The Department of Labor recently posted the report of the ERISA Advisory Council on Current Challenges and Best Practices for ERISA Compliance for 403(b) Plan Sponsors. The report contains a good side by side comparison of 403(b) and 401(k) plans that may be of interest to plan sponsors eligible for both types of plans and trying to decide which to adopt. Unfortunately, the report is more “Challenges” than “Best Practices.” Most of the best practices would require additional guidance from either the Internal Revenue Service or Department of Labor before plan sponsors could adopt them. Perhaps the report will spur the agencies to act.
