A 403(b) pre-approved plan document is a standardized, IRS-approved plan document that Employers can adopt to establish and maintain a compliant 403(b) retirement plan for their employees.

Utilizing a 403(b) pre-approved plan document offers a streamlined, IRS-approved document solution that ensures your plan is in compliance with current retirement regulations. Through ADMIN Partners, the pre-approved document is efficiently maintained and allows employers to focus on their mission while offering employees a secure retirement benefit.

Compensation :: Some plan types, now offer an expanded definition of compensation on the new plan documents. Our team will utilize the definition given on previous plan documents and reflect that on the pre-approved documents.

CARES Act :: During the COVID-19 pandemic, the federal government passed The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) in 2020, which allowed for enhanced features on loans and added an additional distribution for participants from their retirement accounts. If plan sponsors elected to add the enhancements offered during that time, they will now be reflected in the updated pre-approved documents. Please note this is not available currently, and only applicable to plans that requested for any of the enhancements to be added in 2020.

Federally Declared Disasters :: Under SECURE Act 2.0 the repayment option and further clarification was added to the previously established, Federally Declared Disasters Distribution from SECURE 1.0. Adding the Federally Declared Disaster Distribution, allows for expanded distribution options and favorable tax treatment that allow up to $22,000 of qualified disaster recovery distributions from eligible retirement plans to qualified individuals. Additionally, if there is a Federally Declared Disaster, the loan limit is increased to up to 100% of vested accounts or $100,000 and allows for the delayed repayment for one year. These changes have now been reflected in the updated plan documents as electable provisions.

Birth Adoption Distribution :: This provision was part of SECURE 1.0 and is now an electable provision on the new pre-approved documents.  This provision allows participants to gain access to their funds for the birth or adoption of a child. The Distribution would allow a distribution for up to five thousand dollars. Under SECURE Act 2.0 the repayment option was added for this distribution.