Good things coming your way for 403(b) plan documents

WEA Member Benefits has started working with districts, CESAs, and technical colleges across the state to convert their plan documents to an IRS pre-approved plan document. By adopting a pre-approved document, schools districts and other tax-exempt entities that sponsor retirement plans under Section 403(b) of the Internal Revenue Code will receive an IRS advisory letter that their plan document satisfies the IRC 403(b) written plan requirement.  

The IRS is allowing employers the opportunity to restate their plan document, using a pre-approved plan document, back to January 1, 2010. By adopting a 403(b) pre-approved plan by the March 31, 2020 deadline, the Program allows an eligible employer to retroactively correct defects in the form of its written 403(b) plan back to the first day of the plan’s remedial amendment period, which is the later of January 1, 2010 or the plan’s effective date. The employer’s adoption of a pre-approved 403(b) plan that has a favorable advisory letter may correct defects in the prior written 403(b) plan document. 

Over the course of the next year we will be meeting with and updating the plan documents for the employers who currently use our plan document services. If you would also like to take advantage of this no-cost service, please contact one of our Plan Administration Consultants at 1-800-279-4030, Option 3.    

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