The Internal Revenue Service issued a notice containing a list of required amendments needed for Section 403(b) plans.
A 403(b) plan, also called a tax-sheltered annuity plan, is a retirement plan for certain employees of public schools, employees of certain Section 501(c)(3) tax-exempt organizations and certain ministers. A 403(b) plan allows employees to contribute some of their salary toward the plan.
The list is divided into two parts. Part A covers changes in requirements that generally would require an amendment to most plans or to most plans of the type affected by the change. Part B includes changes in requirements that the Treasury Department and the IRS don't expect to require amendments to most plans but might require an amendment because of an unusual plan provision in a specific plan.
For instance, the IRS noted, if a change affects a particular requirement that most plans incorporate by reference, Part B would include that change because a particular plan might not incorporate the requirement by reference, so it might include language that's inconsistent with the change.
