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Why does the university have to sign my 403b transactions?

The IRS changes in 2007 required Plan Administrators to become more involved with administering 403(b) plans. These changes were created to pattern 403(b) requirements after 401(k) requirements. Plan Administrators are required to sign all transactions such as rollovers, transfers between vendors, loans, hardships, and termination distributions. Vendors are required to submit transactions to the Plan Administrator for signature. This includes current and past employees, retirees, and beneficiaries. Transactions without Plan Administrator certification are not in compliance with the Plan or the IRS.