The Internal Revenue Service (“IRS”) last issued extensive regulations under Internal Revenue Code (“Code”) Section 403(b) on December 24, 1964. In November 2004, the IRS issued proposed regulations and now, more than two years later, the IRS has published an updated set of comprehensive final regulations concerning 403(b) programs (also commonly referred to as tax-sheltered or tax-deferred annuity plans), which are available to employees of Section 501(c)(3) organizations and public schools.

 Click on the PDF Link above to read the full memorandum.

Source: Employee Benefits & Executive Compensation Client Memorandum
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