Products May 11, 2009

ING Announces Intent to be 403(b) Prototype Plan Provider

May 11, 2009 (PLANSPONSOR.com) - ING U.S. Retirement Services (ING), provider of K-12 and higher education 403(b) retirement plan products and services, has notified the IRS of its intention to file an opinion letter application as a Section 403(b) prototype plan sponsor.
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ING said in an announcement that it anticipates its letter would be filed as soon as the IRS begins accepting applications from retirement plan providers seeking favorable determinations on their prototype plan documents.

“School systems across the country can be confident that the prototype we develop will satisfy the Internal Revenue Service’s written plan requirements and be updated as needed to reflect tax law changes, helping to meet the ongoing retirement needs of our school systems,” said Linda Segal Blinn, vice president of Technical Services at ING, in the announcement.

The 403(b) prototype plan program will allow eligible employers to adopt a pre-approved plan and have assurance that the form of the plan meets all 403(b) regulatory requirements. The IRS announced the program on April 14.

Robert J. Architect, IRS Senior Tax Law Specialist, told PLANSPONSOR 403(b) Summit attendees that determination letter reviews for the prototypes could begin as soon as the first quarter of 2010. (see IRS Releases Proposed 403(b) Prototype Document Program ).

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