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403(b) Compliance IRS Deadline - December 31, 2009
The IRS issued an extension for employers who sponsor 403(b) plans to adopt a written plan. If your ministry has not completed this document, read the conditions below and then complete the written plan.
IMPORTANT: All of the following conditions must be met in order to have the extended deadline:
- The employer must adopt a written plan by December 31, 2009, that is intended to satisfy the requirements of 403(b) and the regulations.
- During 2009, the plan sponsor operates the plan in accordance with a reasonable interpretation of 403(b) and the related regulations.
- By the end of 2009, the employer makes its best effort to retroactively correct any operational failure (that is, a failure to meet the written plan/403(b) requirements) during the 2009 calendar year to conform to the written plan.
We encourage you to create a written plan as possible. If your ministry has not completed this document, click here to finish that today. For assistance, contact us at 800.622.7526 or e-mail us at 403bRegs@AGFinancial.org
Click here for more information on 403(b) Compliance Regulations »