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IRS updates 403(b) regulations for first time in four decades.

Publication: Mississippi Business Journal
Publication Date: 19-MAY-08 		Format: Online
Delivery: Immediate Online Access
Full Article Title: IRS updates 403(b) regulations for first time in four decades.(Focus: Banking & Finance)

Article Excerpt
The Internal Revenue Service announced a momentous event in the world of 403(b) plans this past July with the issuance of the first comprehensive regulations in 43 years. These regulations provide updated guidance and numerous statutory changes from the 403(b) regulations originally issued in 1964. Employers who sponsor a 403(b) retirement plan should take these new laws seriously and begin to get their plans in order now.

A 403(b) plan is a special type of retirement plan for employees of certain tax-exempt 501(c)(3) organizations, public schools, hospitals, churches and governmental organizations. The IRS has begun notifying these organizations of the new requirements and compliance date, which is generally January 1, 2009. The IRS will start reviewing these plans more closely after the effective date for proper plan compliance.

The IRS has found that most 403(b) plan violations...

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