What is a “written plan” as required under the 403(b) Final Regulations?
The written plan is a document that covers all of your 403(b) plan’s terms and conditions including eligibility, benefits, contributions, withdrawals, loans, rollovers, transfers, and distributions. It also lists your approved investment providers, deselected investment providers (with whom you have information sharing agreements), and your TPA. Under the 403(b) final regulations, you must adopt a written plan and the operation of your plan must be consistent with the terms of the document.
Essentially, what that means is that all provisions of how the plan works have to be spelled out in a plan document and the plan has to follow these terms and provisions.
This is a highly significant provision because prior to the regulation, there was no specific requirement that 403(b) non-ERISA plans had to be maintained pursuant to a written plan.
We can provide you with a plan document that will meet the requirements of all required 403(b) regulations. Our services include required amendments to the plan document as needed.
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