MetLife Resources, a division of MetLife, announced the availability of its 403(b) specimen plan document that clients can use in meeting the written plan requirement under the final 403(b) regulations that generally must be met by January 1, 2009.
As part of the final 403(b) rules announced by the IRS in July 2007, most employers will be required to maintain a written plan beginning January 1, even for salary reduction-only arrangements. Generally, employers must formally adopt a written 403(b) plan no later than December 31, 2008, according to the firm. MetLife Resources’ specimen plan document is intended to help employers meet these new requirements and allows employers to design a plan that best fits their employees’ needs.
“The need for a written plan is probably one of the most significant changes in the new guidance. MetLife Resources’ specimen plan document is designed to help simplify this process,” said Thomas G. Hogan, Jr., senior vice president and head of MetLife Resources. “This is just one more example of the many tools and resources we are offering our clients to help them prepare for January 1, 2009.’
There is no fee for this service and the plan document will be updated, as needed, for regulatory changes, according to the announcement.
To further guide employers as they begin documentation of their plan, MetLife Resources has also made available its white paper, 403(b) Plan Readiness: Getting Your 403(b) Plan Ready. The paper presents an overview of the basic terms to be included in the plan document, as well as plan design decisions that must be addressed. This white paper can also be accessed here or at metlife.com/mlr.