(b)lines Ask the Experts – Revisiting the Plan with no Signed Document

As readership of (b)lines has grown, no doubt that some readers may have missed some important Q&A from past issues. Thus, we will use some of the questions posed at the PLANADVISER conference session to provide readers with some of the more important Q&A exchanges from past issues, updating as necessary. We hope that you enjoy this “best of” Ask the Experts!  

An attendee asked: “I work with an entity that sponsors an existing 403(b) plan that still does not have a signed plan document? What do I do?”  

Michael A. Webb, Vice President, Retirement Services, Cammack LaRhette Consulting, answers:  

We last addressed this issue a little over a year ago in the August 24, 2010 issue of (b)lines (see Ask the Experts – No Plan Document), and the information remains applicable today.   

Interestingly, the IRS has yet to release the updated Employee Plans Compliance Resolution System (EPCRS) program described in the Q&A that may (or may not) address 403(b) plan document failures. Though when it will be released is speculation at this point, some IRS sources have indicated that the program will be updated sooner, rather than later, to reflect the final 403(b) regulations, including the plan document requirement.   

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.