PSNC 2012: Fixing 403(b) Plan Mistakes

By Rebecca Moore | June 15, 2012
Page 1 of 2 View Full Article

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.

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.