The document is a volume submitter format and is designed to accommodate both ERISA and non-ERISA plans as well as church plans and plans for governmental entities.
The Internal Revenue Service (IRS) has issued an Advisory Letter to DATAIR Employee Benefits Systems approving its 403(b) Volume Submitter pre-approved plan document and announced a restatement window for 403(b) plans ending March 31, 2020.
With the phasing out of the IRS Determination Letter program, adopting the DATAIR document can help 403(b) plan sponsors ensure it is in compliance with all current IRS requirements.
The DATAIR 403(b) document uses the volume submitter format, which allows for the customization of language as may be necessary to meet the specific needs of clients, but remains within the pre-approved volume submitter program.
Lanning Hochhauser, Employee Retirement Income Security Act (ERISA) attorney at DATAIR, says the DATAIR 403(b) document is able to handle a wide variety of provisions and plan types including safe harbor contributions and automatic enrollment. The firm says it is designed to accommodate both ERISA and non-ERISA plans as well as church plans and plans for governmental entities.
Hochhauser adds that the restatement process also provides an opportunity to perform a "self-audit" on the plan's terms and conditions, as well as a correction window in which defective provisions can be retroactively self-corrected.
A website to keep up with IRS approvals of 403(b) pre-approved plan documents can be found here.