403(b) VCP Submission Kit

The IRS releases a 403(b) Voluntary Correction Program submission kit for those plans that missed the December 31, 2009 plan document deadline.

Document Excerpt

If your organization did not adopt a written plan that complies with the requirements imposed by federal tax law and the IRS by December 31, 2009, your organization’s 403(b) retirement plan is no longer entitled to tax-favored treatment. The loss of tax-favored treatment reduces your employees’ ability to accumulate retirement savings and increases their current income tax liability.


Link http://www.irs.gov/pub/irs-tege/vcp_submission_kit_403b.pdf

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