NBS 403(b) Plan Information Portal

On July 23, 2007 the Internal Revenue Service (IRS) issued final comprehensive regulations governing 403(b) plans for the first time in 43 years. The general effective date of the regulations is January 1, 2009—although the effective date of some portions of the regulations is sooner.

A summary of the regulations may be found here: Summary of Final 403(b) Regulations.

As a result of the new regulations, your employer and NBS will be required to become more involved than they were previously in the administration of your 403(b) plan.

Transaction Authorization

In the past, transactions such as distributions, rollovers, hardship withdrawals, loans, and exchanges were generally accomplished through your investment provider without the involvement of your employer. However, the regulations now require your employer and your investment provider to share information and to coordinate efforts when performing these transactions. A transaction authorization process will be utilized in order to facilitate necessary coordination and information sharing. If you wish to perform a distribution, rollover, hardship withdrawal, loans, or exchange; your investment provider must receive authorization from National Benefit Services (NBS). Authorization is obtained through submission of an Authorization Form (available on your employer's forms page). Please note that in addition to the Authorization Form, your investment provider will likely still require submission of its own paperwork. Please contact your investment provider for additional information.

How does the transaction authorization process work?

If you wish to initiate a distribution, rollover, hardship withdrawal, loan, or exchange between investment providers you should complete the following steps:

1.	Download the appropriate Authorization Form from your employer's page.
2.	Complete the required Authorization Form and attach any appropriate documentation. Instructions on the Authorization Form will indicate what documentation, if any, is required.
3.	Fax or mail the Authorization Form to NBS. The address and toll-free fax number are included on the form.
4.	Complete any other paperwork required by your current investment provider (contact your provider for details). Your current investment provider will likely still require submission of its own paperwork in addition to the Authorization Form. The Authorization Form does not instruct your provider to perform a transaction—it authorizes the provider to perform the transaction you are requesting.

NBS will review the Authorization Form to ensure the transaction is in compliance with plan provisions and the Internal Revenue Code. If the transaction is approved, NBS will notify your current investment provider (the provider that currently holds your 403(b) assets). If the transaction cannot be approved or if additional information is needed, NBS will contact you by mail.

Exchanges

Transactions formerly known as "90-24 Transfers" have been affected by the new IRS regulations. An exchange is the movement of 403(b) money from one investment provider to another while you are still employed by your employer. You may only exchange assets to an investment provider that has established an information sharing agreement with your employer or NBS. Investment providers that have established an information sharing agreement are classified as "Exchange Eligible". A current list of Exchange Eligible providers can be found on your employer's page within this website. Exchanges to providers that are not Exchange Eligible may result in tax consequences.