According to the company, the 403(b) Quick tool is simple enough to allow employers to establish a standard recordkeeping agreement with Fidelity and create a plan document in as little as 15 minutes. Employers answer a series of questions and enter information about the plan, including the employer’s contact information, plan information (e.g., plan type and effective dates), plan features (e.g., whether the plan offers catch-up contributions or loan and hardship withdrawals), and information on other approved investment providers offered, and the tool will generate a new recordkeeping agreement that will be mailed to the employer to sign.

The recordkeeping agreement enables Fidelity to provide 403(b) plan administration to the new plan. Once the agreement is complete, Fidelity will then send the completed plan document to the employer along with a how-to manual that takes them through the most essential provisions of the new regulations, according to Fidelity.

The 403(b) Quick tool will be made available at no cost to employers interested in working with Fidelity.

Fidelity additionally announced it is releasing a second report on the 403(b) regulations called, “From Surviving to Thriving: Making the Most of the New 403(b) Regulations,” which the company said will be available May 2. The report provides employers with an understanding of the basic requirements of the legislation to aid compliance and offers employers factors to consider when thinking strategically about 403(b) plan design.

According to a recent survey of Fidelity clients, almost 30% of employers have not yet created a written 403(b) plan document – a requirement under the new regulations – and many offer 403(b) plans from multiple providers, increasing the amount of administrative work it will take to comply with the new regulations.

All of Fidelity’s 403(b) tools and resources are, or will be, available online at www.Fidelity.com/403bregulations.