Partner Robert Abramowitz spoke to PLANADVISER for a story about the Internal Revenue Services’ (IRS’) move to allow 403(b) plans to apply for determination and termination letters. Bob noted that making the determination letter process available to 403(b) plans is “good news for many,” but that sponsors of long-standing 403(b) plans that seek determination letters may have long-standing flaws revealed as part of the process.
“[B]e careful what you ask for,” Bob said, referring to sponsors of older plans. “The IRS looks at things carefully.”