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Correction of failure to adopt 403(b) in 2014 - can I use Schedule 2 of From 14568-B


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Is the relief for failure to adopt a written 403(b) plan document still available under EPCRS for a 403(b) plan that was not in existence in 2009. We have a 403(b) plan which became effective in 2014, but never adopted a plan document.  Can we submit a VCP using the Model VCP Schedule 2 ?

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I don't see why not.

Sections I.B and II.B of Form 14568-B don't limit the correction to plans that failed to timely adopt a written document in 2009 per the final regulations.

The final 403(b) regulations referenced in Section I.B require that 403(b) plans adopt a written plan document. Those regulations applied to new plans created in 2014, so if you "adopted" a 403(b) plan in 2014, but failed to sign a plan document, in my opinion you have failed to "timely adopt a written plan as required by the final IRC 403(b) regulations."

Section II.B requires you to submit a plan document retroactive to the later of the effective date of the final regulations (2009) or the initial effective date of the plan (2014) so I don't see any conflict there either.

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