PSNC 2012: Fixing 403(b) Plan Mistakes

June 15, 2012 ( – 403(b) plan sponsors should take advantage of services and tools offered by providers to better understand and fulfill their fiduciary and compliance obligations.

By Rebecca Moore | June 15, 2012
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This was the recommendation of Susan Fulshaw, managing director, product management at TIAA-CREF, a panelist at the PLANSPONSOR National Conference.   

According to Fulshaw, services and tools offered by providers include: 

  • Plan document service – provides specimen 403(b) and prototype 401(a) plan documents and supporting materials, with compliant provisions and ongoing updated for required regulatory amendments; 
  • Investment consulting – providers help with sample investment policy statements, sample investment menus, and ongoing performance monitoring; 
  • Compliance monitoring – provides guidance and tools to help meet compliance requirements, including loan and hardship withdrawal compliance, contribution limits monitoring and non-discrimination testing; 
  • Financial reporting and plan audit support – provides support for preparation of Forms 5500 and 8955-SSA through a comprehensive financial reporting package and audit support services; and 
  • Service and fee disclosure support – provides a complete set of disclosures plus a multi-faceted approach that includes education and thought leadership on baseline regulatory requirements.