IRS releases final § 403(b) regulations

On July 26, 2007 the IRS published final regulations regarding § 403(b) plans and related regulations. Named after the pertinent section of the Internal Revenue Code, § 403(b) plans involve tax sheltered retirement annuities offered by public schools, colleges, universities, and § 501(c)(3) charitable organizations. The final regulations (including commentary) can be viewed in the Federal Register.   

The regulations will take effect, generally, in December 2008, with some exceptions. The IRS press release, Employee Plans News, highlights the impact of the regulations, including effective dates.  Additional information can be found at the IRS’s website.

Although much of the information is publicly available, tax planning is complicated and neither this Blog nor the public information should be mistaken for legal advice. Anyone interested in § 403(b) plans can contact one of the Fox Education Law Group attorneys or, for general tax matters, a member of the Tax Department.