403(b) Plan Document and Compliance Update

John A. Papahronis
John A. Papahronis
James C. Prince
James C. Prince

If you are a governmental or tax-exempt employer that sponsors a 403(b) retirement plan, there are important developments that require your attention.

For many years, the IRS offered little guidance to employers as to the specific plan document requirements applicable to 403(b) plans. However, recently the IRS has approved model and prototype plan documents that sponsors of 403(b) plans can adopt to ensure document compliance. As a result, your plan document vendor or service provider may be contacting you in the next few months to offer to restate your plan. This process may appear to be routine, but can result in significant exposure to liability if not evaluated carefully. In addition, the IRS has indicated that it is stepping up its audit activity with respect to such plans. So now is an opportune time to get your plan document in order and to otherwise review your plan’s compliance.

During this complimentary one-hour webinar geared specifically for governmental or tax-exempt employers, McAfee & Taft employee benefits attorneys John Papahronis and Jim Prince discuss the process and deadline for adopting the new pre-approved 403(b) plan documents and provide guidance to plan sponsors on how to avoid and correct common plan errors. Topics include:

  • 403(b) plan restatement process
  • Risk areas for employers
  • Common errors in restatements
  • Common errors in plan operation and administration
  • Changes to plan provisions
  • Service agreement issues

This webinar is available for on-demand viewing. Register below to receive immediate access. NOTE: Pre-registration (by August 22, 2017) was required to qualify for HRCI or SHRM credit and credit is only available for 30 days after webinar’s release.