Winter 2010
New Resource for Assessing 403(b) Plans
There have been significant changes to the 403(b) landscape in the last year. Plan sponsors must take on new responsibilities in the administration and oversight of their 403(b) plans. As their role increases in the investment selection, reporting and documentation of the plan, so will plan sponsors’ reliance on experienced retirement plan specialists who can provide guidance and advice to see them through these new challenges.
Many plan sponsors are unsure whether or not their plan is covered by ERISA (the Employee Retirement Income Security Act of 1974) and how the new Form 5500 reporting requirement could affect them. They may be unsure about their responsibilities as a plan fiduciary.
The Standard has developed a new brochure that includes resources to help advisors and employee benefit consultant assess the current state of an existing 403(b) plan and determine if the plan is in compliance with both IRS and Department of Labor regulations. The “403(b) Bulletin for Advisors and Consultants” includes a basic fiduciary checklist, questions and answers about reporting responsibilities and details about ERISA coverage.
View the brochure.