 years. The effective date for the new regulations is January 1,2009. Plan sponsors/employers can follow the new rules sooner,as many provisions of the regulations are already in effect. The final regulations include most of the provisions of the proposed regulations; however, there are some significant changes.
As a plan sponsor/employer,it is now more important to know how your 403(b) program operates.
This way,you can be compliant with the law and maximize your employees’ retirement benefits. Our retirement plan professionals can help you address current and new 403(b) regulations.
| SMART can: | |
| • | review your plan for compliance with local,state,and federal laws and regulations; |
| • | draft a written plan document,which includes eligibility, limitations and benefits under the plan (we recommend that you consult with your tax/legal counsel for final review); |
| • | develop a communication plan to meet “universal availability” requirements; and |
| • | review your internal controls and provide recommendations to help you in monitor plan participation and contribution. |