The Internal Revenue Service finalized long-awaited regulations to the 403(b) retirement plans on July 26. These updated regulations hold employers accountable for the plan’s operation, including tracking contributions and loans. The changes stem from discrepancies the IRS discovered during audits. Similar to 401(k) plans, the 403(b) plan is offered by charities, religious institutions, public schools and nonprofit organizations. But unlike 401(k)s that are typically offered by the private sector and trade and professional associations, the 403(b) plan allowed organizations to take a hands-off approach to managing and monitoring the contributions of employees. The 403(b)… Read More