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403(b) PLAN
WRITTEN PLAN DOCUMENT DEADLINE IS FAST APPROACHING
As we
previously reported, IRS Notice 2009-3, issued on December 11, 2008,
provided 403(b) plan sponsors with a one year grace period to bring
their 403(b) plans into compliance with IRS 403(b) written plan
document requirements.
In order to
comply with the final IRS 403(b) regulations, 403(b) plan sponsors
must have a written plan document in place and adopted no later than
December 31, 2009 that satisfies, in form and operation, the
requirements of the IRS final 403(b) regulations. The written
plan document must be effective January 1, 2009.
403(b) plan
sponsors who have not already done so, must take the necessary steps
to implement a compliant written 403(b) plan document before year
end.
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