CBA offers IRS 403(b) Compliance Services through its Partners for CES member Institutions. IRS 403(b) Plan regulations place a great deal of responsibilities on school districts. Without Compliance Services districts can make uninformed decisions that may put them at risk of non-compliance with IRS Regulations.
The final IRS 403(b) regulations left school districts facing significantly increased compliance, liability, and risk issues. The IRS 403(b) regulations imposed on employers are significantly more burdensome then before. Some of the notable requirements included:
- Written plan documentation are required for all plans;
- School District Controls and Responsibility have increased;
- School Districts are responsible for meaningful notice to employees;
- Universal Availability requirements have become more stringent;
- Centralized Recordkeeping is critical to Compliance.
It is important that employers understand the impact of the regulations and recognize what is necessary to remain compliant with all facet of the 403(b) Regulations. The impact of the most recent changes in the regulations require employers to re-evaluate the effectiveness of internal management for their plans and the new compliance issues. CBA and it Partners can help guide CES members through this process. Call us at 505-883-2527.