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403(b) Prototype Plans: Pre-Approval Procedures

ABA JOINT COMMITTEE ON EMPLOYEE BENEFITS  • DATE: June 13, 2013
SPONSORS: The Sections of Business Law; Health Law; Labor and Employment Law; Real Property, Trust and Estate Law; Taxation; Tort Trial and Insurance Practice; and the American College of Employee Benefits Counsel

General Information

Untitled Document

A 90-minute TeleConference
THURSDAY, JUNE 13, 2013

1:00-2:30 pm ET / 12:00-1:30 pm CT / 11:00 am-12:30 pm MT / 10:00-11:30 am PT

Moderator:
Martha L. Hutzelman, Law Office of Martha L. Hutzelman, Columbus, OH

Speakers:

Angel Carrington, Tax Law Specialist, IRS Employee Plans, Washington, DC
Eric Slack, Tax Law Specialist, IRS Employee Plans, Washington, DC
Weiyen ”Ann” Jonas, Vice President and Associate General Counsel, FMR LLC, Westlake, TX
Craig R. Pett, Alston & Bird LLP, Atlanta, GA

Recently issued IRS Revenue Procedure 2013-22 sets out final procedures for IRS pre-approval of 403(b) prototype and volume submitter plans. Under this new program, 403(b) plan sponsors – such as insurance companies, mutual fund providers and third party administrators – may obtain advance IRS approval of the form of their 403(b) plan documents. The IRS will accept applications from 403(b) prototype and volume submitter plan sponsors between June 28, 2013 and April 30, 2014. During this teleconference, IRS representatives and private practitioners will address the following topics:
  • Definition of prototype sponsor and volume submitter practitioner
  • Distinction between "standardized" and "nonstandardized" 403(b) prototype plan
  • Definition of 403(b) volume submitter plan
  • Requirements for all 403(b) pre-approved plans
  • Special provisions required for prototype plans and volume submitter plans
  • Terms of annuities and custodial accounts
  • List of Required Modifications (LRMs) for 403(b) prototype plans
  • Converting existing plans to pre-approved plan documents
  • Duties of a 403(b) pre-approved plan sponsor
  • Employer reliance on opinion or advisory letter
  • Governmental plan reliance on model language in Rev. Proc. 2007-71
  • Application procedure
  • Individually designed plan issues and limited availability of Private Letter Rulings (PLRs)

   
403(b) Prototype Plans: Pre-Approval Procedures
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