Great-West Intends to Sponsor 403(b) Prototype

Great-West Retirement Services announced today that it has notified the Internal Revenue Service (IRS) of its intent to sponsor a 403(b) prototype plan under the IRS's proposed 403(b) prototype plan program.

The IRS program was announced in April (see “IRS Releases Proposed 403(b) Prototype Document Program“) and will allow eligible employers to adopt a pre-approved prototype plan and have assurance that the plan meets the requirements of 403(b) final regulations.

“By sponsoring a 403(b) prototype plan, we will further enhance our service array and our clients’ ability to comply with the new rules from a plan document perspective,” said Chris Cumming, senior vice president.

At year-end 2008, Great-West Retirement Services provided 403(b) plan recordkeeping and administrative services to almost 2,465 organizations nationwide, representing nearly 340,000 participants.