Modernization of the Section 403(b) Plan and Its ERISA Implications


Final regulations under tax code Section 403(b) released in 2007 reflect changes made under the Small Business Job Protection Act of 1996, the Economic Growth and Tax Relief Reconciliation Act of 2001, and the Pension Protection Act of 2006. The new rules diminish the extent to which Section 403(b) plans differ from qualified plans that include tax deferred salary reduction contributions, such as Section 401(k) plans and governmental plans

under Section 457(b). This article discusses the effect of the changing 403(b) landscape on employers and plan sponsors.

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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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