Finally get that promotion? Get exclusive content, tips and tools to help you excel.
Shawn Premer shows how doing the right thing for employees leads to positive business results.
Is your employee handbook keeping up with the changing world of work? With SHRM's Employee Handbook Builder get peace of mind that your handbook is up-to-date.
Build competencies, establish credibility and advance your career—while earning PDCs—at SHRM Seminars in 12 cities across the U.S. this spring.
#SHRM18 will expand your perspective – on your organization, on your career, and on the way you approach HR. Join us in Chicago June 17-20, 2018
Members may download one copy of our sample forms and templates for your personal use within your organization. Please note that all such forms and policies should be reviewed by your legal counsel for compliance with applicable law, and should be modified to suit your organization’s culture, industry, and practices. Neither members nor non-members may reproduce such samples in any other way (e.g., to republish in a book or use for a commercial purpose) without SHRM’s permission. To request permission for specific items, click on the “reuse permissions” button on the page where you find the item.
New regulations for section 403(b) defined contribution retirement plans, used by public school systems and section 501(c)(3) not-for-profit organizations, take effect on Jan. 1, 2009. However, the IRS issued a notice on Dec. 11, 2008, announcing relief for 403(b) plans that do not have a written plan in place by Jan. 1, 2009.
Notice 2009-3 says the IRS will treat plans as meeting the requirements of section 403(b) and the new regulations during the 2009 calendar year if:
During 2009, the plan sponsor operates the plan in accordance with a reasonable interpretation of 403(b) and the related regulations.By Dec. 31, 2009, the plan sponsor has adopted a written 403(b) plan that is intended to satisfy the requirements of 403(b) and the new regulations.By Dec. 31, 2009, the plan sponsor makes its best effort to retroactively correct any operational failure during the 2009 calendar year to conform to the written plan.
During 2009, the plan sponsor operates the plan in accordance with a reasonable interpretation of 403(b) and the related regulations.
By Dec. 31, 2009, the plan sponsor has adopted a written 403(b) plan that is intended to satisfy the requirements of 403(b) and the new regulations.
By Dec. 31, 2009, the plan sponsor makes its best effort to retroactively correct any operational failure during the 2009 calendar year to conform to the written plan.
The IRS said it was extending the deadline for plan sponsors to adopt new written plans or amend existing plans to satisfy the requirement of the final 403(b) regulations "because of difficulties expressed by numerous plan administrators" in meeting the current deadline.
Related Article: SHRM Online
403(b) Retirement Plan Final Regs: An Overview, SHRM Online Benefits Focus Area, August 2007
403(b) Plans: New Regulations--Making 403(b)s More Like 401(k)s, SHRM Online Benefits Discipline, October 2006
Related Articles: External
IRS Provides 403(b) Relief, Ford & Harrison LLP, December 2008
Stop the Presses: Written Plan Document Requirement for Section 403(b) Plans Extended to December 31, 2009, McGuireWoods LLP, December 2008.
IRS Extends 403(b) Deadline, Blake Rome LLP, December 2008
You have successfully saved this page as a bookmark.
Please confirm that you want to proceed with deleting bookmark.
You have successfully removed bookmark.
Please log in as a SHRM member before saving bookmarks.
Please sign in as a SHRM member before saving bookmarks.
Please purchase a SHRM membership before saving bookmarks.
An error has occurred
Recommended for you
CA Resources at Your Fingertips
SHRM’s HR Vendor Directory contains over 3,200 companies