403(b) plans (BenefitsLink.com)Headlines re 403(b) plans, gathered by BenefitsLink.comGuidance Overview Year-End Deadline for Section 403(b) Plans Approaches (PDF)- (Found July 5, 2008 ) 2 pages. Excerpt: "In July 2007, the IRS issued final regulations that govern these plans and impose new requirements on their non-profit sponsors. These new requirements are generally effective January 1, 2009. If your organization sponsors a section 403(b) plan, you must take certain compliance steps before December 31, 2008." (Locke Lord Bissell & Liddell LLP)http://www.lockelord.com/files/Publication/3df8095f-c108-440c-a3ce-1344797ff288/Presentati... The Evolution of 403(b)- (Found July 5, 2008 ) Excerpt: "A written plan document, coordination of distribution and transfer activity, contribution limits, and remittance timing: Under the new IRS regulations, 403(b) plan structure and administration will look much more like those of their Employee Retirement Income Security Act (ERISA)-governed 401(k) counterparts. Will this work for the 403(b) plan model" (planadvisor.com)http://www.planadviser.com/magazine/article.php/2320 Guidance Overview Breaking from a Long-Term 403(b) Provider- (Found July 5, 2008 ) Excerpt: "A private college wanted to modernize its traditional retirement program, including moving away from its longstanding relationship with a bundled mutual fundannuity provider. Upon notification of the transfer of recordkeeping and plan assets, the provider informed the college that both its 403(b) and 401(a) plans were covered under contracts between the provider and individual employees, although no copies of the contracts could be found. The employer knew this was the case for...http://www.milliman.com/expertise/employee-benefits/case-studies/breaking-from-long-term-C... IRS Updating Guidance to Provide Corrective Measures for 403(b) Plans, Official Says- (Found July 5, 2008 ) Excerpt: "The IRS is in the process of updating its Employee Plans Compliance Resolution System (EPCRS) program and expects to issue a new revenue procedure in the next couple of months that will begin addressing the new regulatory requirements for 403(b) plans, IRS tax specialist Robert Architect said at a D.C. Bar program meeting on May 27, 2008." (Wolters Kluwer)http://hr.cch.com/news/pension/061108a.asp 403(b)s Brace for Big Changes- (Found July 5, 2008 ) Excerpt: "Big changes are brewing in the 403(b) world. For the first time in 40 years, the Internal Revenue Service is mandating new requirements that aim to make the plans more like 401(k)s. For many 403(b) providers, the biggest challenge won't be figuring out how to meet the new requirements, but getting plan sponsors to start preparing early enough so the Jan. 1, 2009 deadline doesn't come as a shock." (On Wall Street)http://www.onwallstreet.com/asset/article/606321/news/403bs-brace-big-changes.html?pg=&... Guidance Overview Understanding Employee Contributions to 403(b) Plans- (Found July 5, 2008 ) Excerpt: "Most 403(b) plans provide employees with salary reduction agreements with which the employees can choose to have funds withheld from compensation and contributed to the 403(b) plan. They closely resemble 401(k) elective deferrals. In fact, the final regulations require that 403(b) elective deferrals follow many of the requirements of the 401(k) regulations." (SunGard Corbel LLC)http://www.relius.net/News/TechnicalUpdates.aspx?ID=406 New 403(b) Rules Shake Up Market- (Found July 5, 2008 ) Excerpt: "Amid the new landscape, some financial advisors and financial-services companies plan to expand, or establish, their presence in the 403(b) market. Others, unable or unwilling to comply with the greater administrative responsibilities, are expected to exit the business." (Dow Jones Newswires via CNNMoney.com)http://money.cnn.com/news/newsfeeds/articles/djf500/200806131615DOWJONESDJONLINE000843_FOR... Guidance Overview 403(b) Plan Terminations: FAQs- (Found July 5, 2008 ) Excerpt: "The questions and answers address several of the more important issues regarding 403(b) plan termination." (SunGard)http://www.relius.net/News/TechnicalUpdates.aspx?ID=407 New 403(b) Regulations - Followed by a Stepped Up IRS Audit Program to Ensure Compliance- (Found July 5, 2008 ) Excerpt: "The first stage in the IRS initiative came in June 2007, when the IRS launched an outreach project aimed at ensuring that school districts across the country are complying with the universal availability requirement. Roughly a month later, the IRS released the final 403(b) regulations, giving plans and plan sponsors until the beginning of next year to comply with new document and operational rules." (PLANSPONSOR.com; free registration required)http://www.plansponsor.com/pi_type11/?RECORD_ID=41950 New York Teachers Guaranteed 8.25 Percent Return on Savings Plan- (Found July 5, 2008 ) Excerpt: "The teachers' 403b savings plan is a voluntary contribution plan, similar to the 401(k)s in which millions of Americans invest. But while most investors risk a loss or a meager return, this teachers account doesn't carry such risk, because the public, in this case New York City taxpayers, guarantees a minimum return. The benefit is over and above the teachers' pension plan." (Times Union)http://timesunion.com/AspStories/story.asp?storyID=692759 |