IRS Guidance on Proposed 403(b) Prototype Plan Program

In Announcement 2009-43 (April 14, 2009), the IRS issued a draft revenue procedure that would establish a 403(b) prototype plan program.  Proposed 403(b) sample plan language (67 pages) has also been posted on the IRS website (http://www.irs.gov/pub/irs-tege/draft_lrm_403b_prototypes.pdf).  These long-awaited pieces of proposed guidance establish a proposed framework for a prototype plan design, approval and adoption process that generally parallels the opinion letter program for master and prototype tax-qualified defined benefit and defined contribution plans. The attached memorandum provides more information.