403(b) plans (BenefitsLink.com)Headlines re 403(b) plans, gathered by BenefitsLink.comGuidance Overview Questions on IRC 403(b) Tax-Sheltered Annuity Plans - Answers from Bob Architect- (Found July 5, 2008 ) Excerpt: "Bob Architect, Senior Tax Law Specialist and the resident expert on 403(b) plans, receives many questions while presenting the latest 403(b) information to organizations. See the most frequently asked questions and Bob's answers at the target page." (Internal Revenue Service)http://www.irs.gov/retirement/article/0,,id=172433,00.html 403(b) Investment Options - More Is Not Always Better- (Found July 5, 2008 ) Excerpt: "When it comes to the size of a 403(b) plan's investment lineup, more isn't always better. That is particularly true now that 403(b) sponsors will be required to exercise the same due diligence about their investment options as their 401(k) cousins have always had to do, panelists said at an investment options discussion . . . ." (PLANSPONSOR.com; free registration required)http://www.plansponsor.com/pi_type10/?RECORD_ID=41083 The Florida Teachers' 'Model Retirement Plan' Deserves Praise- (Found July 5, 2008 ) 4 pages. Excerpt: "All Florida school districts must change their tax-deferred retirement plans by Jan. 1, 2009. That requirement created a window of opportunity to solve a long-standing problem and ensure that teachers get a far better deal on retirement funds than they are currently getting. . . . Now, for the first time, the collective purchasing power of the state's 350,000 school workers has been brought to bear to drive down fees and get educators a better deal."...http://www.tallahassee.com/apps/pbcs.dll/article?AID=/20080402/OPINION05/804020332/1006/OP... Guidance Overview The 403(b) Written Plan Requirements Can They be Satisfied with Existing Documents- (Found July 5, 2008 ) Excerpt: "The actual text of the regulations requires that the written plan contain all material terms and conditions for eligibility, benefits, applicable limitations, the contracts available under the plan, and the timing and form of benefit distributions. In addition, any optional plan features (e.g., hardships or loans) offered under the plan must be described in writing, as well as how responsibility for performing administrative functions is allocated between appropriate parties. The.http://www.plansponsor.com/pi_type10/?RECORD_ID=40684 Guidance Overview Discontinued 403(b) Plan Contracts- (Found July 5, 2008 ) Excerpt: "A 403(b) plan sponsor says there seems to be one question about vendor consolidation that hasn't been clearly addressed in general IRS publications - namely, what happens to contracts held by employees whose 403(b) providers were discontinued by the plan after 2005 and before 2008 (the regulations require plans to identify contracts available since 2005, those not identified in which assets are held can be considered taxable) The sponsor asks: Is there any danger to our employees.http://www.plansponsor.com/pi_type10/?RECORD_ID=40778 Guidance Overview IRS Guidance on Automatic Enrollment Plan Designs (PDF)- (Found July 5, 2008 ) Excerpt: "These developments affect sponsors of 401(k) plans, 403(b) arrangements, and governmental section 457(b) plans." (Prudential Retirement)http://www.prudential.com/media/managed/EACAQACARegs-PruPA-0308.pdf Guidance Overview 'Distributing' 403(b) Annuities - New 403(b) Regulations Raise More Questions Than Answers- (Found July 5, 2008 ) Excerpt: "The IRS's decision to permit the termination of 403(b) plans, and the distribution of its assets, raises a new issue which vendors, plans and plan participants have never had to deal with in the past: can you distribute an annuity upon 403(b) plan termination, how do you do it, and how is such a distribution treated" (Baker & Daniels LLP)http://www.benefitsbizblog.com/2008/03/distributing-403b-annuities.html Guidance Overview A Big Question on 403(b)s Answered by Groom Law Group- (Found July 5, 2008 ) Excerpt: "An adviser has some charter school clients that have been utilizing the DoL safe harbor in Labor Reg. 2510.3-2(f). The adviser asks: If the point of the final 403(b) regulations is to have employers exercise more oversightcontrol of these plans, how far can they go in order to do that without stepping outside of the DoL safe harbor and becoming an ERISA-governed plan" (PLANSPONSOR.com; free registration required)http://www.plansponsor.com/pi_type11/?RECORD_ID=40685 Guidance Overview 403(b) Final Regulations Plan and Contract Terms- (Found July 5, 2008 ) Excerpt: "Final 403(b) regulations issued by the Internal Revenue Service require that all 403(b) programs have in place a written plan document and specify what must be included in the plan document. The regulations do allow for a plan document that is a compilation of vendor contracts and other plan communications as long as the result includes all the terms required by the IRS." (PLANSPONSOR.com; free registration required)http://www.plansponsor.com/pi_type11/?RECORD_ID=40683 Guidance Overview 403(b) Plan Document News- (Found July 5, 2008 ) Excerpt: "The final 403(b) regulations require that there be a written plan document in place before 2009." (McKay Hochman Co., Inc.)http://www.mhco.com/Commentary/2008/403b_031408.htm |