I wanted to see what the new Model 403(b) Plan released by the IRS in Rev. Proc. 2007-71 would look like as an actual plan document, so I formatted it using the common plan document style, including a table of contents, and I have posted it here. With the idea behind Rev. Proc. 2007-71 being that a public school should be able to take the model language in Rev. Proc. 2007-71, fill in the blanks, sign it, and have a written plan which will comply with the Final 403(b) Regs, this version should fit the bill.
I did make a few minor modifications so it is not a strict word-for-word copy of the language in Rev. Proc. 2007-71. I tried, but a strict word-for-word rendering of Rev. Proc. 2007-71 had three flaws, so I made three changes. I corrected one typo, removed the quotation marks in the definition section because they made the table of contents look strange, and added the phrase “the term of ___ means” to the beginning of most of the definitions, which is the common plan document format for definitions.
[tags]Pension Protection Act, ppa, 403(b), 403b, model language, IRS, final 403(b) regs, amendment, Rev Proc 2007-71, ERISA[/tags]
If I use the sample model plan for our group will I be okay in the eyes of IRS by just filling in lines for employer and adopting plan as is?