403(b) and 457(b) Plan documents consist of all the individual documents that collectively make up your written Plan.
Your Plan Document must maintain compliance with Internal Revenue Code Section 403(b) and/or Code Section 457(b) and other related regulations and guidance to avoid possible penalties or plan disqualification.
The Plan document describes the available features of the Plan and must include:
- Eligibility rules
- Plan benefits
- Contribution and Distribution rules and limitations
- Operational guidelines
- Fiduciary responsibility
The Plan document may include, but is not limited to:
- Specimen or prototype Plan document
- Adoption agreement
- Loan policy, hardship policy (if a 403(b) Plan), and unforeseeable emergency policy (if a 457(b) Plan)
- Investment contracts and/or mutual fund options
- Other participant communication