In the words of the IRS, "On July 23, 2007, a momentous event occurred in the world of 403(b) [plans] with the issuance of the first comprehensive regulations in 43 years."

Generally taking effect in January 2009, the new 403(b) regulations will bring significant changes for tax-exempt organizations (i.e., nonprofits, public schools, universities, and hospitals) and their employees—and compliance is critical.