Were still a few weeks off from the due date, but its safe to say that the
"The 403(b) [market] has operated without any real formal guidance for dozens of years," said Renee Wilder, executive director of the
She continued, "A lot of times people had to make assumptions. Now we will have some clear direction as to how to appropriately manage retirement funds."
It is not yet known what exactly the IRS will be proposing. However, "once updated, the regulations [will give] 403(b) plan sponsors a better guideposts to IRS expectations, particularly valuable in the event of an IRS audit," said Linda Segal Blinn, national director of technical services at
Segal Blinn added that the IRS had included updating the regulations in this years fiscal budget, which ends on June 30. Yet the proposals will most likely be unveiled in July.
An IRS spokesperson did not return calls for comment.