Retirement Plans for Nonprofits Get Makeover

BOSTON (TheStreet) --

Financial regulations have never been stronger, and are now reaching places they've never been.

In 2007, the IRS issued rules for largely unregulated 403(b) retirement plans offered by non-profit organizations, colleges, hospitals and churches. Though the new regulations kicked in starting in 2009, a year-long grace period for compliance means the impact is just now being felt by plan sponsors.

Edward Lynch, managing director and chief retirement officer for Massachusetts-based Dietz & Lynch Capital Dietz & Lynch Capital, said the regulations mean most 403(b) plans will have stricter requirements for plan documentation, reporting and auditing. In short, they are now obligated to follow ERISA standards and rules for fiduciary responsibility.

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