- adopted a written plan intended to satisfy the requirements of IRC Section 403(b) (including the final regulations) effective as of January 1, 2009;
- operated the plan in accordance with a reasonable interpretation of IRC Section 403(b), considering the final regulations during 2009; and
- corrected the plan operation to match the written program before the end of 2009, placing the participants in the same position they would have been in if the program had been adopted on January 1. The correction should be based on the general principles in Section 6 of Revenue Procedure 2013-12. See Correcting Plan Errors.
The employer is responsible for ensuring it operates the plan according to the written program. The employer should establish information sharing procedures with all plan vendors so the plan meets all legal requirements.
- VCP Submission Kit – for failure to timely adopt a written 403(b) plan
- Correcting a failure to timely adopt a written 403(b) plan
- Sample Plan Provisions – To assist in drafting 403(b) prototype plans
- Model Plan Language for Public Schools – Provisions that public schools may use to draft a written program that reflects the final 403(b) regulation’s requirements. Other types of eligible employers may also tailor the model language to use for their 403(b) plans.
- Recent Guidance Affecting 403(b) Plans
- Department of Labor’s Reporting and Coverage for 403(b) Plans – Includes FAB 2010-01, which discusses Annual Reporting (Form 5500) and ERISA coverage for 403(b) Plans
- 403(b) Plan and Related Publications
- Frequently Asked Questions – 403(b) Tax-Sheltered Annuity Plans