An AXA news release said the IRS program was designed to provide a streamlined method for helping 403(b) sponsors adopt a compliant plan document. Under new regulations, all 403(b) plans are required to have a written document in place by 1/1/2010.
“Adopting an approved prototype plan ensures that an employer will satisfy written requirements and mitigates the risks of plan disqualification,” said James Mullery, senior vice president and head of the 403(b) market at AXA Equitable, in the news release.
The company also said it has created The Employer Plan Administration Center (EPAC) in which plan sponsors of 403(b) and 457(b) plans with active participants owning the EQUI-VEST variable annuity can review, monitor, and transmit plan information through EPAC.
The IRS issued the proposal for the prototype program in April (see IRS Releases Proposed 403(b) Prototype Document Program ).
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