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Determining the Status of Your 403(b) Plan

To determine the status of your 403(b) arrangement, read through the three models listed below. Follow the instructions for the model that fits your 403(b) arrangement to learn what actions can be taken to help ensure your plan(s) is in compliance with the 403(b) regulations.

Model 1 - Non-Actively Sponsored 403(b)

  • We did not have a plan document prior to the required date established by the final regulations.
  • We do not file Form 5500.
  • Participants are allowed to contribute to the service provider's product of their choice. NOTE: The list may be limited by payroll slots.
  • Participants have been allowed to transfer the balance of the 403(b) account to the service provider's product of their choice.

Consider your next steps toward complying with the 403(b) regulations if your 403(b) arrangement fits the criteria for Model 1.

Model 2 - Actively Sponsored 403(b)

  • We have a plan document.
  • We file Form 5500. NOTE: Governmental and non-electing church plans are exempt from Form 5500 filing requirements.
  • Employees are allowed to choose only among the investment options chosen by the plan sponsor with a single service provider, AND employees are not allowed to transfer retirement funds outside of the investment options offered while actively employed.
  • There have not been any plan contributions or transfers of account balances outside of the investment options listed above.
  • There are no active or inactive participants with balances in service providers' products outside of the investment options listed above.

Consider your next steps toward complying with the 403(b) regulations if your 403(b) program fits the criteria for Model 2.

Model 3 - Actively Sponsored Hybrid 403(b)

  • My arrangement doesn't clearly fall into Model 1 or Model 2. Model 3 includes plans where there are active participants or former participants with balances in providers' products outside of the current provider's investment options.

Consider your next steps toward complying with the 403(b) regulations if your 403(b) program fits the criteria for Model 3.

 

Is Your Plan Compliant?

View a printable version of the 403(b) Diagnostic Tool.

View a printable version of the 403(b) diagnostic tool

Have a question? Call us at 1.800.986.3343

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