{"id":1124,"date":"2018-06-27T12:29:06","date_gmt":"2018-06-27T17:29:06","guid":{"rendered":"https:\/\/www.rixtrema.com\/blog\/?p=1124"},"modified":"2020-01-09T14:12:06","modified_gmt":"2020-01-09T19:12:06","slug":"a-list-of-issues-found-in-403b-plans","status":"publish","type":"post","link":"https:\/\/rixtrema.com\/blog\/a-list-of-issues-found-in-403b-plans\/","title":{"rendered":"A List of Issues Found in 403b Plans"},"content":{"rendered":"<div><\/div>\n<div style=\"text-align: right;\"><strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff; text-decoration: underline;\" href=\"http:\/\/qbillc.com\/blog\/top-10-issues-found-in-403-b-plans\">SOURCE<\/a><\/span><\/strong><\/div>\n<div><\/div>\n<div><span style=\"color: #000000;\">Compiled from lists published by the IRS, DOL and Auditors, here are 10 items to check and review to make sure your 403b plan is operating in line with IRS and DOL expectations:<\/span><\/div>\n<div><\/div>\n<div><span style=\"color: #000000;\">1. Universal Availability Issues:<\/span><br \/>\n<span style=\"color: #000000;\">a. Excluding \u201cpart time\u201d employees without using or having the 20 hour rule in the plan document or misusing the 20 hour rule. No document should use the phrases \u201cpart time\u201d or \u201cfull time\u201d in 2018. Such language is an invitation for the DOL or the IRS to ask the plan sponsor for the definition used and to discover that the plan sponsor is using health insurance rules in a 403(b) plan (an expensive mistake).<\/span><br \/>\n<span style=\"color: #000000;\">b. Using a waiting period before employees are permitted to defer<\/span><br \/>\n<span style=\"color: #000000;\">c. Failing to have \u201cproof documents\u201d for employees who were notified but declined deferral opportunities<\/span><\/div>\n<div><\/div>\n<div><span style=\"color: #000000;\">2. Excess 402(g) contributions (deferral limits are 402(g)).\u00a0This includes (especially) improper use of the 15 Years of Service Catch Up rule (ineligible employer; improper application of lifetime limit; improper ordering of Age 50 Catch Up and 15 YOS Catch Up); failure to include Roth contributions<\/span><\/div>\n<div><\/div>\n<div><span style=\"color: #000000;\">3. Plan Loans that violate IRC Section 72(p):\u00a0failure to make timely loan repayments; defaults not noticed or treated properly; loans from multiple vendors that, in aggregate, exceed the 72(p) limits<\/span><\/div>\n<div><\/div>\n<div><span style=\"color: #000000;\">Read full article here:\u00a0<\/span><a href=\"http:\/\/qbillc.com\/blog\/top-10-issues-found-in-403-b-plans\u00a0\">http:\/\/qbillc.com\/blog\/top-10-issues-found-in-403-b-plans\u00a0<\/a><\/div>\n<div><\/div>\n<p><strong><em>Explore powerful financial advisor tools Larkspur-Rixtrema has to offer with a personalized tour:<\/em><\/strong><\/p>\n<p><a href=\"https:\/\/www.rixtrema.com\/requestdemo\/index.html\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.rixtrema.com\/blog\/wp-content\/uploads\/2018\/04\/Screenshot_5.jpg\" alt=\"\" width=\"330\" height=\"41\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SOURCE Compiled from lists published by the IRS, DOL and Auditors, here are 10 items to check and review to make sure your 403b plan is operating in line with IRS and DOL expectations: 1. Universal Availability Issues: a. Excluding \u201cpart time\u201d employees without using or having the 20 hour rule in the plan document&#8230; <\/p>\n<div class=\"clear\"><\/div>\n<p><a href=\"https:\/\/rixtrema.com\/blog\/a-list-of-issues-found-in-403b-plans\/\" class=\"excerpt-read-more newsstand-button\">Read More<\/a><\/p>\n","protected":false},"author":3,"featured_media":1125,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[209],"tags":[185,45,172],"class_list":["post-1124","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-403b-plans","tag-403b","tag-retirement-plan","tag-retirement-plan-advisors"],"jetpack_featured_media_url":"https:\/\/rixtrema.com\/blog\/wp-content\/uploads\/2018\/06\/A-list-of-403b-issues.jpg","yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v15.9.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A List of Issues Found in 403b Plans<\/title>\n<meta name=\"description\" content=\"Compiled from lists published by the IRS, DOL and Auditors, here are 10 items to check and review to make sure your 403b plan is operating in line with IRS and DOL expectations:\" \/>\n<link rel=\"canonical\" href=\"https:\/\/rixtrema.com\/blog\/a-list-of-issues-found-in-403b-plans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A List of Issues Found in 403b Plans\" \/>\n<meta property=\"og:description\" content=\"Compiled from lists published by the IRS, DOL and Auditors, here are 10 items to check and review to make sure your 403b plan is operating in line with IRS and DOL expectations:\" \/>\n<meta property=\"og:url\" content=\"https:\/\/rixtrema.com\/blog\/a-list-of-issues-found-in-403b-plans\/\" \/>\n<meta property=\"og:site_name\" content=\"RiXtrema.com\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/LarkspurRiXtrema\/\" \/>\n<meta property=\"article:published_time\" content=\"2018-06-27T17:29:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-01-09T19:12:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/rixtrema.com\/blog\/wp-content\/uploads\/2018\/06\/A-list-of-403b-issues.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1273\" \/>\n\t<meta property=\"og:image:height\" content=\"941\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@RiXtrema\" \/>\n<meta name=\"twitter:site\" content=\"@RiXtrema\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\">\n\t<meta name=\"twitter:data1\" content=\"1 minute\">\n<!-- \/ Yoast SEO Premium plugin. -->","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/posts\/1124","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/comments?post=1124"}],"version-history":[{"count":4,"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/posts\/1124\/revisions"}],"predecessor-version":[{"id":5928,"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/posts\/1124\/revisions\/5928"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/media\/1125"}],"wp:attachment":[{"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/media?parent=1124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/categories?post=1124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/tags?post=1124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}