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New IRS Compliance Check Project to Target Higher Education Organizations and their 403(b) Plans

August 11, 2011

Authors: Ira H. Goldman, Richard I. Cohen, Kelly Smith Hathorn

After many years of inattention to the operation of 403(b) Tax-sheltered Annuity Plans, including whether employers were operating their plans in full compliance with the applicable requirements of the Internal Revenue Code, the federal government (IRS and DOL) has intensified its focus on these plans over the past four years. Continuing this focus into 2011, the IRS announced earlier this year that its Employee Plans Compliance Unit was launching a “compliance check” project. This project focuses on the extent to which higher education organizations are complying with the universal availability rule applicable to 403(b) Plans that permit voluntary salary reduction contributions from employees of the school, which is the most common type of 403(b) plan. To view our alert regarding this IRS "compliance check" and its implications, please click here.

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