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Products May 11, 2009
ING Announces Intent to be 403(b) Prototype Plan Provider
ING U.S. Retirement Services (ING) notified the IRS of its intention to file an opinion letter application as a Section 403(b) prototype plan sponsor.
Reported by Rebecca Moore
ING, provider of K-12 and higher education 403(b) retirement plan products and services, anticipates its letter will be filed as soon as the IRS begins accepting applications from retirement plan providers seeking favorable determinations on their prototype plan documents, according to a news release.
“School systems across the country can be confident that the prototype we develop will satisfy the Internal Revenue Service’s written plan requirements and be updated as needed to reflect tax law changes, helping to meet the ongoing retirement needs of our school systems,” said Linda Segal Blinn, vice president of Technical Services at ING, in the release.
The 403(b) prototype plan program will allow eligible employers to adopt a pre-approved plan and have assurance that the form of the plan meets all 403(b) regulatory requirements. The IRS announced the program on April 14.
Robert J. Architect, IRS Senior Tax Law Specialist, told PLANSPONSOR‘s 403(b) Summit attendees that determination letter reviews for the prototypes could begin as soon as the first quarter of 2010 (see “IRS Releases Proposed 403(b) Prototype Document Program“).