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  December 31 Plan Document Compliance Deadline Approaches for 403(b) Plan Sponsors.Jackson Lewis LLP - December 16, 2009 If you are responsible for administering your organization’s 403(b) plan, time is running out to adopt a plan document that complies with Internal Revenue Code (“Code”) section 403(b) and the final regulations issued for 403(b) plans. Report Link Making it Easy on 403(b) Plans.Ford & Harrison LLP - July 31, 2009 Many sponsors of 403(b) plans (also known as tax-sheltered annuities) will be required to file a full-blown Form 5500 for the first time in 2010, with respect to the 2009 plan year. There is concern, however, that numerous questions left unanswered by the Internal Revenue Service's recent Final Regulations in terms of a plan's treatment of its contracts and other investments must be answered in order for these filings to be possible. Report Link Changing the Playing Field: A Look at the Major Provisions Of the Final 403(b) Regulations Impacting 403(b) Plans.Littler Mendelson, P.C. - April 01, 2009 Charitable organizations, public schools and universities may sponsor retirement plans that are governed by Section 403(b) of the Internal Revenue Code ("Section 403(b)"). The rules under Section 403(b) are different than the rules governing other types of retirement plans. In July 2007, the Internal Revenue Service (IRS) and the Department of Treasury issued final regulations governing these arrangements. The regulations comprise the first comprehensive Section 403(b) plan guidance in over 40 years and make major changes to the 403(b) playing field. The final regulations incorporate previous section 403(b) guidance made during the intervening years that significantly narrowed the differences between 403(b) plans and other tax-qualified retirement arrangements, especially 401(k) plans. Report Link Legal Alert: IRS Provides 403(b) Relief.Ford & Harrison LLP - December 16, 2008 On December 11, 2008, the IRS issued a notice (Notice 2009-3) extending the January 1, 2009 deadline by which 403(b) plans are required to have written plan documents that comply with applicable regulations. Report Link 403(b) Compliance Deadline is Approaching.Ford & Harrison LLP - August 06, 2008 If you are a sponsor of a 403(b) Plan (aka Tax-Sheltered Annuity or Tax-Deferred Annuity), you are probably aware of the December 31, 2008 deadline to bring your plan into compliance with the Regulation issued by the IRS last year. If you miss this deadline, then, effective January 1, your “tax sheltered annuities” will no longer be tax-sheltered, meaning that your employees will no longer be able to make contributions on a pre-tax basis, and, more importantly, will be taxed on the value of their accounts. Report Link Nonprofit Healthcare Providers Need to Focus on Their 403(b) Retirement Plans Before the Year End.Baker Hostetler LLP - May 16, 2008 All nonprofit healthcare entities sponsoring 403(b) plans for their employees need to pay attention to their plans and have them reviewed and amended before the end of 2008! On July 26, 2007, the IRS published new 403(b) regulations. The effective date is generally January 1, 2009. However, if a plan is maintained pursuant to a collective bargaining agreement, the effective date is the earlier of the expiration of the contract or July 26, 2010. In conjunction with the tax rules, the Department of Labor also issued a Field Assistance Bulletin (No. 2007-02) that describes when an employer has a 403(b) plan covered by ERISA. Finally, new and potentially enhanced reporting requirements will now apply to these ERISA-covered 403(b) plans. Report Link Regulation Watch.Fisher & Phillips, LLP - October 03, 2007 The IRS issued final regulations relating to tax-sheltered annuities (Code section 403(b)) on July 26, 2007. Generally, the regulations adopt the provisions of the proposed regulations, and consolidate guidance since the last Code section 403(b) regulations were issued in 1964.
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