Deadline for Applications to the IRS 403(b) Plan Preapproval Program Extended
An IRS program designed to permit vendors seeking to offer preapproved Code Section 403(b) plans the opportunity to submit plan documents to the IRS has been extended by one year to April 15, 2015. The new program allows vendors offering volume submitter and prototype plans to submit their plan documents to the IRS for a favorable determination. The preapproval program builds on the 2009 IRS regulations that require sponsors of 403(b) plans to maintain a written plan document. Note that the program, as currently designed, does not permit employers to submit their individually-designed 403(b) plan documents to the IRS for approval.