What actions should Southern Baptist churches that participate in the Church Retirement Plan take to comply with the new IRS 403(b) regulations?
Churches that are single legal entities and do not have subsidiary organizations should do the following by December 31, 2008: • Stay informed. While the new IRS 403(b) regulations have been released, guidance is still unfolding. To keep you appraised of all new developments, GuideStone has prepared a special Regulation resource page on our Web site. • Develop written policies and procedures. GuideStone provides general plan documentation for the Church Retirement Plan. However, since each church in this plan has flexibility related to certain plan provisions, your church must develop and maintain additional written policies and procedures that address: • Which employees are eligible to participate in the retirement plan? • What contributions will the employer/church make on behalf of employees? • Will the church use GuideStone as the sole provider for the plan or allow multiple plan providers? (A decision to allow multiple providers will require the church to enter into information-sh
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