IRS
403(b) Regulations
The new IRS 403(b) regulations went
into effect on January 1, 2009. Employers found themselves facing significantly increased compliance, liability and risk issues. The
changes imposed on 403(b) employers were of landmark proportions. Some of the notable changes included:
Written plan documentation
became required for all plans
Employer Control and Responsibility increased
Employers
became responsible for
“meaningful notice”
Changes were
made to rules governing
universal eligibility
Centralized Recordkeeping
became critical to Compliance
It is important that employers understand the impact of the
regulations and recognize what is necessary to remain compliant in the ever-evolving 403(b) arena. The impact of the changes
has caused employers to re-evaluate the effectiveness of the
internal management for their plans and the new compliance issues.
Click
here to review the documented 403(b)
regulations.
TSA Consulting Group, Inc. specializes in providing administrative, consulting and IRS compliance services for the retirement programs of public education employers. TSA Consulting Group is not a product provider: our goal is to assist you with compliance and employee education, not to sell a product to your employee. Additionally, TSA Consulting Group is conscientious of the budgets imposed on school districts; therefore, we price our services accordingly. Employer clients of TSA Consulting Group include six of the twenty-five largest K-12 school districts in the United States. Currently, approximately
750,000 employees of school districts and colleges receive compliance related educational components of TSA’s Compliance Edge Program®.
