Topic: 403(b) Plans

Legislation Proposed to Allow Employers to Make Matching Contributions on Student Loan Repayments

Two bills have been introduced in the Senate that would allow employers to make matching ‎contributions under 401(k), 403(b), governmental 457(b) and SIMPLE plans as if the ‎participant’s student loan payments were salary reduction contributions. On May 13, Senator ‎Ron Wyden (R-OR) reintroduced the Retirement Parity for Student Loans Act (Student Loan ‎Act) and Senators Ben Cardin (D-MD) and Rob Portman (R-OH) reintroduced the Retirement ‎Security & Savings Act.

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Time to Restate Your 403B Plan

The Internal Revenue Service set March 31, 2020 as the last date of the remedial amendment period for tax-exempt organizations and public school systems to self-correct plan document defects in their Section 403(b) plans.  The “remedial amendment period”, or “RAP” is a period during which a 403(b) plan can be amended to comply with the technical requirements of Section 403(b) of the Internal Revenue Code and related IRS regulations. 

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