What actions should churches and organizations that participate in the CGGC Retirement Plan take to comply with the new IRS 403(b) regulations?
Stay informed. While the new IRS 403(b) regulations have been released, guidance is still unfolding. In an effort to keep you apprised of new developments, the Board of Pensions will try to periodically provide updates via our Web site covering 403(b) regulations. Develop written policies and procedures. The Board of Pensions provides general plan documentation for the CGGC Pension Plan. However, since each organization that participates in this plan has flexibility related to certain plan provisions, your organization must develop and maintain additional written policies and procedures that address: Which employees are eligible to participate in the retirement plan; What contributions the employer/church will make on behalf of employees; Whether the church/organization will use the CGGC Pension Plan as the sole provider for the plan or allow multiple plan providers? (A decision to allow multiple providers will require the church/organization to enter into arrangements to share informa
