New 403(b) plan documents ease non-profits' transition into IRS regulator environment
ING announced today that it now will make available 403(b) plan documents to employers in the non-profit sector, to help make it easier for them to adopt the new IRS 403(b) requirements by the January 1, 2009 deadline.
Last year, the IRS issued final regulations concerning 403(b) tax-deferred annuity retirement programs, considerably impacting the way they would be expected to operate in the future. For the first time, federal law mandated that all sponsors of a 403(b) program, including 501(c)(3) employers, have a formal, written document in place that would govern their retirement plan.
The move to provide 403(b) plan documents to the non-profit arena is the latest step that ING has taken to expand its footprint in the tax-exempt market, continuing its efforts to help plan sponsors take the stress out of complying with the new IRS regulations.
“We are committed to helping all 403(b) plan sponsors meet the new IRS rules,” says Linda Segal Blinn, ING’s Vice President of Technical Services. “The ING 403(b) plan documents, coupled with both our local presence and dedicated 403(b) expertise, distinguish ING in the marketplace.”
Staying current with the many updates necessitated by statutory or regulatory changes can present a significant challenge for many employers in the non-profit sector. By choosing to adopt an ING 403 (b) plan document, employers will have the confidence that ING is committed to keeping them informed. Any required updates due to regulatory changes or enhancements will be provided automatically.
In March, ING was among the first 403(b) providers to offer plan documents to public school districts seeking a better understanding of the new regulatory environment. ING also was among the first to provide plan sponsors with a toolkit to help them meet the new IRS information sharing requirements, which took effect last fall. Now, ING’s 403(b) plan documents for non-profit organizations will help them to fulfill their obligations under by the new IRS rules.
ING has been a service provider to 403(b) sponsors and their employees since 1967. With nearly one million individuals participating in our 403(b) investment vehicles, ING understands the demands placed upon public schools and 501(c)(3) hospitals and not-for-profit organizations, and the everyday challenges they must meet with limited resources.
501(c)(3) organizations can obtain the ING 403(b) plan document and other tools to help make complying with the regulations easier by visiting ING’s dedicated 403(b) regulations solutions website, www.ing.com/us/403bregs, or by contacting their local representative.
Deborah Pont, ING US Wealth Management, 860-580-2678 or firstname.lastname@example.org
ING is a global financial institution of Dutch origin offering banking, insurance and asset management to over 75 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of over 120,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.
In the U.S., the ING (NYSE: ING) family of companies offer a comprehensive array of financial services to retail and institutional clients, which includes life insurance, retirement plans, mutual funds, managed accounts, alternative investments, direct banking, institutional investment management, annuities, employee benefits, financial planning, and reinsurance. ING holds top-tier rankings in key U.S. markets and serves over 14 million customers across the nation. For more information, visit www.ing.com.