The US Treasury Department and IRS issued proposed regulations today relating to retirement annuity contracts, generally available to employees of public schools and organizations exempt from tax, marking the first effort to provide such comprehensive guidance in more then 40 years.
"These regulations would substantially revise the existing regulations to provide guidance on the various statutory changes that have been made for section 403(b) contracts during those 40 years,” noted Gregory Jenner, Treasury's Acting Assistant Secretary for Tax Policy.
Mr Jenner went on to explain that the new regulations answer many outstanding issues that were not previously addressed in formal guidance.
“These regulations take into account the many comments and discussions we have received with insurance carriers, practitioners and others over the years about the issues that need to be resolved regarding section 403(b)," added Mr Jenner.
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