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Final Regulations
Information for Public Schools
The information below may help you better understand the new 403(b) regulations and their impact on your plan.
General Information
Plan Documents
ING is pleased to provide you with the following 403(b) Plan Documents for Public Schools. A plan sponsor should review the appropriate plan document, together with legal counsel to the extent appropriate, to determine whether additional modifications to the plan document may be necessary to address specific facts, circumstances, and applicable law.
Please note that this document is offered by ING as:
- a 403(b) plan document for public schools intended to meet the requirements of the final 403(b) regulations issued on July 24, 2007 (Federal Register (72 FR 41128));
- a plan document substantially similar to the IRS model plan language under Rev. Proc. 2007-71. The document has not been reviewed or approved by the Internal Revenue Service.
Please note that this document is offered by ING as:
- a 403(b) plan document for public schools intended to meet the requirements of the final 403(b) regulations issued on July 24, 2007 (Federal Register (72 FR 41128));
- a plan document substantially similar to the IRS model plan language under Rev. Proc. 2007-71. Additional features in this 403(b) plan document are the ability to offer Roth 403(b) and/or Employer Contributions under your 403(b) plan, which are not addressed by the IRS model plan language. The document has not been reviewed or approved by the Internal Revenue Service.
Specimen Board Resolution to authorize a school board to adopt the plan document and to authorize the school business official to sign the document.
Be prepared for 403(b) plan audits by the IRS
The IRS has stepped up 403(b) plan audit activity in the past several years… Are you ready if they contact you? Coping with IRS 403(b) Audits can help you prepare in case the IRS comes calling. It includes information on what documents to keep on hand and the top issues IRS examiners look for.
Universal Availability Notices
Information for you, as plan sponsor, about the need to provide Universal Availability Notices:
Information Sharing Agreement
If you amend your plan document to reflect that in 2009 or later an investment provider is no longer approved to receive contributions under the 403(b) plan, that investment provider needs to enter into an information sharing agreement with you in order to be authorized to receive contract exchanges after January 1, 2009.
- A specimen Information Sharing Agreement (pdf 37kb) that can be used with such providers.
- A specimen document that you can use to identify both those investment providers authorized to receive ongoing contributions and those authorized to receive transfers under your 403(b) plan: Specimen Provider List (doc 34kb)
ING is proud to contribute 403(b) Regulations education and expertise to Education Associations.
To see more, please visit these Association Websites:
Contact us to request that an ING representative get in touch with you to provide you with more information about the final regulations.
These materials are not intended to be used to avoid tax penalties, and were prepared to support the promotion or marketing of the matter addressed in this document. The taxpayer should seek advice from an independent tax advisor.
Insurance products, annuities, and retirement plan funding options issued by (third party administrative services may also be provided by) ING Life Insurance and Annuity Company, One Orange Way, Windsor, CT 06095-4774. Annuities issued by ReliaStar Life Insurance Company, 20 Washington Avenue South, Minneapolis, MN 55401. Securities offered through ING Financial Advisers, LLC (member SIPC), and other broker-dealers with which it has selling agreements. These companies are members of the ING family of companies. Insurance obligations are the responsibility of each individual company. Products and services may not be available in all states.
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