IRS Updates List of 403(b) Pre-Approved Retirement Plans

The IRS has updated the list of 403(b) pre-approved retirement plans that have received an IRS favorable opinion or advisory letter communicating that the IRS has determined that the plan satisfies the requirements of Internal Revenue Code Section 403(b). The IRS announced the update on June 14.

A 403(b) prototype plan is a defined contribution retirement plan designed to meet the requirements of Internal Revenue Code Section 403(b) that a prototype sponsor makes available for adoption by employers eligible to have 403(b) plans. Section 403(b) prototype plans consist of:

1. a basic plan document that contains all of the plan’s nonelective provisions that:

• apply to all adopting eligible employers; and

• that does not have any options or blanks; and

2. an adoption agreement that allows an adopting eligible employer to select among plan design alternatives available under the basic plan document in order to customize its plan.

There are 575 plans in the list. The list includes:

1. the name of the plan sponsor or volume submitter practitioner;
2. the file folder number (FFN) assigned to each plan;
3. the plan type of each plan submitted; and
4. a letter serial number (LSN) and date.

Pre-approved plans offer employers eligible to sponsor 403(b) retirement plans an alternative to designing their own plans.