Pension Protection Act Blog

In the pension geek handbook, Chapter Three is devoted to Urban Plan Legends. You know those stories - someone worked at a firm with an ERISA attorney who went to law school with another ERISA attorney who knows a guy who….. One of my favorite Urban Plan Legends is the one about the […]

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I wanted to see what the new Model 403(b) Plan released by the IRS in Rev. Proc. 2007-71 would look like as an actual plan document, so I formatted it using the common plan document style, including a table of contents, and I have posted it here. With the idea behind Rev. Proc. 2007-71 […]

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When the IRS released the Final 403(b) Regulations earlier this year, they also announced that they would be releasing model plan language, and potentially a model plan itself, for plan sponsors to adopt. In the past, the IRS has released Model amendments and sample amendments, and even suggested plan language for prototype plans contained […]

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The debate continues on whether the IRS requires 403(b) plans to be expressed on a written plan document. The latest statement from the IRS on this issue is contained in the new final regulations released today.
With these Final Regulations, effective November 15, 2007, the IRS added Treasury Reg. section 31.3121(a)(5)-2 containing the […]

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The IRS published the Fall 2007 Edition of Employee Plan News today. Within this edition, the IRS confirms that the target date for issuing the EGTRRA opinion/advisory letters to pre-approved prototype and volume submitter plans is March 31, 2008.
This date is important because it kicks off the two-year restatement period in Rev. Proc. 2005-66 […]

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The Dept. of Labor issued Field Assistance Bulletin No. 2007-02 (FAB 2007-02) on how the Final 403(b) Regulations affect the status of 403(b) tax-sheltered annuity programs.
FAB 2007-02 provides a glimpse of the DOL’s expectations for the new plan document requirement contained in Final 403(b) Regs. It addresses how an employer can comply with the […]

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In a special edition of Retirement News for Employers, the IRS provides a summary of the Final 403(b) Regs.
One highlight of the summary is the statement that the Final 403(b) Regs also contain a provision not related to 403(b) plans. In the language of the IRS summary:
Finally, the 414(c) regulation addresses aggregation […]

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Today, the IRS released the Final 403(b) Regulations. Officially, the title is Final Regulations on Revised Regulations Concerning Section 403(b) Tax-Sheltered Annuity Contracts (T.D. 9340). (hat tip to BenefitsLink.com.)
These regulations are effective July 26, 2007, and are generally applicable for taxable years beginning after December 31, 2008. The preamble states that since […]

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Another day has come and gone with no 403(b) regs.
If you’ve wondered why my posts have been a little light lately, it is due to the Final 403(b) Regs. Or I should say it is due to the absence of the Final 403(b) Regs. The IRS said they would finally be releasing these […]

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