Excerpt: On November 15, 2004, a momentous event occurred in the world of 403(b) tax-sheltered annuities. The first comprehensive regulations in 40 years were issued. These regulations were released in proposed form and state that they cannot be relied upon until finalized. They reach out beyond 403(b) to provide guidance on 402(b), 402(g), 414(c), and 3121(a)(5)(D). There is a general effective date, when finalized, which will be for taxable years beginning after December 31, 2005, with[.]