Now that the Regs are finalized, your district will need the help of a company like The Legend Group. With Legend, employers gain access to our state-of-the-art support systems, which are designed to strengthen your administrative capabilities by improving the efficiency of your payroll department. Legend has more than four decades of experience dedicated to the §403(b) marketplace. We offer expert guidance, service and support as you work to ensure your plan complies with the new regulations.

In particular, we can provide:

• A written plan document that includes the provisions of the Final Regulations and the IRS model language, allowing you to offer the optional features that your employees enjoy now.
• Assistance in monitoring of optional features that are adopted in your plan document, including loans outstanding with vendors, determining if employees have had prior loan defaults (and are therefore restricted from obtaining new loans), monitoring in-service transfers, exchanges, etc.
• Assistance in monitoring of contribution limits and vendors’ adherence to the prescribed treatment of any excesses.
• Assistance in monitoring of each vendor’s adherence to the distribution restrictions.
• Assistance in the review of annuity contracts for inclusion of proper language regarding employer contributions to such contracts
• Assistance concerning the review of Qualified Domestic Relations Orders for adherence to the requirements of §414(p) of the Code.
• Guidance on complying with the universal availability requirement.

As budgets shrink and compliance requirements grow, Legend is prepared to share our expertise with you so you can concentrate your limited human resources on meeting your own goals—not learning to be retirement plan experts! In our efforts to help you reduce your administrative burden, Legend will provide employers with ongoing technical assistance regarding the rules and regulations affecting their plans.

The changes dictated by the Final §403(b) Regulations call for a comprehensive review of your existing plan. Contact us for a complimentary consultation.