New 403(b) regulations: let us help
Are you now responsible for your organization's 403(b) retirement plan? Ameriprise can help.
New federal regulations are adding responsibilities to employers—such as public schools, hospitals and other non-profits—that offer 403(b) retirement accounts. Understanding these new changes may be adding stress to your life. An Ameriprise financial advisor can help you manage your new responsibilities.
First step
While there are a lot of changes happening as a result of the new regulations, here's a big picture overview.
| Pre 403(b) reg. changes | Post 403(b) reg. changes |
|---|---|
| Employers have limited administration responsibilities | Employers have full administration responsibility |
| Little to no documentation required for federal compliance | Plan documentation required on or before Dec 31, 2009 but plan must operate in comformance with the regulations throughout 2009 |
| Employees generally not involved when employee request money movement | Moving money now requires employer approval |
| Litlle involvement from outside investment providers and/or Third Party Administrators (TBA) | Close working relationship with outside investment providers and/or TPAs |
How Ameriprise Financial can help
An Ameriprise financial advisor can help you and your organization make sense of the new regulations. We can discuss:
- How to choose investment providers as well as the investment vehicles (annuities, mutual funds) that are available
- How to develop a comprehensive plan, including documentation, that will meet the new federal regulations
- What elements of the plan you need to communicate to employees
- The mechanics and regulations around approving money transfers
Please contact an Ameriprise financial advisor for professional advice about this rapidly changing landscape of retirement planning.