Fourth in an Executive Series on the New 403(b) Regulations (Compliance Check)

We have recognized that we are faced with a "whole new world" for 501(c)(3) retirement plans. We have outlined the key themes that drive the process. Some of the important action items for review were discussed. Now it is time to evaluate each of our plans for compliance and Best Practices.

An Executive Review Compliance Check:

Do we have an up to date Plan Document, Summary Plan Description and Board Resolution?
Does our plan include universal availability (voluntary contributions upon hire)?
Does our plan include a Roth 403(b) option?
Are we actively involved in the selection and oversight of vendors and investments? Do we allow participants to determine where investments go with no oversight or reporting relationship with the vendor or investment oversight?
Do we provide investment counsel through a trusted advisor to our plan participants?
Do we communicate regularly and well with our employees and staff about the retirement plan?
Do we sign off, approve, all loans and hardship distributions taken by our staff?
Do we have an oversight committee of the board or executive staff to work alongside our designated administrator to assure fiduciary compliance?

While there could be more questions, these eight will get you started in knowing whether we need to connect or not to review, revamp, re-energize, re-do, or start over with your retirement plan. Approximately 40% of the ministries and organizations we assist are starting a systematic plan for the first time. 60% are doing a significant "makeover" for compliance, Best Practices or in response to a specific ministry need.

So how did you do? If your answer is 'no' to many (really any) of these questions, with the exception of a 'yes' to the second part of question #4, you need to consider taking some action. An easy step might very well be a call to Envoy for help with simply thinking through the changes that need to be considered. Now is the time!

Stay tuned for the next message. In it we will deal with Church plans.

Blessings as we enter a whole new world together,

Envoy Financial
Trusted Advice Along The Way

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	To The Point Series Articles and Hot Topics New 403(b) Regulations Universal Availability Investment Policy Statement Retirement Plan Oversight Committee New IRS Requirement for ERISA Plans Refer a Leader to Envoy Fourth in an Executive Series on the New 403(b) Regulations (Compliance Check) We have recognized that we are faced with a "whole new world" for 501(c)(3) retirement plans. We have outlined the key themes that drive the process. Some of the important action items for review were discussed. Now it is time to evaluate each of our plans for compliance and Best Practices. An Executive Review Compliance Check: Do we have an up to date Plan Document, Summary Plan Description and Board Resolution? Does our plan include universal availability (voluntary contributions upon hire)? Does our plan include a Roth 403(b) option? Are we actively involved in the selection and oversight of vendors and investments? Do we allow participants to determine where investments go with no oversight or reporting relationship with the vendor or investment oversight? Do we provide investment counsel through a trusted advisor to our plan participants? Do we communicate regularly and well with our employees and staff about the retirement plan? Do we sign off, approve, all loans and hardship distributions taken by our staff? Do we have an oversight committee of the board or executive staff to work alongside our designated administrator to assure fiduciary compliance? While there could be more questions, these eight will get you started in knowing whether we need to connect or not to review, revamp, re-energize, re-do, or start over with your retirement plan. Approximately 40% of the ministries and organizations we assist are starting a systematic plan for the first time. 60% are doing a significant "makeover" for compliance, Best Practices or in response to a specific ministry need. So how did you do? If your answer is 'no' to many (really any) of these questions, with the exception of a 'yes' to the second part of question #4, you need to consider taking some action. An easy step might very well be a call to Envoy for help with simply thinking through the changes that need to be considered. Now is the time! Stay tuned for the next message. In it we will deal with Church plans. Blessings as we enter a whole new world together, Envoy Financial Trusted Advice Along The Way
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