In 2007, the Internal Revenue Service published 403(b) regulations requiring that all 403(b) plans have a written plan document in place by December 31, 2009; prior to this regulation, a written plan document was not required. However, as of December 31, 2009, there was no 403(b) pre-approved plan document program, so plan sponsors were required to make a good faith attempt to document their plan provisions with sample documents available from certain providers.

The time has now come to restate those good faith effort documents. In March 2017, the IRS approved the documents that had previously been submitted by providers for pre-approved status and announced the end of the remedial amendment period as March 31, 2020. That means any employers sponsoring a 403(b) plan have until March 31, 2020 to get their 403(b) plans under the governance of an IRS pre-approved document to ensure their plan document is compliant.

Some retirement providers have already begun this restatement process. If you have questions regarding your 403(b) plan and this required restatement, please contact a member of the AFS Team.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Assurance Financial Services, Ltd (AFS) and Assurance Agency, Ltd (Assurance) are not affiliated with Kestra IS or Kestrra AS. AFS is a wholly owned subsidiary of Assurance.