§403(b) Regulations News  
 
Please visit the following links for further information.
 
Download Best Practices Manual Here
 
  The National Tax Sheltered Accounts Association (NTSAA) has formulated a Best Practices Manual to address the pervasive issues in the §403(b) plan area. §403(b) product providers, TPAs, and consultants along with invited guests from the Association of School Business Officials (ASBO), the American Society of Pension Professionals and Actuaries (ASPPA), the Internal Revenue Service (IRS) and the Investment Company Institute (ICI) participated in a Summit to discuss acknowledged problems. The goal was to suggest reasonable measures that the involved parties might be able to use to satisfy compliance requirements and solve systematic issues. It was resolved that NTSAA would appoint Task Forces to develop "best practices" transaction procedures, standardized plan document grids for information gathering, and develop standardized processing/transaction forms that should be acceptable to employers, product providers and TPAs.

Readers are invited to use the material in any way necessary to bring plans into compliance and make the plans easier to manage.
 
U.S. Department of Labor Employee Benefits Security Administration Field Assistance Bulletin 2010-1
Annual Reporting and ERISA Coverage for §403(b) Plans
  Questions and answer format for Form 5500 issues and non-profit entities utilizing the ERISA safe harbor provisions.
 
U.S. Department of Labor Employee Benefits Security Administration Field Assistance
  Bulletin No. 2009-02
Guidance on 5500 - Transitional Relief July 20, 2009
 
April 15, 2009 - IRS issues Announcement 2009-34
  This announcement contains drafts of the revenue procedure and sample plan language for §403(b) prototype plans. The draft revenue procedure explains the proposed §403(b) plan prototype program for issuing opinion letters and the sample plan language can be used to draft §403(b) prototype plans. Interested persons are invited to comment on the drafts of the revenue procedure and the sample plan language or any other aspect of the §403(b) prototype plan program. The IRS also requests entities that anticipate filing an opinion letter application as a §403(b) prototype plan sponsor send an email to ep.prototype.projections@irs.gov (mass submitters should send an estimate of the number of opinion letter applications it may seek for sponsors.)
 
IRS Relief for §403(b) Plan Document Requirement
  What has the IRS’ own Bob Architect meant by saying "stay tuned" to more on the §403(b) regulations? He meant a delay in the general effective date of the IRS plan document requirement!!!! This is great news to the industry at large and comes after many requests from Spark Institute, ASBO International, and many others requesting a delay. That without more clarification it was impossible to meet the plan document requirements in time. Well they listened and now there is an extension which will allow plan sponsors to get their plan document in place by 12/31/09. Legend’s position is to continue to strive for plan compliance now, but this relief may take some of the stress off for the immediate time. Notice 2009-3 is available on IRS.gov.
 
ASBO Requesting a Delay in §403(b) Regulations
  Association of School Business Officials, October 2008
 
Revised Regulations Concerning §403(b)
Tax-Sheltered Annuity Contracts - Final Regulations
  Department of the Treasury Internal Revenue Service, July 2007 (131 pages)
 
The §403(b) Regulations Finally Go Final
  Retirement News for Employers - Special Edition July, 2007
IRS Tax Exempt and Government Entities Division
 
ERISA Coverage of IRC §403(b) Tax-Sheltered Annuity Programs
  U.S. Department of Labor, Employee Benefits Security Administration
Field Assistance Bulletin No. 2007-02

 

 

 
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