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403(b)DOCUMENTUPDATE
PresentedBy:ChristineLeBlanc
403(b)Documents
• NewIRSpre-approveddocumentsnowavailable• RestatementdeadlinetogetretroactiverelianceisMarch31,2020• Retroactiveeffectivedatesasearlyas1/1/2010canbeused• Customeffectivedateandcustomlanguageattachmentswithretroactiveeffectivedates
403(b)Documents
• Newserviceproviderattachment• Approvedvendors• Un-approvedvendors• Serviceproviders• Plansponsorduties
403(b)Documents
• RestatementDeadline• March31,2020• Ifdocumentwasamendedtimelyforfinalregulationsthenplanmayhaveretroactivereliancebackto2010.• Allprovisionsmustbedocumentedinsomeform
• Interimamendments• Specialeffectivedateaddendum
403(b)Documents
5types• ERISAfor501(c)(3)Organizations• Non-ERISADeferralOnlyfor501(c)(3)Organizations• Non-ERISAforGovernmentalOrganizations• Non-ERISAforChurcheswithoutRIA• Non-ERISAforChurcheswithRIA
403(b)DocumentsERISAfor501(c)(3)Organizations• Robustdocumentintendedtoprovidemaximumflexibility• ContributionTypesIncluded• deferrals– pre-taxandRoth• voluntaryafter-tax• mandatory- after-taxandpre-tax• matchingcontributions• non-electivecontributions• rollovercontributions
403(b)Documents
ERISAfor501(c)(3)Organizations• OtherProvisions• ACPSafeHarbor• Auto-Enrollment– ACA,EACA,QACA• Integrated,AgeWeighted,andCross-TestedNon-ElectiveContributions
403(b)Documents
ERISAfor501(c)(3)Organizations• TestingProvisions• DesignedtobeUniversalAvailabilitycompliant• AllERISAlanguageincluded• ACPtestingelectionsincluded• 410(b)failurelanguageincluded
403(b)DocumentsNon-ERISA403(b)DeferralOnlyfor501(c)(3)Organizations• Designedtobeusedbya501(c)(3)organizationthatintendstomeettheDOLsafeharboroflimitedemployerinvolvementunder29C.F.R.section2510.3-2(f)• ContributionsTypesinclude• Deferrals– pre-taxandRoth• Voluntaryafter-tax• rollovercontributions
403(b)DocumentsNon-ERISA403(b)DeferralOnlyfor501(c)(3)Organizations• Doesnotinclude• Matchingornon-electivecontributions• Safeharborprovisions• Automaticenrollment• Vestingprovisions
403(b)DocumentsNon-ERISAforGovernmentalandChurchEmployers• Robustdocumentintendedtoprovidemaximumflexibility• ContributionTypesIncluded• deferrals– pre-taxandRoth• voluntaryafter-tax• mandatory- after-taxandpre-tax• matchingcontributions• non-electivecontributions• rollovercontributions
403(b)Documents
Non-ERISAforGovernmentalandChurchEmployers• OtherProvisions• Auto-Enrollment– ACA• IntegratedNon-ElectiveContributions
• NotIncluded• SafeHarbor• Auto-Enrollment– EACA,QACA• Age-WeightedandCross-TestedNon-ElectiveContributions
403(b)Documents
• Non-ERISAforChurchEmployers• SteepleChurch• QualifiedChurchControlledEmployers
• RetirementIncomeAccount• NotsubjecttoUniversalAvailability