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IRS Correction Procedures Address Failure to Adopt Written 403(b) Plan
Appleby Retirement Dictionary Link to more items from this source
[Guidance Overview]
Jan. 22, 2013

"Revenue Procedure 2013-12 included a provision for correction for failure to timely adopt a written 403(b) plan under the IRS' Voluntary Correction Program (VCP), and Audit Closing Agreement Program (Audit CAP). If the proper procedure is followed, the IRS will issue a compliance statement or closing agreement, and the 403(b) plan will be treated as if the written plan was adopted timely. The Audit CAP is used if the IRS identifies the failure during the examination of the 403(b). The VCP is used when the Plan Sponsor detects the failure and voluntarily makes the correction according to IRS procedural requirements."

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