Good article from Segal here on an upcoming deadline for 403(b) plans:
Section 403(b) plan participants who made defective contract exchanges after September 24, 2007, and before January 1, 2009, have until June 30, 2009 to be sure that any contracts received in defective exchanges are corrected in order to avoid the risk of contract amounts becoming immediately taxable.
The article is talking about this provision in Rev. Proc. 2007-71:
8.03. Re-exchange back into plan. If, after September 24, 2007 and before January 1, 2009, a contract is issued in an exchange permitted under Rev. Rul. 90-24 (an “intermediate contract”) and, before July 1, 2009, the contract is exchanged in accordance with Rev. Rul. 90-24 for a contract issued by an issuer which is either receiving contributions as part of the plan or has an information sharing agreement as set forth in § 1.403(b)-10(b)(2)(i)(C)(1) and (2) of the 2007 regulations, then the information sharing conditions in § 1.403(b)-10(b)(2)(i)(C)(1) and (2) of the 2007 regulations do not apply to the intermediate contract.
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