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Basics: 403(b) Plan and 457(b) Plan Overview

ABA JOINT COMMITTEE ON EMPLOYEE BENEFITS  • DATE: May 30, 2013
SPONSORS: The Sections of Business Law; Health Law; Labor and Employment Law; Real Property, Trust and Estate Law; Taxation; Tort Trial and Insurance Practice; and the American College of Employee Benefits Counsel

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A 90-minute TeleConference
THURSDAY, MAY 30, 2013

1:00-2:30 pm ET / 12:00-1:30 pm CT / 11:00 am-12:30 pm MT / 10:00-11:30 am PT

Moderator:
Martha L. Hutzelman, Law Office of Martha L. Hutzelman, Columbus, OH

Speakers:
Sherri M. Edelman, Manager, EP Technical Guidance and Quality Assurance, IRS Employee Plans, Washington, DC
Thomas Pevarnik, Deloitte Tax LLP, Washington, DC
Tara Schulstad Sciscoe, Ice Miller LLP, Indianapolis, IN

403(b) and 457(b) retirement plans increasingly look and act like 401(k) qualified retirement plans, but there are still significant differences in how 403(b) and 457(b) plans must be designed and operated. 403(b) plans are special retirement savings plans that may be offered by 501(c)(3) tax-exempt organizations and public educational employers. 457(b) plans are special retirement savings plans that may be offered by tax-exempt organizations and governmental employers. This teleconference will provide an overview of the features and requirements of 403(b) and 457(b) retirement plans, both as a refresher for the more experienced practitioner and as an introduction for the practitioner beginning to work in this area. The panel will address topics such as:
  • What employers are eligible to offer 403(b) and 457(b) plans
  • Which employees are covered under 403(b) and 457(b) plans
  • Is a written plan document required for each type of plan
  • What contribution limits and testing requirements apply to each type of plan
  • What distribution restrictions apply to each type of plan
  • Reporting requirements
  • Applicable ERISA fiduciary rules
  • Common errors and correction procedures

   
Basics: 403(b) Plan and 457(b) Plan Overview
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