RIC Resource Bank (403b Employers)

To request earlier published 457/401 Resource Bank issues, please email RIC.

RIC 457/401a Resource Bank for Employers - 09/2023

To help you maintain compliance with IRS 457/401a plan regulations, please take note of the following plan updates and reminders. 

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IRS Changes For 457 Plans

Delay to New IRS Requirement:

  • In the July Resource Bank, we announced a new IRS requirement that was to begin in January 2024.  The IRS has recently announced a 2-year delay in implementing that change.
  • Beginning in 2026, employers must process 457 Age 50+ Catch-up contributions as Roth for participants earning over $145,000 in the tax year. If you do not offer the 457 Roth option and have questions about adding it, contact RIC.

RIC Website Change

  • When you visit the RIC website, you will see a brand new site.  The old URLs will redirect you to the new site, but we encourage you to save the new site as a favorite.
  • The menu is now on the right-hand side.  You may need to scroll down to find the page you need. Click here to go to your custom webpage.
  • This site is still under construction, so please let us know if you see any errors or can’t find needed information.

Employee Life Events

RIC providers maintain beneficiary elections. If you have an employee who has a life change (marriage, divorce, death of spouse, birth of child, etc.), remind the employee to review their beneficiary designations and update as needed.

Employee changes of address can be sent to the RIC Team. We will update our records and notify the provider.

 

RIC wants to hear from you! Please submit your questions here. We will respond to you directly and if the subject of discussion is beneficial for all employers, we will share the answers in our next RIC Resource Bank.