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Questions and Answers to Common 403(b) Questions

Questions & Answers

IRS Final 403(b) Regulations Were Released in 2009 - Click on "More" below to view a copy of the final regulations:

When were the new IRS regulations effective?
The regulations took effect January 1, 2009.

Do 403(b) programs require a Plan Document?
All 403(b) programs are required to operate under a formal Plan Document that must meet IRS guidelines and be maintained going forward. TSA Consulting Group can assist you in creation, implementation, and/or maintenance of a Plan Document for your school district or college.

What does the IRS mean by “Control and Responsibility” by the Employer?
The IRS regulations require Employers to not only support their 403(b) programs, but also to establish the terms required to administer the Plan. TSA Consulting Group developed The Compliance Edge® Program as a comprehensive approach to providing administrative, consulting and IRS compliance for retirement plans to public education employers.

What is the meaning of “Meaningful Notice”?
Employers should be aware of their responsibility to give “meaningful notice” to all employees eligible to participate in a 403(b) Plan and afford them an “effective opportunity” to make or change an elective deferral. TSA Consulting Group’s “Annual Retirement Benefits Guide” is an effective education and communication resource that will fulfill this requirement.

What is meant by “Universal Eligibility”?
IRS requires employers to permit all employees to make salary reduction contributions to the 403(b) program unless the employees are in an excluded classification of employees. TSA Consulting Group’s Compliance Edge® Program can help employers in determining eligibility standards.

How do changes to rules governing Transfers and Rollovers affect Account Portability?
The regulations prevent participants from transferring account balances to companies that are not Authorized Investment Providers under their employer-sponsored plan. TSA Consulting Group’s proven Vendor Evaluation and Selection process can alleviate the overwhelming burdens faced by the Employers during vendor selection.