Many 403(b) retirement plan sponsors admit they do not understanding fully the new federal compliance requirements.
Analysts at the TIAA-CREF Institute, an affiliate of Teachers Insurance and Annuity Association – College Retirement Equities Fund, New York, are reporting that finding in a summary of results based on a survey of 403(b) plan sponsors.
A 403(b) plan is a type of defined contribution retirement plan sponsored by a school or other nonprofit organization.
The Internal Revenue Service issued 403(b) plan regulations in July 2007 that took effect Jan. 1, 2009.
Some 403(b) plans are subject to the Employee Retirement Income Security Act. The U.S. Department of Labor has issued Form 5500 reporting rules that affect those plans.
The TIAA-CREF Institute analysts found that:
- 74% of respondents believe they are fully compliant with the new 403(b) plan regulations.