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IRS requirement: Written plan documentation.

Under the 403(b) regulations, public schools (which include public primary and secondary schools, state colleges, state universities, and public junior colleges) must have a written plan that provides the “rules of the road” for operating their 403(b) plan.

The IRS will expect your 403(b) plan document to include all material terms, such as eligibility rules, limitations on contributions, and the time and form under which benefit distributions are made. Any optional features that your 403(b) plan may offer, such as loans, hardship withdrawals, transfers, or acceptance of rollovers, must also be described in writing.

The plan document will clearly define the roles and responsibilities of the employer, the vendors providing investment products under your 403(b) plan, and any third parties to whom you delegate responsibility, such as who will handle the compliance functions required by the IRS.

ING U.S. solution: Specimen documents that meet IRS requirements.

If you are looking for a plan document for your 403(b) plan, look no further than ING U.S.. We know 403(b) plans, plan documents and the Education Community. Ever since we provided investment products to the very first 403(b) plan for a school district in 1967, we have continued to meet the needs of public schools.

We have a specimen 403(b) plan document ready for you to review and adopt. Besides our specimen 403(b) plan document, we have other specimen tools that the IRS will require, including salary reduction agreements, annual notices to employees of their eligibility to participate in your school’s 403(b) plan, and more.

C09-0626-073