All organizations sponsoring 403(b) plans must now “restate” their plan documents onto an IRS approved document by March 31, 2020. Restatement on an IRS pre-approved plan gives the sponsoring organization reliance that the provisions in the pre-approved plan are compliant with IRS rules and regulations and that the plan assets are protected from taxation. The IRS approvals of these documents are being issued now.
Seven reasons why quality TPAs are better than bundled services.
All 403(b) plans were required to have a plan document by December 31, 2009. In spite of this requirement, no documents were actually approved by the IRS in 2009 or at any time since then until now.
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