Guest Madalyn Clark Posted November 20, 2003 Posted November 20, 2003 Do Employer Sponsored 403(b) Plans need to be amended by the end of the 2003 plan year for the final 401(a)(9) Regs?
mbozek Posted November 21, 2003 Posted November 21, 2003 Not really. A 403(b) plan needs only to be operated in accordance with the final regs. However, it is a good idea to amend the plan to add the final regs. mjb
Guest dsl29 Posted November 21, 2003 Posted November 21, 2003 Would you mind elaborating on your explanation--I was under the impression that the extension granted by 2003-10 might not apply to 403(b) annuities (since they seem to generally be treated under Reg. 1.401(a)(9)-5, and therefore would be treated like DC plans rather than DB plans). I'm new at this though, so I'd appreciate any help you could provide. Thanks!
mbozek Posted November 21, 2003 Posted November 21, 2003 According to the IRS audit guidelines, 403(b) annuity plans are not required to be administered in accordance with their terms. They are only required to be administered in accordance with the tax law and regs. mjb
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