Retirement Plans

IRS extends deadline for 403(b) Plan Document Compliance to June 30

By Teresa ThomasMay 29, 2020No Comments

The IRS extended the last day of the initial remedial amendment period for Section 403(b) plans from March 31, 2020, to June 30, 2020.

What you need to know:

The June 30th deadline is the end of the “remedial amendment period” which allows plan sponsors to self-correct plan provisions that violate the Internal Revenue Code 403(b) written plan rules.

To take advantage of this remedial amendment period the plan sponsor must have adopted a written 403(b) plan by December 31, 2009 (or the plan’s effective date, if later). Following the June 30, 2020 deadline 403(b) plans will follow rules similar to those that apply to 401(k) and pension plans.

Plans can be corrected post-deadline through the Employee Plans Compliance Resolution System (EPCRS). This may require a formal submission to the IRS and the payment of a user fee.

Resources:

IRS 403(b) Pre-Approved Plans
IRS Required Amendments List
IRS Operational Compliance List

For assistance with questions, please contact NLG Retirement Services at 866-243-7174.

Securities and advice regarding securities can be offered solely by representatives registered to offer such products or services through a broker/dealer or registered investment adviser.

Guarantees are dependent upon the claims-paying ability of the issuing company.

TC112670(0220)1

Teresa Thomas

As a 25-year veteran of the financial services industry, Teresa has worn many hats including corporate communication, product and concept marketing, meeting and convention planning, training and mentoring. All while also balancing being a daughter, sister, mom, friend and colleague. It’s true, in her first semester of graduate school, she dropped out of her Secondary Education curriculum – recognizing that teachers have a magnificent gift (that she did not). So, she took her love of teaching in a different direction and thoroughly enjoys the opportunity she has to educate you on not just the importance of retirement savings, but also the many ways in which you can plan now to achieve your retirement success! A native of Philadelphia, she is learning to wear a new hat in “Cowboy Country” as a newly-minted resident of Dallas, TX where she spends most of her time corralling her two boys, two cats, a dog and several fish TC124597(1221)3

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Products issued by: National Life Insurance Company Life Insurance Company of the Southwest

National Life Group® is a trade name of National Life Insurance Company, founded in Montpelier, VT in 1848, Life Insurance Company of the Southwest, Addison, TX, chartered in 1955, and their affiliates. Each company of National Life Group is solely responsible for its own financial condition and contractual obligations. Life Insurance Company of the Southwest is not an authorized insurer in New York and does not conduct insurance business in New York. Fixed indexed annuities (FIAs) are issued by Life Insurance Company of the Southwest.

Annuities have surrender charges that are assessed during the early years of the contract if the contract owner surrenders the annuity. Guaranteed lifetime income may be provided either by annuitizing an annuity, or through an annuity income rider. Riders are supplemental benefits that can be added to an annuity. Riders may be optional, may require additional premium and may not be available in all states or on all products. This is not a solicitation of any specific annuity. Guarantees are dependent on the claims paying ability of the issuing company. Fixed indexed annuities do not directly participate in any stock or equity investments.

TC130142(1222)P | Cat No 105902(0521)

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