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Changes to the 403(b) Pre-Approved Plan Program

Revenue Procedure 2014-28 extends the deadline for submitting 403(b) pre-approved plans under Revenue Procedure 2013-22 from April 30, 2014, to April 30, 2015.

In response to comments from plan sponsors and practitioners, Revenue Procedure 2014-28 also modifies the eligibility criteria under Revenue Procedure 2013-22 to allow more plan sponsors and employers to participate in the 403(b) pre-approved plan program.

The IRS established the 403(b) pre-approved plan program in Revenue Procedure 2013-22. Under the program, pre-approved sponsors of 403(b) plans may apply to the IRS for approval of a 403(b) prototype plan or a 403(b) volume submitter plan. Once approved, plan sponsors make the plan available to employers for adoption.

Revenue Procedure 2014-28 makes the following changes to Revenue Procedure 2013-22:

  • Reduces the required number of employers expected to adopt a plan sponsor’s pre-approved plan from 30 to 15.
  • Reduces the required number of plan sponsors required to use a mass submitter’s plan as their pre-approved plan on a word-for-word identical basis from 30 to 15.
  • Changes the definition of a “minor modifier” by allowing a plan sponsor to make minor modifications to a mass submitter’s volume submitter plan as well as its prototype plan.

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Page Last Reviewed or Updated: 25-Mar-2014