NTSAA summit touches on 403(b) compliance issues

The National Tax Sheltered Accounts Association (NTSAA) released Friday a report from its third annual 403(b) Compliance Resolution Summit in Dallas. The forum targeted 403(b) professionals to identify service issues and develop best practices for the resolution of those issues.

“The Summit draws an array of industry participants who commit to honestly discuss compliance issues in the ever-changing 403(b) regulatory arena. The focus of the annual Summit is to examine common operational and compliance problems that are prevalent in the 403(b) marketplace and provide real working solutions and share these with practitioners through our Best Practices Manual,” said Ellie Lowder,  consultant, TSA Training & Consulting Services and NTSAA Advisor.

The 2011 Summit included more than 100 participants, including representatives from the Internal Revenue Service, the Association of School Business Officials, consultants, attorneys and advisors.

Discussion topics included:

  • Fee Disclosure Guidance: How rules will impact 403(b) plans subject to ERISA.
  • Participant Advice and Fiduciary Issues
  • De-Selected Service Providers & the Audit requirements for ERISA 403(b) Plans
  • Plan Terminations, Individual Contracts and Provider Disclosures
  • Written Plan: Form and Following Its Terms

“The compliance summary report identities problem areas where best practices need to be established and features recommendations for current issues like fee disclosure, which impact virtually everyone in the 403(b) marketplace. We also, with the assistance of the American Institute of Certified Public Accountants thoroughly discussed problems with 403(b) ERISA plan audits. The report also includes checklists, glossaries and forms that are essential in understanding and adopting the best practices,” said Lowder.

The National Tax Sheltered Accounts Association is an independent, nonprofit association dedicated to the 403(b) and 457 marketplaces and represents practitioners, agencies, corporate, and employer members.


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