July 11, 2017
On Monday, July 10 at 5:00 PM Eastern time, the Relius Documents (RD) ASP system was updated with the initial release of our Pre-approved Volume Submitter 403(b) language system.The initial release of the system consists of five language module offerings. The modules will allow you to begin accepting new plan business by enabling the user to create a basic plan document, adoption agreement, resolution and participation agreements. Below is a description of each module:
• 403(b) 2017 Comprehensive v1.0: This module may be used for any 403(b) arrangement other than a 403(b)(9) retirement income account (RIA) plan, which is designed for certain church plans. The IRS requires that the RIA have a separate adoption agreement and basic plan document (discussed below)
• 403(b) 2017 Church v1.0: This module is based on the Comprehensive ERISA/Non-ERISA module, however, all provisions that are not applicable to a non-electing (i.e., non-ERISA) church plan have been removed.
• 403(b) 2017 Governmental v1.0: This module is based on the Comprehensive ERISA/Non-ERISA module, however, all provisions that are not applicable to a governmental plan have been removed.
• 403(b) 2017 RIA v1.0: This module is designed to create a 403(b) arrangement that can only be used by churches. The IRS does not permit any church affiliated organizations to use this plan, such as qualified church controlled organizations.
• 403(b) 2017 Elective Deferrals v1.0: This module is designed to create a 403(b) arrangement that can only be used by churches. The IRS does not permit any church affiliated organizations to use this plan, such as qualified church controlled organizations.
NOTE: The system will also produce an IRS approval letter for a FIS sponsored plan. However, if you have received approval letters in your own company name, you will need to use your own approval letters.
The second phase of this system rollout is specifically focused on helping you begin your 403(b) restatement process. Targeted to release in September 2017, the rollout will include a summary plan description/summary of plan provisions and additional supporting forms for each language module. It will also include product conversion maps which will allow you to convert one or more of your existing 403(b) projects to the new pre-approved volume submitter 403(b) language system.
On-Demand / Pay-Per-Plan Users: Due to the two phased approach of the Pre-approved Volume Submitter 403(b) language system, you will be unable to access these modules until the second phase is released (Targeted for September 2017). This is mainly due to the exclusion of the Summary Plan Description/Summary of Plan Provisions and additional forms from this initial release.
To access information regarding this update, follow the instructions below:
1. Go to https://www.relius.net/support/login.aspx
2. Under Relius Software, select Documents ASP.
3. Locate and select the section that corresponds to the appropriate product.
4. Select the links for the files listed below.
• LANGUAGE MANUALS - a tool for you to determine what will build in your documents based on your checklist selections.
If you have any questions regarding this release, please call us at 800-326-7235, option 2 or create an Incident using Online Support on our Web site.