ING, a provider of insurance, banking and asset management services, has announced that it is making available 403-b plan documents that public schools can adopt to meet the new IRS 403-b requirements by January 1, 2009.
In July 2007, the IRS issued final regulations concerning 403-b tax-deferred annuity retirement programs sponsored by public schools. Included in those new rules was a requirement that all 403-b programs need to have a written plan in place no later than January 1, 2009. To assist public schools, the IRS released model plan provisions in November 2007.
While the IRS model plan is helpful, ING will make available a 403-b plan document that goes a step further in easing public schools’ transition to these new IRS rules.
Once a school adopts the ING 403-b Plan, ING will keep its customers informed about the updates and enhancements to the plan document. A sponsor that notifies ING that it has adopted the ING Plan language will automatically receive any updates to that plan necessitated by statutory or regulatory changes.
Linda Blinn, vice president of technical services of ING, said: ‘One size fits all’ does not work for clothing and it does not work for retirement plans either. One public school may give their employees the chance to make Roth after-tax contributions, while others may make employer contributions to their employees’ retirement accounts.