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The new regulations force the employer into a more responsible role, much like 401(k) regulations which have already been implemented in the private sector. Partnering with a recordkeeper allows Seminole State College to shift nearly all of the oversight to the recordkeeper. Here are some of the things the recordkeeper will be responsible for:
There are others, but this gives you an idea of what will be involved. These new regulations are effective January 1, 2009.
The IRS has already stated that they have hired more field agents and have neglected the 403(b) employers for too many years. These new regulations will give the IRS new reasons to focus on higher education, in particular. If Seminole State College is found to be out of compliance, every penny of contributions in anyone’s 403(b) account could become taxable income to the employees.
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