403(b) Answer Book is the only professional resource that systematically answers hundreds of questions on Section 403(b) plans, 501(c)(3) organizations, and church plans. It provides insight on how to handle complicated issues not yet resolved by the IRS or the courts and includes coverage of plan documents, qualified domestic relations orders, nondiscrimination requirements, contribution limits, correction of plan defects, and Section 403(b)(7) custodial accounts.
403(b) Answer Book, Eighth Edition has been substantially revised and updated to reflect and incorporate the final Code Section 403(b) regulations. It provides clear, practice oriented coverage of:
- Maximum contribution and other discrimination rules
- Multiple funding alternatives available
- Fiduciary responsibility
- Prohibited transactions and exemptions
- Reporting and other requirements of the Internal Revenue Service (IRS) and the Department of Labor (DOL)
- And much more!
403(b) Answer Book has been updated with discussions of administrative developments and changes in the past year, including:
- The new "in-plan" 403(b) Roth rollovers (conversions) guidance under IRS Notice 2010-84
- DOL guidance on the ERISA 403(b) safe harbor and 5500 filing requirements under Field Assistance Bulletin (FAB) 2010-01
- Remedial amendment relief for Section 403(b) plan documents set forth in IRS Announcement 2009-89
- The ERISA 5500 reporting requirements for Section 403(b) ERISA plans beginning with the 2009 plan year filing
- The operational compliance requirements that began January 1, 2009
- The increased contributions limits under Code Section 415(c), the 15-year catch-up, and age 50catch-up rules
- An overview of Revenue Ruling 2011-7 regarding 403(b) plan terminations
- Changes made to Section 403(b) plans as a result of the Pension Protection Act of 2006 (PPA)
- Changes made to Section 403(b) plans under the Heroes Earnings Assistance and Relief Tax Act of 2008 (HEART Act) and guidance issued in IRS Notice 2010-15 regarding this Act
- Changes to Section 403(b) plans enacted by the Worker, Retiree, and Employer Recovery Act of 2008 (WRERA)
- Changes made regarding the flexibility of converting a Section 403(b) amount to a Roth IRA
- The SEC's position on the employer's obligation to provide eligible employees with prospectuses and other reports
- A discussion of the final regulations on fee disclosures to participants by plan sponsors and service providers
- 1. Overview of Section 403(b) Plans
- Introduction to Section 403(b) Plans
- Eligible Employers
- Eligible Employees
- Plan Requirement
- Requirements Relating to Contributions
- Requirements Relating to Investments
- Requirements Relating to Distributions
- Application of ERISA
- Failure and Correction
- Comparison to Other Plan Types
- 2. Section 501(c)(3) Organizations
- Introduction to Section 501(c)(3) Organizations
- Basic Requirements
- State Filing Requirements
- Maintaining 501(c)(3) Status
- Recordkeeping and Disclosure Requirements
- 3. 403(b) Plan Documents
- Written Plan Document Requirement
- Effect of Failure to Satisfy Written Plan Document Requirement
- Composition of the Written Plan Document
- Terms of the Written Plan Document
- Model Section 403(b) Plan Language
- Frozen and Terminated Section 403(b) Plans
- Listing of Investment Providers
- Reliance on Model Section 403(b) Plan Language
- Allocation of Administrative Functions
- Other Section 403(b) Plan Documentation
- 4. Contribution Limits
- Overview of Section 403(b) Contribution Limits
- Section 415(c) Contribution Limits
- Includible Compensation
- Section 402(g) Contribution Limits
- Years of Service
- Section 414(v) Catch-up Limit
- Coordination of Deferrals and Contributions
- Correction of Excess Amounts
- Correction of Excess Deferrals
- Contributions That Exceed All Limits
- Excess Contributions Under Section 403(b)(7) Custodial Accounts
- 5. Nondiscrimination in Coverage and Benefits
- Overview of Nondiscrimination Requirements
- Application of Nondiscrimination Requirements for Different Types of Contributions
- Minimum Participation Rules
- Coverage Rules
- Nondiscrimination Rules
- Nondiscrimination Requirements Before 2009
- 6. Investments
- 403(b) Investment Alternatives
- Grandfathered Investments
- State Retirement System Fund
- Participant Loans .
- Trusts to Hold Section 403(b) Accounts
- Employer Responsibility for Selecting Investment Alternatives
- Social Investment
- Making Investment Decisions
- Protecting the Safety of Investments
- Protection Against Liability
- Participant-Directed Investment
- Providing Investment Education and Advice
- Default Investments
- Paying Plan Administration Expenses
- 7. Annuities
- The Annuity Contract
- Fees Under the Annuity Contract
- The Regulation of Annuity Contracts
- Insurance Law
- Internal Revenue Code
- ERISA
- Other Regulations and Restrictions
- 8. Section 403(b)(7) Custodial Accounts
- Requirements and Establishment
- Investments
- Contributions
- Contract Exchanges and Transfers
- Distributions
- 9. Roth 403(b) Contributions
- Introduction to Roth 403(b) Contributions
- Basic Requirements
- Recordkeeping Requirements
- Distribution Requirements
- In-Plan Roth Rollovers
- Plan Design and Communication Considerations
- Administrative Considerations
- 10. Application of Federal Securities Laws to Section 403(b) Arrangements
- 11. ERISA Requirements
- Circumstances Under Which a Section 403(b) Arrangement Is Subject to ERISA
- Vesting
- Joint and Survivor Annuity Requirements
- Participation Requirements
- Death Benefit Beneficiary Designations
- Amendments
- Bonding and Plan Assets
- Disclosure and Reporting
- Compliance with Claims Procedures
- Assignment or Alienation
- Fiduciary Matters
- 12. Annual Reporting
- Annual Reporting?
- Who Must File?
- When to File?
- What to File?
- How to File?
- Summary Annual Reports
- Failure to File
- 13. Loans, Plan Terminations, and Life Insurance Contracts
- Loans
- Loans as Distributions
- Loan Availability
- Limitations on Amounts
- Interest Rates
- Repayment Requirements
- Principal-Residence Loans
- Correction of Defects Under IRS Correction Programs
- Consequences of Failure to Repay
- Transfers
- When a Loan Is Treated as a Distribution
- Plan Termination
- Life Insurance Contracts
- 14. Distributions
- Withdrawal Restrictions
- Hardship Distributions
- Taxation and Investment in the Contract
- Death Benefits
- Exchanges and Transfers
- Rollovers
- Rules Governing the Timing and Amount of Required Minimum Distribution
- Distributions Commencing During an Employee's Lifetime
- Calculation and Distribution of Grandfathered Amounts for the Purpose of the Minimum Required Distribution Rules
- Distributions After Death of Participant
- Designated Beneficiaries
- Minimum Distribution Incidental Benefit Requirements
- 15. Income Tax Withholding and Reporting
- Income Tax Withholding
- Income Tax Reporting Requirements
- 16. Beneficiary Designations
- About Beneficiary Designations
- Making a Beneficiary Designation
- Substantial Compliance Doctrine
- Who Can Be a Beneficiary
- Family Rights That Restrain a Beneficiary Designation
- Circumstances That Might Affect a Beneficiary Designation
- Spouse's Rights
- Using Agreements to Change a Spouse's Rights
- Disclaimers
- Death
- Common Mistakes
- 17. Qualified Domestic Relations Orders
- Introduction to QDROs
- QDRO Protections
- Plans Following a QDRO
- Requirements of a QDRO
- Plan Administration Procedures
- Tax Treatment
- Bankruptcy
- 18. Mergers and Acquisitions
- Section 403(b) Plan Considerations
- Severance Pay and Section 403(b) Plans
- Section 457 Plan Considerations
- 19. Designing Retirement Plans with Section 403(b) Components
- 20. Retirement and Estate Planning for Section 403(b) Participants
- Estate Tax Treatment
- Gift Tax Treatment
- Funding Trusts with Retirement Plan Annuities
- Funding Charitable Gifts with Retirement Plan Annuities
- Spousal Rollovers
- Retirement Equity Act of 1984
- 21. Correcting 403(b) Plan Errors
- Self-Correction
- Voluntary Correction Program
- Correction on Audit
- Other Correction Considerations
- 22. Tax Aspects of Church Plans
- Church Retirement Income Accounts
- Special Definitions and Rules for Section 403(b) Church Plans
- Final Code Section 403(b) Regulations Issues for Church Section 403(b) Arrangements
- Church Plan Status for a Section 403(b) Church Plan
- Electing (or Not Electing) ERISA Coverage
- Rules Applicable to Nonelecting Church Qualified Plans
- Failure to Qualify as a Church Plan or a Church 403(b) or 401(a) Plan
- ERISA Coverage of Church Plans
- Miscellaneous Church Plan Provisions
- Impact of New Tax-Exempt Controlled Group Rules on Church Section 403(b) Plans
- APPENDIX A: Final Code Section 403(b) Regulations
- APPENDIX B: Revenue Procedure 2007-71
- APPENDIX C: Table for Determining Distribution Period
- APPENDIX D: The Role of the Tax or Employee Benefits Professional in the 403(b) Arena
- APPENDIX E: Treasury Department Required Minimum Distribution Letter
- APPENDIX F: Quick Reference to Relevant 403(b) DOL Guidance
- APPENDIX G: IRS Notices
- APPENDIX H: IRS Announcement
- APPENDIX I: Revenue Ruling
- TABLES
- Internal Revenue Code
- Treasury Regulations
- Internal Revenue Service Announcements, Notices, Memoranda, Rulings, and Procedures
- ERISA
- United States Code
- Department of Labor Regulations and Opinions
- Table of Cases
Barbara N. Seymon-Hirsch, Esq., is a partner with Davis & Harman LLP, a Washington, DC, law firm specializing in federal tax and legislative matters. Ms. Seymon-Hirsch specializes in federal tax matters, concentrating particularly on issues relating to insurance product tax compliance, individual retirement arrangements, qualified retirement plans, Section 403(b) arrangements, and employment tax. She received her BA from Vassar College, her JD from California Western School of Law, and her LL.M. in Taxation from Georgetown University Law School. Ms. Seymon-Hirsch was previously Assistant Tax Counsel with Metropolitan Life Insurance Company. She was also previously with the Internal Revenue Service in Washington, DC. She is a member of the District of Columbia and New York bars. Ms. Seymon-Hirsch is a member of the Committee on Employee Benefits of the Tax Section of the American Bar Association and has served as a member of the IRS Information Reporting Program Advisory Committee (IRPAC), from 1994 through 1995 and again from 2002 through 2004.
Janet M. Anderson-Briggs, Esq., is an attorney and benefits consultant in the greater Portland, Oregon area. Her practice has covered the tax and pension laws governing Section 403(b) tax deferred annuities and Section 457 nonqualified deferred compensation plans for more than 20 years. She has written and lectured extensively in the area of Section 403(b) tax and ERISA compliance for public and private tax-exempt organizations. She previously served as a senior benefits consultant for Mercer Investment Consulting, both in Richmond, Virginia, and Seattle, Washington. She is a member of the American Bar Association, where she is a member of the Tax Section's Employee Benefits Committee and its Subcommittee on Section 403(b), Section 457, and Exempt Organization Issues. Before joining Mercer, Ms. Anderson-Briggs was Senior Counsel and Assistant Secretary of The Variable Annuity Life Insurance Company (VALIC). Ms. Anderson-Briggs received her BA, cum laude, from Georgian Court College, Lakewood, New Jersey. She received her JD from South Texas College of Law in Houston, Texas, where she received an American Jurisprudence award in Federal Procedure. She is admitted to practice before the U.S. Supreme Court, the U.S. Tax Court, the Fifth Circuit Court of Appeals, and the U.S. District Court for the Southern District of Texas and is a member of the State Bar of Texas. She is an NASD insurance investment products registered principal.
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