We’ve recently updated the list of 403(b) pre-approved retirement plans that have received an IRS favorable opinion or advisory letter. A favorable opinion or advisory letter for a 403(b) pre-approved plan means that the IRS has determined that the plan satisfies the requirements of Internal Revenue Code Section 403(b) (these requirements are specifically outlined in the opinion or advisory letter).

Employers eligible to sponsor 403(b) retirement plans for their employees may want to consider adopting a pre-approved plan that has received a favorable letter instead of a having an individually designed plan.

Related resources:

• 403(b) Pre-Approved Plans for Eligible Employers – explains why eligible employers may want to opt for a pre-approved plan instead of an individually designed plan.
• List of 403(b) Pre-Approved Plans – contains information about the terms used in the pre-approved plan list and the remedial amendment period to correct certain errors