When must sponsors of 403(b) plans adopt a written plan?
Except as stated below, ALL 403(b) plans must have a written plan as of December 31, 2009. SunGard’s 403(b) plan documents prior to July 2008 (Version 4.0/5.0) are not updated for the final regulations or PPA. 403(b) plans created prior to this time MUST BE restated onto a newer plan document by December 31, 2009. SunGard’s 403(b) plans have already been updated for PPA and the final regulations, so a separate good-faith amendment is not needed with these plans. Note that the IRS has not yet established a determination letter program or a pre-approved plan program for 403(b) plans. The only exception to the requirement that 403(b) plans have a written plan document is church plans invested solely in the traditional 403(b) investments of annuity contracts and mutual fund custodial accounts. By contrast, church plans with retirement income accounts must have written plan documents. Notwithstanding this exception, many church plans are adopting written plan documents because their documen
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