What are the IRS reforms and how is IBC involved?
In 2007, the IRS established new regulations that hold school boards and other public employers more accountable for the operation of the 403b plans offered to their employees. There are about 130,000 active 403b accounts in Florida K-12 today, with another 60,000+ dormant ones (no contributions are currently being made). Under the umbrella of the Independent Benefits Council (IBC), the four major education groups – the Florida Education Association, the Florida Association of School Administrators, the Florida Association of District School Superintendents and the Florida School Boards Association – decided to develop a 403b Model Plan that could be recommended to all 67 school districts.
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- What are the IRS reforms and how is IBC involved?
