FREQUENTLY ASKED QUESTIONS CONCERNING THE FINAL 403(B) REGULATIONS

In 2007 the Internal Revenue Service (IRS) issued final regulations (Regulations) governing 403(b) retirement plans like the plans administered by MMBB. The Regulations provide the most significant changes for 403(b) plans in over 40 years. The IRS requires compliance with the new rules beginning January 1, 2010.

As a benefit of your participation in MMBB's plans, we will continue to work with you to ensure full compliance with these regulations.

The MMBB Board of Managers restated the 403(b) plans that MMBB administers in order to comply with the Regulations. This includes the Retirement Plan (RP, the retirement leg of the Benefits for Life program), the Tax Deferred Annuity plan (TDA) and The Annuity Supplement (TAS).

There is a big advantage to having MMBB as the sole provider of retirement benefits to your staff. If you only offer MMBB retirement plans, we will carry most of your 403(b) plan administrative burden. Employers offering 403(b) plans from other vendors in addition to MMBB will need to take additional steps on an on-going basis to ensure they are in compliance with the IRS regulations.

Please read the following Frequently Asked Questions to determine how the Regulations might affect you and the steps you need to take to comply with the Regulations.

Frequently Asked Questions for Employers
Frequently Asked Questions for Members
Frequently Asked Questions for Wandering Ministers