Independent Third Party Administration
The 403(b) Company can provide the following benefits to your organization.
Assistance in developing a vendor list that will meet the needs of your employees
Signature-ready IRS approved plan document
Coordination with all vendors in information sharing.
Provide a “meaningful notice” to all eligible employees that furnishes them with information regarding the new regulations and how they will be affected
Compliance with the new regulations concerning loans, withdrawals, distributions, domestic relations orders contribution limits and remitter services
Audit quality record keeping if the IRS reviews the operation of your plan
State of the art technology that meets your specific needs, ranging from simple spreadsheet downloads to high-end data transfer systems
Local consultants to assist you with day-to-day issues
Low costs that can be paid by your organization, your employees, or product vendors ---- your choice!
We have participated in the IRS audit of over 300 retirement plans on behalf of our clients and hundreds of Department of Labor audits. Through this experience we have become very familiar with the recordkeeping standards of the federal regulators. Our job is making sure that your auditing process goes smoothly and without unnecessary stress. Using the correction system(s) provided by the IRS and the Department of Labor, we have assisted many employers with correcting past “form and operational”
The 403(b) Company, Inc. is an independent Third Party Administrator with one goal in mind; to assist you in becoming and remaining compliant under the new regulations.
On July 26, 2007 the IRS issued final regulations for 403 (b) plans which generally take effect on January 1, 2009. These regulations create the following challenges for schools and 501(c)(3) charitable organizations:
Establishment of a plan document that puts all the rules for regulatory compliance in one place.
Compliance for all loans, hardship withdrawals, distributions, contribution limits, Qualified Domestic Relations Orders, and minimum distribution.
Coordination with vendors through information Sharing Agreements.
Timely remittance of all funds to vendors
Comprehensive record keeping to demonstrate IRS compliance
The staff of the 403(b) Company set-up, establishes and benefit pension plans throughout the United States for over 30 years. We have serviced over 2,000 employers coast to coast and have provided service to over 500,000 participants.
Many administrative organizations tout extensive years of experience in the 403(b) market, but actually only have experience providing common remitter services. Most administrative organizations have little or no experience in administrating retirement plans. Under the new final regulations, no organization has extensive experience in administering multi-vendor 403(b) plans because the new regulations are just too new.
Therefore we believe there is a difference in administrators. We are here to help your organization become compliant by combining our experience with our state-of-the-
loans
hardship withdrawals
qualified domestic relations orders
contribution limits
eligibility determinations
distributions
rollovers
required minimum distributions
These functions are critical to becoming and staying compliant under the new 403(b) regulations. The 403(b) Company will help your organization in a timely, effective, and economical manner. Our staff has the knowledge and the experience to get your organization in compliance!
