Internal Revenue Service Extends 403(b) Plan Deadline
by:Employee Benefits Practice
On December 11, the Internal Revenue Service (IRS) issued IRS Notice 2008-140, which provides relief for 403(b) plans that do not have a written plan in place by January 1, 2009. The IRS has decided to extend the deadline for plan sponsors to adopt new written plans or to amend existing plans to satisfy the requirement of the final 403(b) regulations in order to give plan sponsors additional time to put the appropriate plan documents in place.
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