MBA 403(b)
403(b) Compliance IRS Deadline Extension
On December 11, 2008, IRS issued Notice 2009-3. Under certain conditions, this notice allows employers who sponsor 403(b) plans an extended deadline to adopt a 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. For assistance, contact us at 800.622.7526 or e-mail us at 403bregs@agfinancial.org
Click here to view the IRS notice.
