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The Form 8905 must be completed before the end of the individually-designed plan’s 5-year cycle.Thus, the deadline for Cycle A employers that intend to convert their individually-designed plan to a pre-approved plan is January 31, 2017.ESOP and cash balance plan sponsors may be able to shift from an individually-designed plan to a pre-approved plan document if the plan provisions are within certain parameters.The pre-approved ESOP documents will likely be available for employers to adopt at the next defined contribution restatement cycle.The IRS is in the process of updating its Employee Plans Compliance Resolution System (EPCRS) program and expects to issue a new revenue procedure in the next couple of months that will begin addressing the new regulatory requirements for 403(b) plans, IRS tax specialist Robert Architect said at a D. Under the regulations, the written plan may incorporate by reference other documents, including the insurance policy or custodial account, which as a result of such reference would become part of the plan.
Update on Plan Documents for ESOPs, Cash Balance Plans and 403(b) Plans The IRS has expanded its pre-approved program to include employee stock ownership plans (ESOPs) and cash balance plans, as well as 403(b) pre-approved plans.
Similarly, the pre-approved cash balance documents will likely be available for employers to adopt at the next defined benefit restatement cycle.
Employers that intend to convert to a pre-approved plan can complete Form 8905 to document their intention to transition from an individually-designed plan to a pre-approved plan.
This is because the main advantage of ERISA plans for participants has been in the event of bankruptcy of the account holder, but this advantage ceased to exist after the October 2007 Bankruptcy Abuse Prevention and Consumer Protection Act extended bankruptcy protection to 403(b) plans.
While they are different in some fundamental ways, qualified and unqualified plans appear almost the same to the participant and the options available are very similar.