Legal Alert: IRS Provides 403(b) Relief


On December 11, 2008, the IRS issued a notice (Notice 2009-3) extending the January 1, 2009 deadline by which 403(b) plans are required to have written plan documents that comply with applicable regulations.

Many public schools, colleges and universities, and other tax exempt organizations maintain retirement plans under Section 40 (b) of the Internal Revenue Code of 1986 (often also referred to as Tax Sheltered Annuities, or Tax Deferred Annuities). Those plans may or may not be "employee pension plans" subject to ERISA, and, to the extent that the plan is not subject to ERISA, no formal written plan document has been required. However, the Treasury Regulations under Section 403(b) that were issued eighteen months ago (the "Regulations"), and that are scheduled to become fully effective on January 1, 2009, require that all such plans be evidenced by written plan documents that meet all applicable requirements, both in form and operation.

Please see full alert for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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