Benefits Forward

Comments are requested on the attached DRAFT Section 403(b) Prototype Plan sample language for use in a new Employee Plans Section 403(b) Prototype Plan Program. The Section 403(b) Prototype Program will operate generally in the same manner as the current Master and Prototype Program for plans qualified under section 401(a) of the Internal Revenue Code. A Section 403(b) Prototype Plan sponsor will submit a section 403(b) plan document to the IRS for review. If the plan satisfies the requirements of section 403(b), the IRS will issue a favorable Opinion Letter to the sponsor with respect to the plan document. The sponsor may then offer the approved plan document for adoption by employers. The DRAFT sample language is based on language previously developed for other IRS prototype plan programs (see Listing of Required Modifications for Defined Contribution Plans, Cash or Deferred Arrangements, Traditional IRAs and Roth IRAs) as well as the model section 403(b) plan language published in Revenue Procedure 2007-71.