The new 403(b) regulations included a requirement that all 403(b) programs have a written plan in place, including those from public schools. The IRS released model plan language guidance in November 2007 (See IRS Offers Model 403(b) Plan Language for Public Schools).
However, according to Linda Segal Blinn, ING’s Vice President of Technical Services, the ING documents go beyond the model language. “The ING 403(b) Plan has the flexibility to let public schools tailor their plan document to meet their needs,” she said in a press release.
In addition, a sponsor that notifies ING that it has adopted the ING Plan language will automatically be sent any updates to that plan necessitated by statutory or regulatory changes, the announcement said.
Public schools can obtain the ING 403(b) plan document and other tools to help make complying with the regulations easier by visiting www.ing.com/us/403bregs or by contacting their local representative.