METLIFE RESOURCES RELEASES 403(b) SPECIMEN PLAN DOCUMENT
NEW YORK, November 04, 2008
MetLife Resources, a division of MetLife, today announced the availability of its 403(b) specimen plan document that clients can use in meeting the written plan requirement under the final 403(b) regulations that generally must be met by January 1, 2009.
As part of the final 403(b) rules announced by the IRS in July 2007, most employers will be required to maintain a written plan beginning January 1, 2009, even for salary reduction-only arrangements. Generally, employers must formally adopt a written 403(b) plan no later than December 31, 2008. MetLife Resources’ specimen plan document is intended to help employers meet these new requirements and allows employers to design a plan that best fits their employees’ needs.
"The need for a written plan is probably one of the most significant changes in the new guidance. MetLife Resources’ specimen plan document is designed to help simplify this process," says Thomas G. Hogan, Jr., senior vice president and head of MetLife Resources. "This is just one more example of the many tools and resources we are offering our clients to help them prepare for January 1, 2009."
There is no fee for this service and the plan document will be updated, as needed, for regulatory changes.
To further guide employers as they begin documentation of their plan, MetLife Resources has also made available its white paper, "403(b) Plan Readiness: Getting Your 403(b) Plan Ready." The white paper presents an overview of the basic terms to be included in the plan document, as well as plan design decisions that must be addressed. This white paper can also be accessed at metlife.com/mlr.
About MetLife Resources
MetLife Resources, a division of MetLife, provides retirement plan and other financial services to healthcare, education, and not-for-profit organizations. Celebrating 140 years, MetLife is a subsidiary of MetLife, Inc. (NYSE: MET), a leading provider of insurance and financial services with operations throughout the United States and the Latin America, Europe and Asia Pacific regions. Through its domestic and international subsidiaries and affiliates, MetLife, Inc. reaches more than 70 million customers around the world and MetLife is the largest life insurer in the United States (based on life insurance in-force). The MetLife companies offer life insurance, annuities, auto and home insurance, retail banking and other financial services to individuals, as well as group insurance and retirement & savings products and services to corporations and other institutions. For more information, please visit www.metlife.com/mlr.