Code Section 403(b) Volume Submitter Plan Approval Letter
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 online shortly.
IRS List of Approved 403(b) Plans
The IRS has recently posted an official list of all timely filers who have been issued a 403(b) Advisory Letter. You can find this list here. Many of our clients have asked why the AccuDraft plan was marked as “withdrawn” from this list but rest-assured, there is a valid plan under our partner’s name, Thompson Hine LLC DBA Plan Document Systems.
403(b) Filing History
As you may recall, your organization was included on a list of word-for-word adopters of a pre-approved mass submitter 403(b) plan document that was timely filed with the IRS by Thomson Reuters as the successor to AccuDraft.
In February of 2016, Document Agility bought back the AccuDraft business at which time, Reuters had just received from the IRS, a list of items to review and update the specimen plan that had been filed. With the buyback, a business decision was made by Document Agility to consolidate plan types and the 403(b) plan was formally withdrawn in May, 2016.
Part of the withdrawal included a mandated letter be sent to all sponsors explaining the withdrawal. There was no refund of fees because according to the records we received, user fees were paid by Reuters. A follow up call was also made to each contact verifying their understanding of the letter that was sent.
The consolidation decision was made because concurrent with all this, Document Agility's partner, PDS (Plan Document Systems, a division of Thompson Hine) had also filed a 403(b) plan for pre-approved status.
Pre-Approved Plan Provisions
The final plan is a bit different from the Reuters plan in that it is designed as a volume submitter adoption agreement and is not a mass submitter. This means that an Advisory Letter was issued in PDS's name only.
Although individual letters are not available, the documents have been carefully drafted to accommodate almost any design parameters permitted in a 403(b) plan and crafted so that as a plan provider, the output places your name larger and above the "PDS Premier 403(b) Plan" title on the cover page.
Please note that due to the pre-approved plan parameters, the plan information in the current individually-designed 403(b) will not be automatically populated to the approved 403(b) adoption agreement. To assist you in transferring and mapping your current plans, we’ve developed two checklists: one for complex plans and one for employee-contribution-only designs. We think you'll find that the Interview follows the same ease in completion as our other plans.
Please contact us if you would like a copy of the checklists or if you have any questions.
Limited Time Offer
For those of you who are interested in adding the pre-approved 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.
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 firstname.lastname@example.org or Nadine Dandorf at email@example.com.