Section 403(b) Compliance Guide for Public Education Employers

ASBO first published a compliance guide for the 403(b) arrangements in the late 1990s to provide assistance to the school business officials with the administration of their non-ERISA 403(b) arrangements. This, the 2003 Edition, is completely updated to reflect the extensive changes to 403(b) arrangements included in the Economic Growth & Tax Relief Reconciliation Act of 2001 and current reports of IRS audit activities. Additionally, the 2003 Edition, for the first time, includes compliance information for 457(b) deferred compensation plans in light of the growing number of audits of those plans. Since the IRS audits of 403(b) arrangements are expected to continue for the foreseeable future, it is important that detailed information, including sample forms and checklists to assist busy members in correctly operating their 403(b) non-ERISA arrangements, be available. Includes: detailed information about the audits of 403(b) arrangements, a description of the rules and regulations, a description of the most common violations (and how to avoid them), a sample Service Provider and Salary Reduction Agreements, a compliance checklist. Section 403(b) Compliance Guide for Public Education Employers is an excellent resource for use by public school districts providing step-by-step information on the administration of a compliant 403(b) arrangement. It can help school business officials avoid costly defects that the Internal Revenue Service might discover in an audit situation.