Note that lower rates apply for the .30 Standardized Plan A Standardized Plan is a 403(b) Pre-approved Plan that meets the requirements set forth in section 5.18. b. Section 3 of Rev. 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. REVOCATION OF OPINION LETTER BY THE IRS, SECTION 21. Proc. This revenue procedure provides temporary guidance regarding the public approval requirement under 147(f) of the Internal Revenue Code for tax-exempt qualified private activity bonds. (7) Any hardship distribution satisfies the safe harbor standards in the regulations under 401(k). Proc. Proc. Employers using these rates to set per diem allowances can treat the amount of certain categories of travel expenses as substantiated without requiring that employees prove the actual amount they spent. .03 Timing of issuance of Opinion Letters The IRS intends to issue Opinion Letters for a Cycle to Mass Submitters and Providers at approximately the same time within the Cycle for all applications submitted during the Cycles On-Cycle Submission Period (other than an application for a plan that is a Minor Modification of a Mass Submitter plan). Providers must make reasonable and diligent efforts, as soon as practicable following the adoption of plan amendments, to ensure that Adopting Employers of the Providers plan have actually received and are aware of the plan amendments. Investment arrangement(s) permitted under the Providers plan: _____a. Also, consistent with this modification, section 15.06(2) of Rev. 172 (or its successor). The specified period for which Sedona, Arizona is a high cost locality under section 5, paragraph 2 of Notice 2020-71 is modified to be October 1, 2020 - December 31, 2020; March 1, 2021 - April 30, 2021; and September 1, 2021 - September 30, 2021. 2016-37, 2016-29 I.R.B. Accordingly, the provisions described in sections 5.03 through 5.17 (and sections 5.18 and 5.19, if applicable) must be included in the single plan document or the basic plan document or adoption agreement, as appropriate, of every 403(b) Pre-approved Plan, regardless of the terms of any Investment Arrangements under the plan or any other documents that may be incorporated by reference. See section 23.02. 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. or 4.b., checked): Under penalties of perjury, I declare that I have examined this application, including accompanying statements, and to the best of my knowledge and belief it is true, correct, and complete. See section 10 for the instructions for Opinion Letter applications. A Flexible Plan adopted by a Provider that differs from the Mass Submitter plan only because the Provider has deleted certain optional provisions from its plan in conformance with the Mass Submitters representation described in this paragraph will be treated as a word-for-word identical plan to the Mass Submitter plan. The signature requirement may be satisfied by an electronic signature that reliably authenticates and verifies the adoption of the adoption agreement or single plan document, or the restatement, amendment, or modification thereof, by the Adopting Employer. 743,5 sets forth the procedures of the IRS for issuing opinion and advisory letters for 403(b) Pre-approved Plans for Cycle 1, which began on the later of January 1, 2010, or the effective date of the plan, and that, ended on June 30, 2020. .07 Appendix of administrative responsibilities Every 403(b) Pre-approved Plan must provide that an appendix to the plan will identify the parties responsible for the various administrative functions under the plan that are necessary to comply with the 403(b) Requirements and other tax requirements, including the requirements that apply on the basis of the aggregated Investment Arrangements issued to a participant under the plan, and will list all the vendors of Investment Arrangements approved for use under the plan. Section 1.415(f)-1(f)(2) includes a special rule providing that, if a participant on whose behalf a 403(b) annuity contract is purchased is in control of any employer for a limitation year, the 403(b) annuity contract is aggregated with all other defined contribution plans maintained by that employer. Upon written request, a Provider must provide to the IRS a list of Adopting Employers that indicates, to the best of the Providers knowledge, which of those employers continue to maintain the plan as a Pre-approved Plan and which of those employers have ceased to maintain its 403(b) Pre-approved Plan within the preceding three years. To the extent feasible, lead plans and substantially identical plans should be submitted together. Proc. Rev. Suite. In those based on positions taken in rulings to taxpayers or technical advice to Service field offices, identifying details and information of a confidential nature are deleted to prevent unwarranted invasions of privacy and to comply with statutory requirements. Proc. For further information regarding this notice contact James Liechty at (202) 317-7005 (not a toll-free number). We're taking you to our old site, where the page you asked for still lives Continue to old site Last updated: 28 Apr 2021 Proc. 5 For purposes of this revenue procedure, references to Rev. 2013-22 establishes an Initial Remedial Amendment Period, which permits an Eligible Employer to retroactively correct defects in the form of its written 403(b) plan in order to satisfy the written plan requirement in the 403(b) regulations by timely adopting a 403(b) Pre-approved Plan or by otherwise timely amending its plan. 1121, during which certain telephonic hearings are permitted. Under the high-low method, the per diem rate for all .02 Delivery service An application shipped by Express Mail or a delivery service should be sent to the attention of the Pre-Approved Plans Coordinator, to: Internal Revenue Service 550 Main Street Room 6-403, Group 7521 Cincinnati, OH 45202. 2013-22, 2013-18 I.R.B. An Opinion Letter issued under this revenue procedure is referred to as a Cycle 2 Opinion Letter. For FY 2021, the standard Continental United States (CONUS) lodging rate will remain unchanged at .06 Section 15.06(2) of Rev. In this case, the previously published ruling is first modified and then, as modified, is superseded. Taxpayers using the rates and list of high-cost localities provided in this notice must comply with Rev. or 4.d. Proc. The last Bulletin for each month includes a cumulative index for the matters published during the preceding months. 2013-22 to change the address to which applications for an opinion or advisory letter should be submitted and to insert a user fee that was previously omitted. ERISAEmployee Retirement Income Security Act. More for The meal portion is based on the average costs of three daily meals at dining establishments typically used by federal employees in that location. 2019-39, this section provides rules for determining the expiration date of the Remedial Amendment Period for a Form Defect first occurring after the expiration of the Initial Remedial Amendment Period (that is, after June 30, 2020) in a 403(b) Pre-approved Plan. See section 8. Do you want to read more articles like this one? (1) A 403(b) Pre-approved Plan is a 403(b) plan (including a plan covering self-employed individuals) that is made available by a Provider for adoption by Eligible Employers. 26 CFR 601.601: Rules and Regulations. 2010-48, 2010-50 I.R.B. management, More for accounting .02 Extended deadline for interim and initial amendments Sections 22 and 23.02, relating to deadlines for interim and initial amendments, are effective for Form Defects first occurring on or after July 1, 2020, the day Cycle 2 began. Supplemented is used in situations in which a list, such as a list of the names of countries, is published in a ruling and that list is expanded by adding further names in subsequent rulings. Proc. See section 6.03. Proc. .01 Opinion Letter issued to Mass Submitters. Try our solution finder tool for a tailored set A plan will not fail to satisfy the requirements of this section 5.18(2) with respect to contributions other than elective deferrals merely because the plan provides, either as the result of an elective provision or by default in the absence of an election to the contrary, that individuals who become employees, within the meaning of section 5.13, as a result of a transaction described in 410(b)(6)(C) are excluded from eligibility to participate in the plan during the period beginning on the date of the transaction and ending on a date that is not later than the earlier of the last day of the first plan year beginning after the date of the transaction or the date of a significant change in the plan or in the coverage of the plan. Proc. This revenue procedure amplifies Rev. Other nonelective employer contributions. 2016-37 is revised to read as follows: In the case of an interim amendment, an employer (or an M&P sponsor or VS practitioner, if applicable) is considered to have timely adopted the amendment if the plan amendment is adopted by the end of the second calendar year following the calendar year in which the change in qualification requirements is effective with respect to the plan. industry questions. See section 8.03(6) regarding limitations on reliance. In addition, the adoption agreement must include a cautionary statement to the effect that the failure to properly complete the adoption agreement may result in failure of the form of the plan to meet the 403(b) Requirements. 2020-49. The plan may provide options as to whether some or all of the employees described in 1.410(b)-6 are excluded, provided that the criteria for excluding employees described in 1.410(b)-6 apply uniformly to all employees. 828, for administrative procedures for seeking an opinion letter for individual retirement arrangements under 408.). Proc. .02 Section 15.02 of Rev. A Minor Modification must be submitted by the Mass Submitter on behalf of the Provider that will adopt the modified plan. Accordingly, prior to being amended or restated, the plan must either have timely corrected any Form Defects for which the Remedial Amendment Period is closed or have corrected any plan document failures under the Employee Plans Compliance Resolution System (EPCRS). is selected, check all of the following types of employers that may utilize the Retirement Income Account plan: _____b. In addition, if an employer adds language to a 403(b) Pre-approved Plan to satisfy the requirements of 415 due to the required aggregation of plans, the employer may obtain reliance with regard to 415 by applying for a determination letter on Form 5307 (as updated). The IRS will make the final determination in all cases as to whether a new plan or an amendment to an existing plan was adopted with the good faith intention of complying with the 403(b) Requirements. Proc. collaboration. 2019-48 (or successor). However, the rates vary depending on location. This revenue procedure announces that the Service will not issue letter rulings on whether certain transactions are self-dealing within the meaning of section 4941(d) of the Code. When the review of 403(b) Pre-approved Plan documents for a specific Cycle is close to being completed, the IRS will announce the date by which Adopting Employers must adopt Newly Approved 403(b) Pre-approved Plans. See Rev. 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