What are the new IRS regulations for 403(b) retirement plans?
The following list includes a brief summary of the most significant 403(b) regulation changes. Those marked with an asterisk (*) are the regulations that apply to churches participating in the Church Retirement Plan through GuideStone Financial Resources. • *Written plan requirement. Churches that sponsor a 403(b) plan must maintain written documents that describe all material plan provisions. • *Contract exchanges and plan-to-plan transfers. Participants, employers and plan providers now face new requirements if a plan allows participants to transfer 403(b) funds in their retirement account from one plan provider to another. Employers with multiple providers will need to enter into information sharing agreements with all approved providers, and participant transfers along with certain other participant transactions will now require employer consent. (These new rules do not apply to rollovers between retirement plans.) • Timing of in-service distributions from employer contribution acc
