The IRS announced on Nov. 21 that modified listings of required modifications (LRMs) for 403(b) plans will be available soon. It says it will make them available in time for the April 30, 2015 deadline for 403(b) plan sponsors to submit pre-approved plans under the IRS’ 403(b) pre-approved plan program.
The IRS has made the modified LRM listing available so sponsors of 403(b) pre-approved plans may use them to draft their plans. The IRS also says, however, that it is preparing a number of clarifications and corrections to these LRMs, and that 403(b) pre-approved plan sponsors will have an opportunity to make changes to reflect the modified 403(b) LRMs.
The IRS established the 403(b) pre-approved plan program in 2013, and provided sample plan language sponsors of those plans can use. The sample contains sample plan provisions appropriate for 403(b) prototype plans that do not accept contributions other than elective deferrals, as well as additional sample provisions for 403(b) prototype plans that accept contributions other than elective deferrals.
The IRS has made the modified LRM listing available so sponsors of 403(b) pre-approved plans may use them to draft their plans. The IRS also says, however, that it is preparing a number of clarifications and corrections to these LRMs, and that 403(b) pre-approved plan sponsors will have an opportunity to make changes to reflect the modified 403(b) LRMs.
The IRS established the 403(b) pre-approved plan program in 2013, and provided sample plan language sponsors of those plans can use. The sample contains sample plan provisions appropriate for 403(b) prototype plans that do not accept contributions other than elective deferrals, as well as additional sample provisions for 403(b) prototype plans that accept contributions other than elective deferrals.
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