A Call to Action on 403(b) Plans

I wrote an article last summer about the changes that are coming to 403(b) plans, and I titled it "A New Day Dawning." I realize that title might not be appropriate any more. It is more like high noon.

The sweeping changes that were issued three years ago are now in effect, and deadlines are looming. You must file with the IRS by July 31. With an extension, you have until October 15, but that still leaves precious little time to gather the necessary information.

This is no longer a planning issue. It's an action issue.

For those of you who planned well and are prepared for action, please know that Barnes Dennig's professionals are ready and able to help any time you hit a wall. If you require an audit, we have significant experience with benefit plan audits and an expertise that only comes from devoting so much time and energy. Click here to learn more.

For those of you who delayed the inevitable, consider this a friendly warning and a sincere offer to help. Among the items that are now required:

• increased fiduciary responsibilities
• written plan documents, and written descriptions of all available investment options
• stricter transfer rules
• Form 5500 filing, and in some cases an audit

These are the first regulation changes to 403(b) plans in 43 years. Plan sponsors who have become very comfortable in their routines will face a jolt - and likely experience a few pains in the process.

If you would like more information about the changes or help navigating them, contact me or a Barnes Dennig representative at 513.241.8313.

Sincerely,

Brian S. Harvey, CPA
Senior Manager