IRS Eases Criteria For Preapproved Savings Plan Sponsors

Law360, New York (March 25, 2014, 7:37 PM EDT) -- The Internal Revenue Service is loosening the requirements that enable retirement plan sponsors to become preapproved sponsors for 403(b) savings plans that cover public education organizations and certain nonprofits, the agency said Tuesday.

Prior agency policy said sponsors that wanted to qualify as preapproved plan sponsors needed to expect that at least 30 employers would adopt its prototype plan documents, but Tuesday's revenue ruling shaves that number to 15 in order to allow more plan sponsors and employers to participate in the 403(b) preapproved plan program....
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