In 2007 the Internal Revenue Service (IRS) issued final regulations governing 403(b) retirement plans like the plans administered by MMBB--the Retirement Plan (RP), which is part of Benefits for Life, the Tax Deferred Annuity (TDA) and The Annuity Supplement (TAS). The IRS requires compliance with the new rules beginning January 1, 2010. The regulations institute the most significant changes for 403(b) plans in over 40 years.

Partnering with MMBB will greatly simplify what you need to do.

The most important change concerns who is responsible for administration of the plans. As the employer, the new regulations state that the individual church has additional responsibilities to administer the plans. These new responsibilities include, but are not limited to, monitoring employer and employee contribution limits and certifying distribution and loan requests.

MMBB will work with you to ensure full compliance with these regulations.

Establishing MMBB as your sole provider of 403(b) retirement plan benefits removes many of your administrative responsibilities under the regulations. It also simplifies the administrative process associated with ensuring compliance with the regulations. If you have more than one 403(b) provider, MMBB will work with you and any other provider to ensure overall compliance.

I encourage you to read the Frequently Asked Questions document. It gives an overview of the new regulations and the impact they will have on employers and members. There is also a section for anyone considering joining MMBB as a Wandering Minister.

For nearly 100 years, MMBB's emphasis on "the better maintenance of the ministry" has led us to build strong relationships with churches, church-related institutions and their staff. As part of that ongoing commitment, MMBB will regularly update this website, www.mmbb.org, to provide additional information and resources.

If you have specific questions about the regulations, please contact our member service representatives at 800.986.6222 or email us at 403bregs@mmbb.org.

We look forward to working with you.

Sincerely,

Sumner M. Grant
Executive Director