IRS Issues Advisory and Opinion Letters for 403(b) Plans

The IRS has begun issuing Advisory and Opinion Letters approving prototype and volume submitter plan documents for Section 403(b) plans. Several vendors who provide document preparation services have announced that they have received the necessary approval from the IRS to prepare and issue these plan documents. 

This article is an update to our previously issued Employee Benefits Plan Newsletter, IRS to Issue Advisory and Opinion Letters for 403(b) Plans. That article provided information on the historical reliance that was not provided to an employer who maintained a 403(b) plan since there was no formal plan document approval process by the IRS applicable to 403(b) plans.