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5500 Preparer's Manual for 2012 Plan Years
The premier resource in the field of Form 5500 preparation, 5500 Preparer's Manual will help you handle the required annual Form 5500 filings for both pension benefits and welfare benefit plans.
The IRS is in the process of updating its Employee Plans Compliance Resolution System (EPCRS) program and expects to issue a new revenue procedure in the next couple of months that will begin addressing the new regulatory requirements for 403(b) plans, IRS tax specialist Robert Architect said at a D.C. Bar program meeting on May 27, 2008.
Final regulations issued in July 2007 (CCH Pension Plan Guide ¶24,508U), require that a 403(b) contract must be maintained pursuant to a written plan. Under the regulations, the written plan may incorporate by reference other documents, including the insurance policy or custodial account, which as a result of such reference would become part of the plan. The regulatory requirements must be satisfied both in form and in operation. While it is too soon for the EPCRS to address the requirements for 403(b) plans contained in final regulations (because the regulations do not take effect until January 1, 2009), Architect said that the IRS may discuss what’s coming for such plans. The IRS will definitely provide corrective measures for 403(b) plans in the 2009 version of the EPCRS, he said. The defects to be addressed by the voluntary correction program will focus on the written plan requirement, Architect stated.
The IRS is busy preparing other guidance for 403(b) plans, Architect announced. It is working on a pre-approval program and hopes to launch a master and prototype program by July 1, 2009. This may be followed by a determination letter program on plan status. The IRS is also developing a list of required modifications (LRM) for 403(b) plans, he added.
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