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403b Services


Ensuring 403(b) Compliance

There are compelling reasons to review current 403(b) arrangements. An immediate concern for plan sponsors is to ensure that each 403b arrangement complies with IRS Regulations.  Failure to comply may result in harsh penalties. Main issues that must be addressed by all 403(b) plans under the new rules include:

  • Must have a “written document“
  • Must be made “universally available” (with limited exceptions) to all employees meeting eligibility requirements.  Plans can’t exclude some employees from plan eligibility.  For example, a school 403(b), with only teachers eligible, must now be available to all employees.

Some Implications for Plan Operations

  • A plan document must be executed defining the role of each party involved.
  • An investment vehicle or vehicles must be selected to offer to plan participants
  • Communication materials for eligible employees must be completed.
  • Payroll processing changes must be implemented

How Can Benefit Plans Plus Help You Comply?

  • Consulting & Compliance Services
  • Plan Document Services
  • Facilitate Vendor/ Service Provider RFP Searches
  • Retirement Plan Review Including: Operational Review, Regulatory Compliance, Fiduciary Review / Service, Provider Review Assessment, Agreed Upon Procedures in Preparation for an Audit
  • DOL / IRS Technical Corrections and Audit Assistance

The Benefit Plans Plus team is here to help with your 403(b) compliance.


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