IRS Outlines Steps for Fixing Non-Profit Retirement Plans

The I.R.S. has published guidelines for non-profit groups that have problems with their tax-sheltered annuities — known as “403(b)” retirement plans, after the section of the tax code that governs them.

Non-profit organizations that have made mistakes because of misunderstandings of the laws that govern 403(b) plans can “self-correct” their problems by following the steps outlined in the guidelines (Revenue Procedure 99-13, Internal Revenue Bulletin 1999-5).

Non-profit groups are also invited to comment on the guidelines by May 2. Letters should be sent to CC:DOM:CORP:R (Rev. Proc. 99-13), Room 5228, Internal Revenue Service, P.O. Box 7604, Ben Franklin Station, Washington 20044.