403(b) Plan Documents

[Guest Lynn West]

If a 403(B) plan is subject to ERISA, and it adds another vendor under 403(B)(7), is a new plan document required? The plan itself has not changed. I don't think we do, but the third party administrator who would produce quarterly statements says we do. I have looked in ERISA, the CFR, and various places on Benefits Link, but am unable to document my opinion that a new document is not required. Can someone help explain this to me and give me a cite if possible? Thanks.

You can e-mail me directly at

westenberg@nwf.org

Thanks

[Guest Bob Collins]

The answer is based on the language in the plan document. Generally, an amendment or new plan document is not required. However, I have seen some plan documents that are investment provider specific. In other words the plan document is full of references to a specific investment provider's administrative practices.