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New 403(B) Regulations, New DOL Guidance On 403(B) Plans, And The End Of 90-24 Transfers.

Publication: Mondaq Business Briefing
Publication Date: 04-OCT-07 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
After an extensive review, the Department of Treasury has issued new regulations under section 403(b) of the Internal Revenue Code. In addition, in response to concerns raised by the final regulations, the Department of Labor has issued guidance clarifying when a 403(b) plan is subject to ERISA. This update provides an overview of these changes. Employers should note: The new 403(b) regulations are generally effective as of January 1, 2009, but a provision in the new 403(b) regulations revokes the ability of employees during employment to transfer amounts to a provider other than the provider selected by the employer as permitted under Revenue Ruling 90-24 (90-24 transfers) as of September 24, 2007. This means that 90-24 transfers should not be permitted after September 24, 2007.

New 403(b) Regulations

The new 403(b) regulations generally follow the proposed 403(b) regulations and have the effect of making 403(b) plans more like 401(k) plans. The new 403(b) regulations include the following requirements:

Written Plan Document.The new 403(b) regulations require a written plan document (previously, the Code did not...

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