(b)lines Ask the Experts – When to Expect 403(b) Pre-Approved Plans

“I’ve been reading about the remedial amendment period for 403(b) plan documents. Does this mean that pre-approved 403(b) plans will be available for use soon?”
By PS

Stacey Bradford, David Levine and David Powell, with Groom Law Group, and Michael A. Webb, vice president, Retirement Plan Services, Cammack Retirement Group, answer: 

The Internal Revenue Service (IRS) expected to issue approval letters for the model 403(b) plan documents in early 2017. However, the IRS has neither done so yet nor provided any update on when that may happen. 

The list on the IRS web site of the 460 or so 403(b) plans that were submitted for review still says “Not Yet Approved” for each one. The IRS will wait to issue the approval letters until all submissions have been reviewed. 

In the meantime, to monitor the status of the pre-approved 403(b) plan program, use https://www.irs.gov/retirement-plans/list-of-pre-approved-403b-plans

 

NOTE: This feature is to provide general information only, does not constitute legal advice, and cannot be used or substituted for legal or tax advice.  

Do YOU have a question for the Experts? If so, we would love to hear from you! Simply forward your question to Rebecca.Moore@strategic-i.com with Subject: Ask the Experts, and the Experts will do their best to answer your question in a future Ask the Experts column.

«