You Can Lead Them To Water, But You Can't Make Them Drink

Recent industry surveys indicate that less than 50% of the 403(b) plan sponsors have fully updated their plans to comply with the new Department of Treasury and Department of Labor regulatory requirements. The potential changes were communicated to plan sponsors in 2004 and the final regulations were released in 2007. Six years after the initial language was published, the majority of plan sponsors have either ignored the new regulatory requirements or failed to fully update their plans. To comply with the new requirements, plan sponsors must update their documents, monitor loans, hardships, aggregate their financials for the 5500 filing, prepare for limited scope accounting audits and other new administrative tasks. Given that the IRS has announced their intentions to audit 403(b) plans in 2011, NOW is the time for advisors to educate their clients and prospects about the ramifications of non-compliance. To enhance your knowledge and grow your business, join this panel of experts to learn more about the compliance requirements and the audit risks posed to 403(b) plan sponsors.

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Guest

Vince Rainforth
VP Tax Exempt Market, Principal Financial Group
Vince Rainforth is Vice President of the Principal Financial Group’s tax exempt market. In this role, Mr. Rainforth is responsible for national sales and channel development for the tax exempt market. Vince has extensive experience with retirement plan design consultation, including 403(b), 401(a), 401(k), defined benefit, 457(b) Qualified & Nonqualified and 457(f) Nonqualified plans. He is also current on fast evolving trends in the tax exempt market. Vince joined The Principal in 1997. Before assuming his current role in 2005, he was a retirement plan specialist and then served as a regional pension specialist role for the firm’s tax exempt business, focusing on hospital/healthcare and association retirement plans. Prior to joining Principal, Vince worked for MLBA for ten years. He received a bachelor’s degree in economics and speech communication from Illinois State University. Vince holds the FINRA Series 7, 63 and 66 licenses. He is also Life & Health licensed.


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