Getting Started
Request Information
Make an informed decision about your 403(b)7, request a consulation to get started.
Building Your 403(b)7
Someone once said, “Searching and learning is where the process all begins”.
Here is a step-by-step guide to understand the process of creating a 403(b)7 retirement plan. On the other hand, your organization may be electing to restate an established plan. Regardless, let us help you wherever you are in the process.
Phone Consultation
Setting up a plan involves a question and answer session with the organization's retirement plan administrator to determine eligibility.
Call (833) 634-8252 to speak with a representative.
Moving Forward
If eligible, and if the organization decides to move forward, The Master's Plan will need their tax exempt letter from either their state or the IRS, as well as their EIN.
Choosing Your Plan Options
The Master's Plan will work with the organization's administrator to determine preferred options and how their plan should be written.
Plan Creation
Plan creation is the next step, where the custom plan documents are written. At this point, The Master's Plan will communicate with a financial advisor (if there is one) or directly with the client's administrator. Prepared documents will be sent in PDF format to either the financial advisor or client's administrator for signatures of approval.
Plan Activation
Once all the documents have been signed and returned, The Master's Plan sends the final plan documents to our records keeping to establish and activate the plan. This usually takes a few weeks.
Setting Up Account
If the employer is working with a financial advisor, the financial advisor will contact the employer to complete the Timothy Plan 403(b)7 Investment Kit, Account Application, Salary Reduction Agreement, Employer Transmittal Form, to set up the contributions and send the forms to records keeping. If the employer is not working with a financial advisor, The Master's Plan will work directly with the employer's administrator.
Any questions the participants have regarding filling out the forms will be handled directly with Timothy Plan's Investor Relations team.
Sending Contributions
Once the account has been established, The Master's Plan will explain how to send in contributions either by check, wire transfer, or Automated Clearing House "ACH" by utilizing the Employer Transmittal Form.