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ARTICLE · 15 DECEMBER 2008

IRS Extends 403(b) Plan Document Requirement Deadline To December 31, 2009

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On December 11, 2008, the Internal Revenue Service (the “Service”) and the Treasury Department (the “Treasury”) issued Notice 2009-3 (the “Notice”) providing relief during 2009 for sponsors of plans governed by Section 403(b) (“403(b) Plans”) of the Internal Revenue Code of 1986, as amended (the “Code”) with respect to the requirement to have a written plan document in place by January 1, 2009.

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Proskauer'S Compensation & ERISA Litigation Practice Center
Proskauer'S Compensation & ERISA Litigation Practice Center
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On December 11, 2008, the Internal Revenue Service (the "Service") and the Treasury Department (the "Treasury") issued Notice 2009-3 (the "Notice") providing relief during 2009 for sponsors of plans governed by Section 403(b) ("403(b) Plans") of the Internal Revenue Code of 1986, as amended (the "Code") with respect to the requirement to have a written plan document in place by January 1, 2009. The Notice also indicates that there will be forthcoming guidance with respect to obtaining Service approval of 403(b) prototype plans and individualized plans (as further described below). The Service has previously indicated its intent to create such a program.

Background

The Treasury issued final regulations under Code Section 403(b) on July 26, 2007 (the "Final Regulations") (See 403(b) Final Regulations Client Alert). Pursuant to the Final Regulations, effective January 1, 2009, sponsors of 403(b) Plans, including non-ERISA plans (i.e., plans that are not subject to

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