What is a Volume Submitter Plan (VSP)?
A VSP is a type of plan that, once approved by the IRS, gives assurance that the plan document meets the legal and regulatory requirements of a 403(b). Employers who have adopted a VSP that has been approved by the IRS know they can rely on the plan document being compliant.
What are the benefits of a VSP?
Employers who have adopted a VSP have the assurance that by operating the plan in accordance with its terms, they are also operating in accordance with the IRS requirements for a 403(b) plan. Moreover, if the employer is ever audited, they can present the auditor with the IRS letter of approval certifying their plan is compliant, which may alleviate the need for the auditor to review the plan document.
What are the benefits of a GuideStone VSP?