Plan Document Restatements

The Plan Document restatement process has been ongoing for other defined contribution plans like 401(k) plans for quite some time. This process is new for 403(b) plans.

Under the required 403(b) restatement process, there is a window of time by which all 403(b) plans need to be restated. This required restatement process requires Plan Sponsors (employers) to adopt a pre-approved plan like the Envoy Financial Pre-Approved 403(b)(7) or 403(b)(9) Plan. Going forward, Plan Sponsors who adopted a pre-approved plan should expect to restate their Plan Documents every six years.

Will the Plan Document Restatements Impact Our Current Plan Design?

Your current plan design will not be impacted. The Adoption Agreement will clearly outline the elective provisions for your organization’s 403(b) retirement plan. We would encourage you to review that Adoption Agreement. If there are questions, connect with Envoy Financial directly.