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February 18, 2013

IRS Issues Voluntary 403(b) Correction Program Submission Kit


Voluntary 403(b) Correction Program Submission Kit This kit was created to guide you through the steps in filing a submission for a VCP compliance statement. It includes instructions and a sample submission correctly completed. It is designed for use by eligible organizations that sponsor a 403(b) retirement plan but that failed to adopt written plan document(s) for the plan by December 31, 2009, as required. According to the kit ” Your organization can restore the tax-favored status of its 403(b) retirement plan by adopting a written plan and filing a submission for a Voluntary Correction Program (VCP) compliance statement with the IRS. If your submission is approved, the IRS will treat the plan as entitled to tax-favored status and the plan participants will continue to build up their retirement savings on a tax-deferred basis.”



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