AXA Equitable Life Insurance Company has announced plans to join the new Internal Revenue Service 403(b) prototype plan program.
Program participants will help schools and other 403(b) plan sponsors cope with new plan documentation requirements, by providing standardized plan documents.
The IRS is implementing new rules that require 403(b) plan sponsors to have detailed, written plan documents. The IRS is trying to ease the compliance burden by encouraging financial services companies to develop preapproved prototype plans, so that sponsors with relatively simple, plain vanilla plans can develop plan documents without spending large sums on consultants.
AXA Equitable, New York, a unit of AXA S.A., Paris, says the 403(b) prototype effort will be a continuation of existing AXA Equitable efforts to support 403(b) plan sponsors.