METLIFE RESOURCES SUBMITS COMMENTS ON PROPOSED IRS 403(b) PROTOTYPE PROGRAM
NEW YORK, July 01, 2009
MetLife Resources, a division of MetLife, today announced that it has submitted comments on the Internal Revenue Service’s (IRS) proposed 403(b) written plan prototype program as part of its continuing efforts to offer guidance to employers working to meet the new 403(b) regulations. The comments were submitted through the trade groups The Committee of Annuity Insurers and The Investment Company Institute (ICI).
The IRS expects to initiate its prototype 403(b) written plan program in 2010 and the program will allow employers to adopt a written plan, pre-approved by the IRS, that will satisfy the written plan requirements of the final 403(b) rules.
“This effort is the latest step that MetLife Resources has taken to assist employers in meeting the new 403(b) guidance,” says Thomas G. Hogan, Jr., senior vice president and head of MetLife Resources. “The need for a written plan is probably one of the most significant changes in the new rules and MetLife Resources supports simplifying this process. We are committed to working with our clients to make sure they are ready and that the process is as simple as possible.”
MetLife Resources launched a 403(b) specimen plan document in November 2008 to help its clients meet the written plan requirement under the final 403(b) regulations that generally must be met by December 31, 2009. MetLife Resources’ clients may use the specimen plan document before the IRS prototype program goes into effect to design their own plans to best fit their employees’ needs. When the IRS prototype plan program is available, MetLife anticipates making an IRS-approved prototype plan available for clients’ use.
To further guide employers, 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 be accessed at metlife.com/mlr.
About The Committee of Annuity Insurers
The Committee of Annuity Insurers, based in Washington, D.C., was formed in 1982 to address Federal legislative and regulatory issues relevant to the annuity industry and to participate in the development of Federal tax and securities policies regarding annuities. Over the last 20 years, the Committee has played a prominent role in shaping the Federal Government’s policies with respect to annuities. The Committee is a coalition of 30 of the largest and most prominent issuers of annuity contracts. The member companies of the Committee represent over two-thirds of the annuity business in the United States.
The Investment Company Institute is the national association of U.S. investment companies, including mutual funds, closed-end funds, exchange-traded funds (ETFs), and unit investment trusts (UITs). Members of ICI manage total assets of $10.18 trillion and serve over 93 million shareholders.
About MetLife Resources
MetLife Resources, a division of MetLife, provides retirement plan and other financial services to healthcare, education, and not-for-profit organizations. MetLife is a subsidiary of MetLife, Inc. (NYSE: MET), a leading provider of insurance, employee benefits and financial services with operations throughout the United States and the Latin America, Europe and Asia Pacific regions. Through its 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, visit. www.metlife.com/mlr.