On July 23, 2007, the IRS finalized new regulations (set to go into full effect January 1, 2010) for public 403(b) retirement plans. The main highlights include:
- Requirement that a 403(b) program be maintained pursuant to a written plan which satisfies section 403(b) in both form and operation and contains all the terms and conditions for eligibility, limitations, and benefits under the plan.
- End to traditional 90-24 outside-of-plan transfers.
- Requirement to provide annual notification of eligibility (Universal Availability)
- Clarification of universal availability
- New information sharing requirements between employers and vendors
IRS final regulations resources and information:
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