Hooray! After years of waiting, the IRS has issued Rev. Proc. 2013-22. This procedure provides a way for service providers to get pre-approved 403(b) plan documents for their clients’ use.
Until now, sponsors of 403(b) plans had no cost-effective IRS program to help them review their plan document and ensure that it met all the necessary requirements. In 2009, the IRS teased us with an announcement that a prototype was coming with a proposed program that would have fallen far short, but it’s taken until now for the IRS to release the actual program. Please be aware, though, that the IRS just released the program. It will take some time for providers to draft the plans, file them with the IRS, and receive approval.
