403(b) Prototype Plan

A 403(b) Prototype Plan is a defined contribution retirement plan designed to meet the requirements of Internal Revenue Code Section 403(b). The 403(b) Prototype Plan has a Prototype Sponsor (Envoy Financial). The Prototype Sponsor then makes the plan available to employers for their subsequent adoption. Employers who adopted the 403(b) Prototype Plan will then receive a copy of the Favorable IRS Opinion Letter on the Plan Document.

All 403(b) Plan Sponsors (employers) will need to adopt an IRS Pre-Approved Plan. There are no exceptions to this requirement. Further, and as a point of reference, the IRS Pre-Approved Plan Program does not review individually designed 403(b) plans.

A 403(b) Prototype Plan consists of:

  • Plan Document - that contains all of the plan’s nonelective provisions that apply to all adopting employers, and
  • Adoption Agreement - that allows an adopting employer to select among plan design alternatives available under the basic plan document to customize its plan.

Each Plan Document and Adoption Agreement pair is considered to be a separate 403(b) Prototype Plan.

The Goal of the plan is to recruit, retain, and equip Pastors and staff in their personal financial stewardship.

The Mission of the plan is to encourage and equip Pastors and staff to develop the practical understanding, planning, and financial skills necessary to be good stewards of God's resources.

- ECO Retirement Plan Oversight Committee