On December 11, 2008, the IRS issued Notice 2009-3, which provides relief for sponsors of 403(b) retirement plans with respect to the requirement to have a written 403(b) plan in place by January 1, 2009.
According to the IRS news release that accompanied the notice, the IRS is extending the deadline for plan sponsors to adopt new written plans or amend existing plans to satisfy the requirement of the final 403(b) regulations because of difficulties expressed by numerous plan administrators in meeting the current deadline of January 1, 2009. This extension will give plan sponsors one more year to put their plan documents in place.
Read the entire alert.
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