Products June 10, 2009

Great-West Announces Intent to Sponsor 403(b) Prototype

June 10, 2009 (PLANSPONSOR.com) - Great-West Retirement Services announced today that it has notified the Internal Revenue Service (IRS) of its intent to sponsor a 403(b) prototype plan under the IRS's proposed 403(b) prototype plan program.
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The IRS program was announced in April (seeIRS Releases Proposed 403(b) Prototype Document Program) and will allow eligible employers to adopt a pre-approved prototype plan and have assurance that the plan meets the requirements of 403(b) final regulations.          

“By sponsoring a 403(b) prototype plan, we will further enhance our service array and our clients’ ability to comply with the new rules from a plan document perspective,” said Chris Cumming, senior vice president.

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At year-end 2008, Great-West Retirement Services provided 403(b) plan recordkeeping and administrative services to almost 2,465 organizations nationwide, representing nearly 340,000 participants.

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