MetLife Software to Ease 403(b) Compliance for K-12 Schools

September 12, 2006 ( - MetLife Resources has come out with a no-fee way to help K-12 school districts implement the pending Treasury Department 403(b) regulations.

The MetLife ComplyNow will provide a 403(b) sample availability policy, an employee 403(b) communication plan and software to monitor annual 403(b) contribution limits.

The services by MetLife includes not only 403(b) programs, but also 457(b) plans, final pay plans, and Workplace Benefits, according to the release.

The proposed 403(b) regulations, a  102-page document ,  would require all plans to have written guidelines including product providers, loan provisions and other details – similar to those of 401(k) plans.

The IRS announced in August it would delay implementing the regulations to give plan sponsors, employees, insurance carriers and mutual funds more time to implement the rules that were proposed in 2004, pushing back the effective date to January 1, 2008 (See IRS Delays Implementing 403(b) Regs to 2008).