AXA Equitable to Participate in 403(b) Internal Revenue Service Prototype
26 8월 2009 - 10:33PM
PR Newswire (US)
Program Designed to Assist Employer Fulfillment of IRS Written Plan
Document Requirements NEW YORK, Aug. 26 /PRNewswire-FirstCall/ --
AXA Equitable Life Insurance Company, one of the nation's foremost
providers of retirement savings plans, has announced its
participation in the Internal Revenue Service's 403(b) prototype
program. The program was designed to provide a streamlined method
for helping employers in the K-12 education market adopt a plan
document that is in compliance with the written plan requirements
of the Internal Revenue Code and applicable IRS regulations. All
403(b) plans are required to have a written document which
describes the legal and regulatory requirements applicable to the
plan and its other operating provisions, which may include the
sharing of plan responsibilities among the employer/issuer,
employee and any third-party administrators involved with the plan.
"Adopting an approved prototype plan ensures that an employer will
satisfy written requirements and mitigates the risks of plan
disqualification," said James Mullery, senior vice president and
head of the 403(b) market at AXA Equitable. "AXA Equitable has been
providing service and support to clients to help them comply with
the final 403(b) regulations since the requirements were first
published. Offering IRS-approved prototype plan documents is a
continuation of these services, and will help AXA Equitable clients
keep their 403(b) programs compliant with the final regulations."
AXA Equitable encourages employers to adopt their 403(b) plan now
to avoid a year-end concern as to whether the operation of the plan
was in accordance with its terms during 2009. Offering clients
service and support in developing their 403(b) plan documents will
help employers create, adopt and amend their programs as needed.
The IRS announced its proposal for the prototype program in April.
Reviews for the prototypes could begin as soon as the first quarter
of 2010. "From our perspective, participating in the prototype
program further elevates AXA Equitable's level of service to
clients," said Mr. Mullery. To better help employers manage,
simplify and streamline the work associated with administering
their employer-sponsored retirement plans, AXA Equitable created
The Employer Plan Administration Center (EPAC). Plan sponsors of
403(b) and 457(b) plans with active participants owning the
EQUI-VEST variable annuity can review, monitor, and transmit plan
information through EPAC. Employers can access EPAC 24/7 to: --
Upload contribution information -- Track and update approved plan
providers -- Manage third-party administrator information -- View
and download detailed plan reports about: -- Contributions and
transfers/exchanges/rollovers by participant -- Summary of
investment assets at a plan level -- Participant information --
Loans and distributions "One of the many issues facing employers
today is the ever-changing landscape of regulations that affects
the way employers need to manage and administer their plans," said
Mullery. "AXA Equitable is acutely aware of employer needs, so as
regulations change, EPAC will too." EQUI-VEST is a variable
deferred annuity, a long-term financial product designed for
retirement purposes. An annuity contract, when purchased to fund a
qualified retirement plan should be considered for the annuity's
features and benefits other than tax deferral. EQUI-VEST variable
deferred annuities are issued by AXA Equitable Life Insurance
Company, NY, NY ("AXA Equitable") and distributed by an affiliate
AXA Advisors, LLC, Member FINRA/SIPC. AXA Equitable, AXA Advisors
and their affiliates do not provide tax or legal advice. EQUI-VEST
is a registered service mark of AXA Equitable Life Insurance
Company. About AXA Equitable In business since 1859, AXA Equitable
Life Insurance Company is a leading financial protection company
and one of the nation's premier providers of life insurance and
annuities as well as financial strategies, and investment products
and services through its affiliate, AXA Advisors, LLC. The
company's products and services are distributed to individuals and
business owners through its retail distribution channel, AXA
Advisors, LLC; to the financial services market through its
wholesale distribution channel, AXA Distributors, LLC; and to
corporations and their employees through its corporate distribution
channel, Corporate Markets. AXA Equitable, a subsidiary of AXA
Financial Inc., is part of the global AXA Group, a worldwide leader
in financial protection strategies and wealth management. "AXA
Group" refers to AXA, a French holding company for an international
group of insurance and financial services companies together with
its direct and indirect consolidated subsidiaries. While a part of
the AXA Group, AXA Equitable is solely responsible for its annuity
and life insurance obligations. For more information, visit
http://www.axa-equitable.com/. DATASOURCE: AXA Equitable Life
Insurance Company CONTACT: Matthew Klein, +1-212-314-2919, , or Jo
Ann Tizzano, +1-212-314-2979, Web Site:
http://www.axa-equitable.com/
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