PHILADELPHIA, May 29 A recent study suggeststhat nearly half of all 403(b) plan sponsors are not familiar with the new403(b) requirements issued by the Internal Revenue Service, and 8 out of 10say they welcome compliance help.(1) To help plan sponsors comply with the new403(b) plan regulations that will take effect January 1, 2009, LincolnNational Corporation (NYSE: LNC) has launched Lincoln 403(b)e SURE(SM)Advantage, a suite of services aimed at helping employers meet the newrequirements and simplify administration.
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"While the new 403(b) regulations increase employer responsibility, theLincoln 403(b)e SURE(SM) Advantage solution can ease their burden by providinga streamlined, simplified solution. " said Wes Thompson, president of LincolnEmployer Markets. "Lincoln's suite of services enable employers to meet thenew administrative requirements while allowing their participants to reach amore secure retirement."
The new 403(b) regulations, the first in almost 40 years, willdramatically increase the role of employers in governing investments,transfers, documentation, administration and participant disclosures. TheLincoln 403(b)e SURE(SM) Advantage suite of services include access toexpertise, products and tools that will help plan sponsors prepare for thechanges ahead.
One of the cornerstones of the Lincoln 403(b)e SURE(SM) Advantage, is theLincoln Unifier(SM) Service, a comprehensive suite of services designed tohelp employers meet the administrative burden of bringing their plan intocompliance with the sweeping changes in the 403(b) regulations.
"In this new era of 403(b) plans, employers need more than just productsto help them navigate the new regulations," said James Racine, AVP, DefinedContribution Strategy, Lincoln Employer Markets. "They need guidance,expertise, and the right tools. These tools include plan document services,common remitter administration, compliance services, consolidated reportingand a company with the resources to ensure they are compliant with the newregulations."
Lincoln Financial Group, with 40 years of experience in the 403(b) planmarketplace, manages nearly $22 billion in 403(b) plan assets and is rankedfifth by recordkeeping assets in 403(b) plans.(2) More than one millionAmerican workers are enrolled in employer-sponsored retirement programs andproducts provided by Lincoln Financial.(3)
Resources available to plan sponsors and participants through Lincoln403(b)e SURE(SM) Advantage include representatives specializing in keydisciplines such as Law, Compliance, and Account Management. The solution alsoincludes products and programs for retirement plans of all sizes; from micro-to small to mid- to large-case to accommodate employer's retirement plans astheir organization grows.
The Lincoln 403(b)e SURE Advantage offers tools including plan documentservices, including a sample document for non-ERISA plans and custom documentservices for ERISA plans, which are essential to helping plan sponsors becomecompliant with the new 403(b) regulations. The service also includes LincolnLifeSpan(R), a participant learning program that offers a wide range ofcustomized tools and materials designed to help employees build theirinvestment skills and knowledge while meeting their changing needs over thecourse of a lifetime.
About Lincoln Financial Group
Lincoln Financial Group is the marketing name for Lincoln NationalCorporation (NYSE: LNC) and its affiliates. With headquarters in Philadelphia,the companies of Lincoln Financial Group had assets under management of $225billion as of March 31, 2008. Through its affiliated companies, LincolnFinancial Group offers: annuities; life, group life and disability insurance;401(k) and 403(b) plans; savings plans; mutual funds; managed accounts;institutional investment