§403(b) Regulations News  
 
Please visit the following links for further information.
 
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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