mcw Posted July 7, 2017 Report Share Posted July 7, 2017 Rev. Proc. 2017-18 provides that the RAP begins on 1/1/10 and ends on 3/31/20. Therefore, a 403(b) plan sponsor can adopt a prototype or VS plan by 3/31/20 retroactive to 1/1/10 and correct any issue with the old plan document. However, a condition to this extended RAP is that the plan sponsor adopt a written plan document “intended to satisfy the §403(b) requirements” before 1/1/10. Announcement 2009-89 says that you have to adopt a written plan document that is intended to satisfy the requirements of §403(b) “and the regulations” before 1/1/10. I have been contacted by a client to restate their 403(b) plan. However, the only written plan document they can find is a Corbel document signed in 2001. My question is do you think they qualify for the 3/31/20 RAP and can just restate the document retroactive to 1/1/10? My thought is that the 2001 plan can’t have “intended to satisfy the regulations” because it was signed before the 2007 regs were issued. I hope I am wrong and can avoid VCP. Link to comment Share on other sites More sharing options...
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