To help employers facing new, comprehensive
IRS 403(b) regulations, CalSTRS has a solution. CalSTRS 403bComply is a compliance and administration program for 403(b) plans.
New IRS regulations, which become effective January 1, 2009, require much greater employer
involvement. Some of the new duties include (but are not limited to):
- Creating and maintaining a plan document
- Providing meaningful notice at least annually
- Complying with contribution deposit requirements
- Approving all distributions
- Managing transfers between vendors
- Monitoring vendors for compliance with plan document
CalSTRS Can Help
CalSTRS 403bComply is offering compliance and administration service in partnership with the
Omni Group. The Omni Group staff has over 60 years of combined experience working with hundreds
of public school districts nationwide as their retirement plan administrator.
The CalSTRS services include:
- Performing the due diligence to make certain that approval has been obtained from the
employer for any distributions (rollovers, loans, hardships, transfers, lump sums, etc.)
- Providing common remitting services for salary reductions from employees’ paychecks
- Withholding all taxes according to the regulations
- Tracking minimum distribution requirements and completing all recordkeeping responsibilities
- Ensuring that all employees of a school district are in compliance with the regulations
More Information
For questions about the CalSTRS 403bComply program and to sign up:
Video
Certified Financial Planner Scott Dauenhauer explains the challenges facing employers and the
services CalSTRS and the Omni Group offer through the CalSTRS 403bComply program.
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This section contains links to large video files |
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Checklists
CalSTRS has developed checklists to assist employers in administering employees’ 403(b) salary reductions.
They can be used for quick reference and as a guideline prior to sending money to vendors or hiring a third
party administrator.
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