The SPARK Institute has asked the Internal Revenue Service for guidance on its 403(b) prototype plan and use of the error correction program.
Guidance is needed because "the design of existing 403(b) plans might preclude some plans from being able to meet the requirements of the prototype program in its current form," said Evan Giller of Giller & Calhoun, who helped the Institute craft its letter.
The institute also would like the Employee Plans Compliance Resolution System program to be interpreted in a way that takes into account the unique aspects of 403(b) plans so that plan sponsors can correct errors as efficiently and cost effectively as possible, he added.
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