403(b)’s don’t have to be difficult!
When the Department of Treasury published the final 403(b) regulations in 2007, many employers and investment companies found their plan needed to change many long standing practices and procedures. For many situations the solution is a Third Party Administrator (TPA) or Record keeper to assist with the compliance requirements of a 403(b) retirement plan. For some employers or companies however, a TPA can be cost prohibitive, whether due to a small plan size or employee base, a short duration in assistance needed, or some other circumstance.
Although the final 403(b) regulations require specific duties to be completed by the employer, the common "payroll only" plans, specifically those offered by employers who maintain a small employee base, can be offered to participants and administered in-house for a fraction of the cost. The regulations do not require a large complicated plan, the regulations require structure to a plan. Small employers can still offer their employees the benefit of saving for their own retirement, regardless of the employer's ability to fund, or support a complicated structured plan.
Contact us to see how we can help you with your 403(b) retirement plan needs.
