Employee Benefits-IRS Provides Guidance For 403(b) Plans

July 2, 2013

In Employee Plans News, Issue 2013-2, June 24, 2013, the IRS provides guidance pertaining to the pre-approved plan program for, and the correction of errors made in the operation of, 403(b) plans. The following specific topics are included:

403(b) pre-approved plans
• Phone forum (June 25 at 1 p.m. EDT)
• Summary of key provisions of the program
• Apply for an opinion/advisory letter for a 403(b) pre-approved plan
• FAQs - 403(b) Pre-Approved Plan Program
• Why you may want to adopt a 403(b) pre-approved plan

Correcting plan errors
• Correct certain 403(b) plan operational failures under IRS correction programs
• New 403(b) Fix-It Guide
• Do you qualify for a discounted VCP fee?
• New phone number to check your VCP submission status
• Tips to avoid processing delays for your VCP submission
• Updated submission kits for plans that missed the EGTRRA deadlines

If your organization has a 403(b) plan, take a look!