The 403(b) Compliance Guides will be available in four stages to coincide with the suggested timing for taking action, the Principal said in a press release. The first guide, available at www.principal.com/403bguides , outlines immediate actions that plan sponsors should begin taking now, including:
- Setting up a committee,
- Identifying any contracts included in their actively sponsored plans, and
- Reviewing and documenting the key provision of each of their contracts.
The first guide also provides a Contract Comparison Tool to make it easier for plan sponsors to make their reviews, according to the release.
The next guides will be distributed in late July, August, and on a rolling schedule during the fourth quarter of 2008.
The Principal has provided other assistance to 403(b) sponsors including an interactive tool that outlines the action steps needed by each of type of plan design (See Principal Touts New Tool for 403b Plans ), and educational materials on the 403(b) regulations (See Principal Offers 403(b) Regs Education Program ).
Sign-up for PLANSPONSOR’s(b)lines – a semi-monthly update on the latest news and information for 403(b) plan sponsors and those who support themhere.