|
|
Return to Publications and Resources > Tools and Resources 403(b) Retirement Plan Web Resource Center
Take charge of your district’s retirement plan responsibilities with ASBO’s 403(b) resources, a suite of educational tools and samples that will help you understand, organize, and implement each step of your district’s 403(b) plan. Bookmark this page to check back for additional resources.
 IRS Creates Web Resources
The IRS has launched www.retirementplans.irs.gov, to help employers navigate through tax-favored retirement plan options, including 403(b) plans, and to make it easier for their employees to save for the future. It encourages small business owners to establish retirement plans by helping them choose the right plan for their business. The site also promotes compliance with tax law by providing information and resources on maintaining plans and correcting plan errors.
ASBO 403(b) Council’s Summary of NTSAA Compliance Resolution Summit Report
Read ASBO's 403(b) Council’s summary and comments on the National Tax Sheltered Accounts Association (NTSAA) 403(b) Compliance Resolution Summit report. Here is what you need know about the key findings of the June NTSAA summit and how ongoing work may help your district’s 403(b) plan achieve compliance.
403(b) Compliance Resolution Summit
The National Tax Sheltered Accounts Association (NTSAA) released a report on its 403(b) Compliance Resolution Summit held in June. The summit was called to help resolve widespread service issues in the 403(b) marketplace, particularly the public school and community college sector sponsoring non-ERISA 403(b) plans. Representatives from third party administrators, product providers, technology firms, and invited guests from ASBO International, the IRS, the Investment Company Institute, and the American Society of Pension Professionals and Actuaries had a frank and open discussion of the problems and potential solutions of 403(b) compliance.
Common service obstacles included the following: repetitive authorizations and processing, product providers having insufficient information on plan administration, inconsistent information on plan features and terms, inflexibility in processing, and unrealistic expectations. The participants recognized the lack of standardization across compliance processes as a central underlying problem.
The large group of 100 conferees was split into four subgroups that conducted workshops based on identified problem areas: loans and hardships, rollovers and distributions, transfers and exchanges, and deselected providers and grandfathered accounts. Two task forces were formed to implement and facilitate the post-summit follow up activities and standardization goals.
ASBO’s 403(b) Council is working on a summary of key points of specific importance to school business officials and will also communicate on the progress of the NTSAA task forces as that information becomes available.
Survey of 403(b) Plan Administrators in the K-12 Market: Summary of Results
ASBO International and LIMRA, a financial services industry trade association, surveyed K-12 school administrators to find out how school districts are implement the 403(b) regs. Results from the survey reveal important plan changes and issues, such as the cost of providing administrative services and which parties are paying them, that are by no means settled. Find out how your district compares.
Developing a Successful TPA/Investment Provider Relationship for a School’s 403(b) Plan
K-12 public school administrators whose plans include multiple investment providers or who must include the orphan accounts of deselected providers in their compliance activities have several options in addressing the obligation to coordinate compliance across those respective providers.
 Download more information (142K file).
Formal IRS Notice 2009-3 Revisited: Rely on Written Guidance Over Verbal
The February 18 issue of School Business Daily reported comments made in a recent webinar by Robert J. Architect, senior IRS tax law specialist regarding IRS Notice 2009-3, which outlines the conditions under which the IRS "will treat plans as meeting the requirements of 403(b) and the regulations during the 2009 calendar year." According to Architect, the conditions do not mean "the adopted plan has to be effective as of January 1, 2009, or that sponsors have to correct back to January 1, 2009, operations in contrast to the terms of the plan." Instead, "plans must satisfy the regulations that were in effect as of January 1, 2009, and sponsors must correct operations in contrast to the terms of the plan as of the plan's effective date." Notwithstanding Mr. Architect’s verbal comments, school business officials should be aware that the written guidance is the standard used in determining whether your district is in compliance. ASBO encourages members to have legal counsel review IRS Notice 2009-3 and to have the written plan in place as quickly as possible to ensure that its terms can be followed during 2009.
IRS Plans New Compliance Check Questionnaire for Governmental 401(a) Plans
In a February 19, 2009 posting on its website, the IRS Employee Plans Compliance Unit announced the launch of its Governmental Plan Questionnaire and a request for comments by May 19, 2009. This follows completion of a 403(b) Compliance Check questionnaire on universal availability concerning employees eligible to participate in a school’s 403(b) plan. The IRS will send a pilot questionnaire to 25 selected school districts. Go to the IRS Website to see the cover letter, 401(a) plan questionnaire, and request for comments.
403(b) Compliance Book
Section 403(b) Compliance Guide for Public Education Employers, Third Edition, by Ellie Lowder, includes all of the recent changes to IRS regulations and emphasizes presenting important information to aid in instituting and updating compliance procedures to avoid defects in 403(b) programs.
403(b) at ASBO's 2008 Annual Meeting
If you attended ASBO's 2008 Annual Meeting in Denver, you can re-experience the 403(b) sessions through the Live Learning Center for free. But even if you were not there, you can still purchase access to the following sessions for only $25 a session ($35 for non-members):
You can find instructions and additional sessions here.
Orphan Accounts Responsibility Sorter
What is an “orphan 403(b) account,” anyway? Which are “grandfathered,” which are not, and how does my school handle each type? Here are definitions, explanations, and concise charts to help you define your school’s information sharing responsibilities.
Sample 403(b) Information Sharing Agreement
IRS Video — 403(b) Annuities: What Educational Employers Need to Know to Do Their Jobs— Available Now in Streaming Video
Join IRS tax law specialists Robert J. Architect and Benise Ungar for a 60-minute step-by-step explanationof what school business officials need to know and do to achieve district compliance with the final 403(b) regulations issued in July 2007.
Learn how to create a written plan, determine participant eligibility, handle transfers and exchanges, and keep abreast of the new responsibilities that fall to school districts.
403(b) Final Regulations Released
Preview of Changes for ASBO International Members
ASBO International will provide up-to-the-minute resources to help you prepare for implementing the new regulations. The first resources are:
Please Note: You will need Adobe Acrobat to view these files.
Click here to find a FREE download of Adobe Acrobat Reader.
|
 |
|
|
|
| |
