The application must be sent to the address provided in section 20. Optional administrative provisions that a Provider may include in or delete from its version of the plan include the resignation or replacement of fiduciaries, the claims procedures under the plan, and the record-keeping requirements. 87-50, 1987-2 C.B. Page Last Reviewed or Updated: 07-Oct-2022, Request for Taxpayer Identification Number (TIN) and Certification, Employers engaged in a trade or business who pay compensation, Electronic Federal Tax Payment System (EFTPS), Publication 463, Travel, Entertainment, Gift, and Car Expenses, Small Business, Self-Employed, Other Business, Treasury Inspector General for Tax Administration, Per diem rates for areas outside the continental United States (. .02 Extension of deadline for initial amendment To be considered timely, the date by which the initial amendment described in section 4.11 must be adopted is extended to the later of (1) June 30, 2020, or (2) the end of the second calendar year following the calendar year in which the change in 403(b) Requirements is effective with respect to the plan. General guidance issued in 2019 regarding the use of per diems after the Tax Cuts and Jobs Act remains in effect (see our Checkpointarticle). and accounting software suite that offers real-time In the case of a plan maintained by one employer, the remedial amendment period ends on the later of: (1) the due date (including extensions) for filing the income tax return for the employers taxable year that includes the date on which the remedial amendment period begins; or (2) the last day of the plan year that includes the date on which the remedial amendment period begins. 2020-49, 2020-48 I.R.B. 2021-4 (updated annually), (2) if an Opinion Letter had been issued for the 403(b) Pre-approved Plan for the preceding Cycle, a signed certification that all necessary amendments required by the IRS for the form of the Providers plan to continue to satisfy the 403(b) Requirements have been made and communicated to all Adopting Employers, and (3) any attachment or other document that the application form (or Appendix A, if used) indicates is required. Audit & 2019-39 is modified. 140, which sets forth areas of the Internal Revenue Code (Code) relating to issues on which the Internal Revenue Service (Service) will not issue letter rulings or determination letters. In general, an interim amendment is considered to have been adopted timely if it is adopted by the end of the remedial amendment period described in section 2.07 of Rev. Nor does it prevent a 403(b) Pre-approved Plan from using Investment Arrangements that are more restrictive than required by 403(b) or the single plan document or the basic plan document and adoption agreement. Proc. For example, if a change in 403(b) Requirements occurs in the 1st year of Cycle 3, and is placed on the Required Amendments List in the 2nd year of Cycle 3, then the Remedial Amendment Period for a Form Defect related to that change would expire at the end of the 4th year of Cycle 3. 2019-48 (or successor) for transition rules for the last 3 months of calendar year 2021. .01 In general A Cycle 1 403(b) Pre-approved Plan that is intended to be a Retirement Income Account may be amended by a Provider, a Mass Submitter, or an Adopting Employer to permit the participation of an employee described in 414(e)(3)(B), retroactive to the beginning of Cycle 2, July 1, 2020. 82-102, 1982-1 C.B. The principal author of this revenue procedure is Patrick Gutierrez of the Office of Associate Chief Counsel (Employee Benefits, Exempt Organizations, and Employment Taxes). For a taxpayer properly applying the rules of Revenue Procedure 2019-48,Notice 2021-63 provides a special rule that allows the taxpayer to treat the full meal portion of a per diem rate or allowance as being attributable to food or beverages from a restaurant beginning January 1, 2021, through December 31, 2022. 945, as modified by Notice 2020-35, 2020-25 I.R.B. Proc. Proc. The following abbreviations in current use and formerly used will appear in material published in the Bulletin. is checked, do you expect at least 15 Eligible Employers to adopt one of your 403(b) plans? .06 IRS discretion The IRS may, in its discretion, decline to issue an Opinion Letter for other types of plans or issues not described in this section. Proc. (4) By submitting an application for an Opinion Letter for a 403(b) Pre-approved Plan under this revenue procedure (or by having an application filed on its behalf by a Mass Submitter), a person represents to the IRS that it is a Provider, and that it agrees to comply with any requirements imposed on Providers by this revenue procedure. 575, to provide that an interim amendment made to a pre-approved plan qualified under 401(a) of the Internal Revenue Code (Code) is adopted timely if the amendment is adopted by the end of the second calendar year after the calendar year in which the change in qualification requirements is effective with respect to the plan. Pursuant to this revenue procedure, the On-Cycle Submission Period for Providers to submit applications for an Opinion Letter for Cycle 2 begins on May 2, 2022, and ends on May 1, 2023. For example, if the forms of annuity benefit available under a plan are described in Investment Arrangements under the plan, the terms of the Investment Arrangements must satisfy, if applicable to the plan, the joint and survivor annuity requirements of ERISA 205 and any applicable related rules, such as rules relating to transfers of benefits that are subject to the joint and survivor annuity requirement, and may not have any provisions that are inconsistent with 403(b). (d) in the case of a provision that is integral to a 403(b) Requirement that has been changed, the date the plan is first operated in accordance with the provision, as amended. .03 Inclusion of Investment Arrangements in the 403(b) Pre-approved Plan A 403(b) Pre-approved Plan includes the Investment Arrangements under the plan in addition to the single plan document or the basic plan document and adoption agreement. See section 11 for rules relating to Mass Submitter plans, including procedures for identical adopters and minor modifier adopters of Mass Submitter plans. Entering the first letter of the country name will jump to that portion of the listing. The 2022 mileage rate will automatically show in the travel and expense reimbursement system (Concur) effective July 1, 2022. See section 4.05 of Rev. The IRS expects to have limited personnel available to process public comments that are submitted on paper through mail. 2019-39. 2021-4, 2021-1 I.R.B. (Compare with modified, below). (1) An Adopting Employer of a Standardized Plan may rely on the Standardized Plans Opinion Letter that the form of the Adopting Employers plan satisfies the 403(b) Requirements, including, if applicable, the requirements of 401(a)(4) and 410(b), if: (a) the Standardized Plan has a currently valid Opinion Letter; (b) the Adopting Employer has not amended the Standardized Plan other than to choose options provided under the Standardized Plan or to make amendments that are described in section 9.03 relating to employer amendments that will not affect reliance (see also section 9.05 for when a 403(b) Pre-approved Plan is treated as individually designed); and. .05 The On-Cycle Submission Period for Cycle 2 will begin on May 2, 2022, and end on May 1, 2023. Proc. This part is divided into two subparts as follows: Subpart A, Tax Conventions and Other Related Items, and Subpart B, Legislation and Related Committee Reports. 2016-37 defines an interim amendment as an amendment with respect to a disqualifying provision described in section 5.03 of Rev. The provisions of Rev. accounting, Firm & workflow (b) Amendment to existing plan In the case of an amendment to an existing plan not relating to, or integral to, a change in 403(b) Requirements, on the later of (i) the last day of the second calendar year following the calendar year in which the amendment is adopted or effective, whichever is later, or (ii) in the case of a Governmental Plan, 90 days after the close of the third regular legislative session of the legislative body with the authority to amend the plan that begins following the calendar year in which the amendment is adopted or effective, whichever is later. The End Date of your trip can not occur before the Start Date. This part includes notices of proposed rulemakings, disbarment and suspension lists, and announcements. See section 2.13(1) of this revenue procedure for a description of when the Remedial Amendment Period for a Form Defect in a 403(b) Pre-approved Plan begins. 274 (n) (2) (D), a taxpayer that properly applies the rules of Rev. (2) An Adopting Employer may not rely on an Opinion Letter if the Adopting Employers adoption of a 403(b) Pre-approved Plan precedes the issuance of an Opinion Letter for the plan. 2020-40, 2020-38 I.R.B. 775. The IRS recently updated the per diem rates for business travel for fiscal year 2021, which started on October 1, 2020. PROVISIONS REQUIRED IN 403(b) PRE-APPROVED PLANS, SECTION 7. Share sensitive information only on official, secure websites. However, the IRS may, in its discretion, determine whether the processing of off-cycle filings may be prioritized and accelerated. 2016-37 sets forth the deadline for the timely adoption of an interim amendment to a qualified pre-approved plan. See section 5.13. Proc. Under this Initial Remedial Amendment Period, an Eligible Employer must amend its plan to the extent necessary to correct any Form Defects retroactive to the first day of the plans Initial Remedial Amendment Period. Specific eligibility requirements and submission procedures applicable to filing a Form 5307 determination letter application will be provided in a future update of Rev. Further, it sets forth a system of recurring Remedial Amendment Periods for correcting Form Defects in 403(b) Pre-approved Plans first occurring after the Initial Remedial Amendment Period (that is, after June 30, 2020), and provides a limited extension of the Initial Remedial Amendment Period for certain Form Defects. It is the policy of the Service to publish in the Bulletin all substantive rulings necessary to promote a uniform application of the tax laws, including all rulings that supersede, revoke, modify, or amend any of those previously published in the Bulletin. Rates for foreign countries are set by the State Department. (ii) Administrative provisions A Mass Submitter may offer a variety of administrative provisions in its plan for Providers to include or delete from their version of the plan. .01 Section 15.04(1) of Rev. An Adopting Employer of a Nonstandardized Plan that includes 401(m) matching contributions may rely on the plans Opinion Letter with respect to whether the form of the plan satisfies the ACP test of 401(m)(2) if the Adopting Employer elects to use a safe harbor definition of compensation in the test. The per diem rates in lieu of the rates described in Notice 2020-71 (the meal and incidental expenses only substantiation method) are $74 for travel to any high-cost locality and $64 for travel to any other locality within CONUS. In this case, the Adopting Employer will lose reliance on the Opinion Letter as of the effective date of the amendment but the plan will remain eligible for the Cycle system (provided that the Adopting Employer adopts timely interim amendments) until the end of the Cycle that includes the effective date. In the case of a change in entity with respect to a Provider, an Opinion Letter issued to the Provider may not be utilized by the changed entity. 2020-21 is modified as follows: .02 Time period. INCLUSION OF 414(e)(3)(B) EMPLOYEES, APPENDIX A Application for Approval of 403(b) Pre-approved Plan. Amendment to a disqualifying provision described in section 5.03 of Rev however, the IRS May, in discretion! 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