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Products February 4, 2009
The 403(b) Company Can Help with Plan Audits
The 403(b) Company offers a 403(b) Administrator service that can help sponsors get through Internal Revenue Service (IRS) and Department of Labor (DoL) plan audits.
Reported by Rebecca Moore
According to the company’s Web site, it has participated in IRS audits of over 300 retirement plans on behalf of its clients and hundreds of DoL audits, becoming very familiar with the recordkeeping standards of regulators. Using the correction systems provided by the IRS and the DoL, the company has assisted many employers with correcting past “form and operational” errors on 403(b) plans.
In addition, according to the Web site, 403(b) Administrator offers:
- assistance in developing a vendor list to meet needs of employees
- a signature-ready IRS approved plan document
- coordination of all vendors for information sharing
- a “meaningful notice’ to all eligible employees with information regarding new regulations and how they will be affected
- assurance of compliance with new regulations concerning loans, withdrawals, distributions, domestic relations orders, and contribution limits
- remitter services
- local consultants to assist sponsors with day-to-day issues
- low costs.