IRS Correction Procedures Addresses Correction for Failure to Adopt Written Plan for a 403(b)
“ ” The IRS released Revenue Procedure 2013-12 on December 31, 2012, which includes correction procedures for 403(b) Plans. Prior to the release of Revenue
403(b)
A retirement savings plan provided by employees of nonprofit organizations, public schools, and churches. A 403(b) may be funded by employees, employers, or both.
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Custodian
Definition The definition of custodian depends on the responsibility of the financial institution. To make the necessary distinction between the different roles they play for
403(b) Final Regulations Issued
The Treasury Department and the IRS released final regulations related Section 403(b) Plans These regulations are the first comprehensive section 403(b) regulations since 1964, and
Employer matching contribution (or matching contribution)
Definition Contributions made by the employer in addition to & contingent upon salary-deferral contributions made by the participant. Matching contributions can be made to 401(k)