Guest lbach Posted February 15, 2002 Posted February 15, 2002 Are 403(B) Plans Subject to ERISA (we are a non-profit) subject to the February 28th deadline to amend for GUST???? I am very confused. I have read Revenue Procedure 2000-27, and it doesn't seem to address it. Thanks!
Carol V. Calhoun Posted February 16, 2002 Posted February 16, 2002 My understanding from informal conversations with the relevant IRS people is that the reason they have not set a deadline for amending 403(B) plans is that 403(B), unlike 401(a), does not require a written plan document. Thus, they do not believe that they have the authority to require an amendment to a plan document by any particular time, but can only require that the plan be operated in accordance with 403(B). In the case of a 403(B) plan subject to ERISA, the Department of Labor requires a written plan document. However, this has traditionally been interpreted in a fairly loose manner--i.e., that no amendments are required until the summary plan description is due. Employee benefits legal resource site The opinions of my postings are my own and do not necessarily represent my law firm's position, strategies, or opinions. The contents of my postings are offered for informational purposes only and should not be construed as legal advice. A visit to this board or an exchange of information through this board does not create an attorney-client relationship. You should consult directly with an attorney for individual advice regarding your particular situation. I am not your lawyer under any circumstances.
Guest lbach Posted February 16, 2002 Posted February 16, 2002 Thank you for all of your help! This is such a murky area.
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now