403(b) Plan Document for Diocese
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MEMORANDUM
FROM: Very Reverend Marc R. Alexander, Vicar General
DATE: December 16, 2008
TO: Pastors, Administrators & Principals
As you are aware, final IRS regulations issued in 2007 mandated many changes to 403(b) plans, tax deferred annuity (TDA) plans and tax sheltered annuity (TSA) plans. These changes directly affect many of our employees.
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December 16, 2008
MEMORANDUM
To: Pastors, Administrators and Principals
FROM: Fr. Marc Alexander, Vicar General
RE: 403(b) Plan Document
As you are aware, final IRS regulations issued in 2007 mandated many changes to 403(b) plans, tax deferred annuity (TDA) plans and tax sheltered annuity (TSA) plans. These changes directly affect many of our employees.
One major change of which the Church is subject to is the requirement of a written plan document in place by January 1, 2009. I am pleased to announce that we have retained the law firm of Cades Schutte to draft our plan document. The first draft is completed and currently being reviewed. Our plan will allow for different vendors to be used as is presently the case. It is important to note, however, the Church will drive the plan, not any specific vendor or vendor plan.
On December 11, 2008, the Internal Revenue Service issued Notice 2009-3 which provides tremendous relief to 403(b) plans. Notice 2009-3 extends the deadline of adopting a plan document from January 1, 2009 to December 31, 2009.
Though the date has been extended we are making every effort to have our document completed by early 2009. You can assure your employees that plan development is on track. This is particularly important if vendors have been contacting them individually.
If you are still receiving inquiries or comments from vendors, please inform Carmen Himenes at chimenes@rcchawaii.org for schools or Joy Bulosan at jbulosan@rcchawaii.org as soon as possible. Likewise, should any vendors or representatives contact you, please ask them to contact Carmen Himenes at 203.6764 of Joy Bulosan at 585.3356.
Should you have any questions, please feel free to contact me, Carmen or Joy.
c: Most Rev. Larry Silva
Dr. Carmen Himenes
Rev. Khanh Hoang
Mr. James Severson
Very Rev. Marc R. Alexander, VG
1184 Bishop Street
Honolulu, HI 96813
Ph: 808.585.3345
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