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Last Day Set for Restatement of 403(b) Plans
Posted by Diane Caron on Wed, Feb 22, 2017 @ 08:00 AM

The IRS recently provided guidance related to the restatement of 403(b) plans. It is anticipated that the IRS will be issuing approval letters to document providers for all 403(b) plans in early spring 2017. Once issued, all employers will be required to restate their 403(b) plans using pre-approved language.

In Rev. Proc. 2017-18, the IRS set Mar. 31, 2020, as the deadline for restating all 403(b) plans. The end of the restatement period (referred to as the remedial amendment period) is the date by which all 403(b) plans must be restated to remain in compliance with the 403(b) regulations. The restatement is retroactive to Jan. 1, 2010.

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Topics: not-for-profit, IRS, 403(b), NFP, nonprofit, 403(b) Plan Document Restatement

Preparing for the Upcoming 403(b) Plan Document Restatement
Posted by Diane Caron on Fri, Mar 11, 2016 @ 11:34 AM

Compliance with retirement plan requirements is a moving target. As changes in the law occur, retirement plans are required to comply in operation with the new provisions as of the effective date of the law. Along with these changes, the IRS announces periods during which the plan must adopt interim amendments so that the plan’s language conforms to the plan operation. Retirement plan documents must then be restated in their entirety at set intervals (every five to six years), incorporating the required interim amendments.

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Topics: 403(b), Diane Caron, 403(b) Plan Document Restatement

IRS Aims to Help Not-for-Profit Employers Avoid Common 403(b) Plan Errors
Posted by Bernard Kaplan on Thu, Feb 6, 2014 @ 10:26 AM

In an effort to make 403(b) plan sponsors aware of common mistakes made by not-for-profit entities and educational institutions administering such plans, in December 2013 the IRS updated two publications that relate to such plans. According to the IRS, “It is important to know the tax rules that apply to your 403(b) plan and to pay attention to the operation of your plan so you can maximize your employees’ retirement benefits, comply with the law, and avoid additional taxes and penalties.”

The publications – Publication 4482, 403(b) Tax-Sheltered Annuities for Participants and Publication 4483, 403(b) Tax-Sheltered Annuity Plans for Sponsors – list mistakes the agency commonly finds in these plans. In addition, 4482 also provides an overview of 403(b) plan features. The other publication offers information on several IRS products and services available to assist plan sponsors in keeping things running smoothly.

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Topics: non-for-profit, IRS, IRS Updates, Bernard Kaplan, 403(b)

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