Compliance August 29, 2006

IRS Delays Implementing 403(b) Regs to 2008

August 29, 2006 (PLANSPONSOR.com) - Saying they wanted to give 403(b) plan sponsors and others associated with the plans more time to implement rules proposed in 2004, Internal Revenue Service (IRS) officials have scheduled an effective date of January 1, 2008.
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In a news release, the IRS said that the new deadline was designed to also help give employees, insurance carriers and mutual funds involved in 403(b) plans “a reasonable advance period before the regulations go into effect.”

The affected regulations also include those covering related controlled groups under 414(c), according to the announcement.

The 102-page document  offered the 403(b) community a comprehensive update of the law and rules governing the plans for the first time in 40 years. (See Feds Put Out 403(b) Rule Clarification).  

The plans are generally offered   by education and non-profit organizations.

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