Navigating today’s ever-changing regulatory landscape can be a daunting task. Our team of experts will keep you informed so you can focus less time on your plan and more time on your business.
The following information is provided as guidance. It is not intended to be legal or tax advice.
Make sure your 403(b) Plan is on track with Internal Revenue Code requirements!
Take a look at the IRS 403(b) Fix-It Guide (Download PDF) that itemizes IRS remedies for any defects in your plan.
What 403(b) Sponsors Should Expect From IRS 403(b) Audits
Recently the IRS indicated that there would be both increased 403(b) audit activity and more detailed questions from auditors to ascertain whether 403(b) plans were operating in accordance with both the IRS regulations and the terms of the plan document. To help you understand what the IRS may be seeking if your 403(b) plan were to be audited, see Coping with IRS 403(b) Audits (Downlaod PDF).
The final IRS regulations for 403(b) plans mean more oversight responsibility for plan sponsors. The prospect of meeting these requirements in light of your limited time and resources does not need to be overwhelming. From plan documents, common remitter capabilities and plan administration services to education for both plan sponsors and participants, Voya Financial® is here to help you handle the increased plan administration the IRS regulations entail.
Voya® (including its legacy companies) has been a 403(b) service provider to schools and their employees since 1967. We understand the demands placed upon public schools and 501(c)(3) hospitals/not-for-profit organizations, and the limited resources available to you.
You can also Contact Us to request that a Voya representative get in touch with you to provide you with more information about the regulations.
These materials are not intended to be used to avoid tax penalties, and were prepared to support the promotion or marketing of the matter addressed in this document. The taxpayer should seek advice from an independent tax advisor.
Insurance products, annuities and retirement plan funding are issued by Voya Retirement Insurance and Annuity Company. Securities are offered through Voya Financial Partners, LLC (Member SIPC), One Orange Way, Windsor, CT, 06095-4774. Annuities may also be issued by ReliaStar Life Insurance Company, Minneapolis, MN. Variable annuities issued by ReliaStar Life Insurance Company are distributed by Voya Financial Partners, LLC. Only Voya Retirement Insurance and Annuity Company is admitted and issues products in the state of New York. All companies are members of the Voya® family of companies. Securities may also be distributed through other broker-dealers with which Voya Financial Partners, LLC has selling agreements. Insurance obligations are the sole responsibility of each issuing company. Products and services may not be available in all states. Products and services offered through the Voya® family of companies.