Retirement plans are an important benefit for employers to offer as part of an incentive package to employees. Many companies offer such plans because they provide an important method for employees to save for retirement tax deferred. While for-profit companies leverage the popular 401k plan, non-profit organizations such as schools, government agencies and others are required to use 403b plans. Like 401k plans there are many rules and regulations which must be followed and mandated by both the Internal Revenue Service (IRS) and Department of Labor (DOL) including covering topics from exceeding deferral limits to following plan documents. Unfortunately, errors within plans are possible and these errors can leave a plan non-compliant and result in penalties and more if not addressed. To help clients, prospects and others understand these mistakes and how to correct them, Wilson Lewis has provided a summary below.
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When it comes to 403b plans, there are several errors which can arise for plan administrators throughout the year. While no one ever wants to make any errors, it’s important to understand the corrective programs and steps available to bring your plan into compliance. If you have questions about your 403b plan management or would like assistance with a benefit plan audit, Wilson Lewis can help! For additional information please call us at 770-476-1004, or click here to contact us. We look forward to speaking with you soon.
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