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There are only three categories of funding arrangements that can be used for a 403(b) plan: 26 C. Without such a central document for a comprehensive summary of responsibilities, there is a risk that many of the important responsibilities required under the statute and final regulations may not be allocated to any party. Employer involvement in those activities can jeopardize the non-ERISA 403(b) plan status.
Such prohibited exercises of discretion include determinations authorizing, directly or indirectly through a third-party administrator: FAB 2007-02; FAB 2010-01; Dep’t of Labor Adv. The following sections outline the qualification rules for all 403(b) plans to be eligible for tax-favored status under 26 C. See 403(b) Plan Distributions for further discussion on distribution requirements. As provided in the final regulations, the existence of a written plan facilitates the allocation of plan responsibilities among the employer, the issuer of the contract, and any other parties involved in implementing the plan. Consider advising a tax-exempt employer that wishes to maintain non-ERISA 403(b) plan status to exclude from its written plan document any provisions concerning hardship withdrawal distributions, loans, plan-to-plan transfers, and acceptance of rollovers. The IRS has provided model language for 403(b) plans designed to satisfy requirements under I.
In the past, several 403(b) plans misapplied the part-time employee exclusion by extending it to employees for any plan years where an employee did not meet the hours threshold during the immediately prior year, even if they had been permitted to contribute to the plan previously. The notice must also advise employees how they can make or change the amount designated for salary deferral purposes. Only certain types of employees are eligible to participate in a 403(b) plan, essentially restricting 403(b) plan sponsors to certain tax-exempt organizations, schools (including colleges and universities) sponsored by state and local governments, and ministers or their employers or deemed employers. All 501(c)(3) organizations must be organized and operated exclusively for a purpose that is: I. Included in this category are employees of public schools and state colleges or universities. A public school system eligible to adopt a 403(b) plan is a state-sponsored educational organization that normally maintains a regular faculty and curriculum and normally has a regularly enrolled body of pupils or students in attendance at the place where its educational activities are regularly carried on.
Go to: 403(b) Plan Overview | Eligible Employers and Employees | ERISA Coverage of 403(b) Plans | Qualification Requirements | 403(b) Plan Contributions | 403(b) Plan Distributions | Implementation and Operation | Correcting 403(b) Plan Errors | Terminating 403(b) Plans | EP Subcommittee Report: 403(b) Plan Issues and Recommendations | Advantages and Disadvantages of 403(b) Plans This practice note discusses the rules that apply when eligible tax-exempt organizations (or their employees) establish tax-sheltered annuities, custodial accounts, or retirement income accounts, as described in Section § 403(b) of the Internal Revenue Code (403(b) plans). For the participant, a 403(b) plan appears much like a 401(k) plan in that it provides for an individual account for each participant. A 403(b) plan can allow employees, the employer, or both to contribute to the plan. If a plan permits ineligible employees to participate, the plan may lose its tax-favored status (unless a correction is made under the IRS Employee Plans Correction Resolution System (EPCRS); see Correcting 403(b) Plan Errors later in this practice note).