Preparing for the IRS
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. Voya Financial is here to help you understand how to run your 403(b) plan in accordance with the IRS rules.
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 (PDF) that itemizes IRS remedies for common defects that occur in a 403(b) plan.
What 403(b) Sponsors should Expect From IRS 403(b) Audits
The IRS continues to audit 403(b) plans. To help you understand what the IRS may be seeking if your 403(b) plan were to be audited and to use an internal checklist, see Coping with IRS 403(b) Audits (PDF).
If a plan sponsor’s 403(b) is audited, the IRS may also seek to audit the 457(b) plan sponsored by that employer. See Coping with IRS Governmental 457(b) Audits (PDF) for more information.
The following information is provided as guidance. It is not intended to be tax or legal advice.
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.