IRS Approved Code Section 403(b) Volume Submitter Plan

April 27, 2017

 

Document Agility through its partnership with Plan Document Systems™ (PDS) has developed and received IRS approval for its Premier™ Volume Submitter 403(b) Plan. The Plan will be available by the end of May.

 

What This Means to You

This new program will broaden your market range by opening an opportunity for new growth through a pre-approved plan approach. The document features both the basics for a non-ERISA or church or governmental plan, as well as the flexibility needed to establish a comprehensive 403(b) plan subject to ERISA. Features include:

  • pre-tax and post-tax deferrals including automatic enrollment,

  • flexibility in defining compensation and eligibility,

  • multiple investment arrangements,

  • employer matching and non-elective contribution formulas ranging from pro-rata discretionary to employee group designs,

  • safe harbor provisions,

  • hardships, in-service withdrawals, and loans,

  • a variety of vesting options, and

  • the ability to memorialize grandfathered provisions such as annuities, withdrawals and vesting.

 

Benefits of a 403(b) Pre-Approved Plan

  • No more maintaining a multitude of individually-designed plans.

  • Satisfaction of Code Section 403(b) and its corresponding Regulations.

  • Reliance on an IRS advisory letter (with some exceptions).

  • Retroactive correction of defects in a written 403(b) plan back to the first day of the plan’s remedial period (the later of January 1, 2010 or the plan’s effective date, except for any documents incorporated by reference in the prior plan) if timely adopted before March 31, 2020.

  • Elections with respect to non-elective contributions that require testing under Code Sections 401(a)(4) and 410(b).

  • Consideration as a single plan regardless of whether there are multiple investment arrangements or multiple vendors (insurance companies or regulated investment company custodians).

  • Adoption by tax-exempt, government (including grandfathered Indian Tribal governments), educational, church, or church-related organizations.

  • Automatic maintenance by PDS, as sponsor of the pre-approved plan, of the qualified status of the plan including amendments required or recommended by IRS along with instructions and deadlines, as applicable, for communication with adopting employers.

 

Limited Time Offer

For those of you who are interested in adding the 403(b) plan to your suite of documents, the cost is $150 per month. As always, our pay-as-you-go service is available at $495 for each plan package with optional volume discounts. We are also offering individual plan preparation at an additional cost of $200 per plan.

 

Because the pre-approved 403(b) Plan and corresponding Interview lineup is completely new, clients who already utilize our individually-designed 403(b) service will be provided a specialized checklist to simplify the transfer of existing clients’ document designs.

 

Contact us now!

If you are interested in expanding your market reach and retirement services by offering an IRS-approved 403(b) Volume Submitter Plan, please contact Dan Sheehan at dan.sheehan@documentagility.com or Nadine Dandorf at nadine.dandorf@documentagility.com.

 

 

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