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New IRS regulations require greater oversight by school districts

Florida’s school districts are up against a January 2009 deadline to meet new requirements imposed upon them by the IRS related to their supplemental retirement plans, such as 401k, 403b and 457 tax-sheltered accounts.

Historically, it has been up to the investment firms to ensure that their plans—and individual employee’s investments—meet IRS requirements. All of that will change with the enactment of the new regulations, which will dramatically increase the districts’ oversight responsibilities. As you might expect, the new requirements could prove burdensome for many districts.

The good news is that our five companies selected to participate in the Model Plan have demonstrated to IBC that their plans satisfy all of the requirements of the law. That means less homework for school districts -- and every assurance that the plans available to educators are financially sound.