These changes to the interim amendment deadline are consistent with the deadline for adopting interim amendments with respect to 403(b) pre-approved plans, as set forth in Rev. Usage is subject to our Terms and Privacy Policy. .02 Reduced procedural requirements for Providers that use Mass Submitter plans A Provider of a plan of a Mass Submitter must obtain an Opinion Letter. Proc. However, procedural provisions that are required for the form of a plan to meet the 403(b) Requirements are not administrative provisions under this section. Copies of Investment Arrangements should not be submitted. An Eligible Employer that adopts a Standardized Plan as an amendment to a plan other than a Standardized Plan may not rely on the Opinion Letter for the Standardized Plan with respect to whether a benefit, right, or feature that is prospectively eliminated satisfies the current availability requirements of 1.401(a)(4)-4, if applicable. The per diem rates in lieu of the rates described in Notice 2021 -52 (the meal and incidental expenses only substantiation method) are $74 for travel to Part III.Administrative, Procedural, and Miscellaneous. 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. .02 Section 403(b) plan that is a Governmental Plan For a Governmental Plan, a Provider (or the Adopting Employer, if applicable) is considered to have adopted an interim amendment described in section 9.02 timely if the plan amendment is adopted by the later of (1) 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, or (2) ninety days after the close of the third regular legislative session of the legislative body with the authority to amend the plan that begins on or after the date the plan amendment becomes effective. Also, consistent with this modification, section 15.06(2) of Rev. .16 Separate 403(b) Pre-approved Plan for Retirement Income Account A single 403(b) Pre-approved Plan may not be used for both a 403(b) Pre-approved Plan that is a Retirement Income Account and a 403(b) Pre-approved Plan that is not a Retirement Income Account. industry questions. If a 403(b) Pre-approved Plan is intended to be a Retirement Income Account, the plan also must include the provisions set forth in section 5.19. 2013-22 provides that a 403(b) Pre-approved Plan that is intended to be a Retirement Income Account may be maintained only by a Church or convention or association of churches, including an organization described in 414(e)(3)(A), to provide benefits under 403(b) for its employees or their beneficiaries as described in 1.403(b)-9. Proc. (a) A Minor Modification is a minor change to an otherwise word-for-word identical 403(b) Pre-approved Plan of the Mass Submitter that the IRS determines does not require an in-depth IRS technical review. .01 Section 403(b) plan that is not a Governmental Plan For a 403(b) Pre-approved Plan that is not a Governmental Plan, a Provider (or the Adopting Employer, if applicable) is considered to have adopted an interim amendment described in section 9.02 timely if the amendment is adopted by 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. (3) An Adopting Employer amends a 403(b) Pre-approved Plan (including its adoption agreement, if applicable) more than one year after the date the Adopting Employer initially adopted the 403(b) Pre-approved Plan to incorporate a type of plan not permitted in the Opinion Letter program, as described in section 6.03. Explore all Subject to sections 11.05 and 12 and the provisions of this section 11.03, submissions with respect to Minor Modifications will be reviewed on an expedited basis, and an Opinion Letter will be issued to the Provider as soon as possible, which might be after the issuance of Opinion Letters to other Providers (see section 13). The IRS currently allows owner-operators to deduct 80% of Proc. The Service will not issue rulings on whether an act of self-dealing occurs when a private foundation (or other entity subject to 4941) owns or receives an interest in a limited liability company or other entity that owns a promissory note issued by a disqualified person. However, this notification will only indicate that the plan appears to meet the applicable 403(b) Requirements under review as of the date of the notification. Proc. Proc. 92, and Rev. The On-Cycle Submission Period for a Cycle may begin after the start of that Cycle. .04 Section 15.06(1)(a) of Rev. .03 Rev. accounting firms, For Revocation of an Opinion Letter may be applied retroactively. Proc. As provided in section 7, the plan of such an employer will become an individually designed plan unless the employer adopts a Newly Approved 403(b) Pre-approved Plan during the Employer Adoption Window for the Cycle for which the application was submitted. .09 Any Nonstandardized Plan may provide for either safe harbor or non-safe harbor hardship distributions. For a 403(b) Pre-approved Plan that is a Governmental Plan, an Opinion Letter does not express an opinion, and may not be relied upon, with respect to whether the plan meets any requirements that apply due to a plans coverage of multiple employers that are not aggregated in a single controlled group in a manner consistent with Notice 89-23. For a Governmental Plan, Related Employers means all employers that are aggregated with the Adopting Employer in a manner consistent with Notice 89-23, 1989-1 C.B. ) or https:// means youve safely connected to the .gov website. The Provider also must notify each Adopting Employer of the withdrawal of the application and the consequences of the withdrawal to the Adopting Employer. 2019-39 sets forth plan amendment deadlines for interim amendments made to a 403(b) Pre-approved Plan. Proc. (3) Except as provided in the applicable Cumulative List, the IRS generally will not consider in its review of any Opinion Letter application any: (a) guidance issued after approximately 90 days (the exact date being stated in the Cumulative List) prior to the date the applicable Cumulative List is issued; (b) statutes enacted after approximately 90 days (the exact date being stated in the Cumulative List) prior to the date the applicable Cumulative List is issued; (c) statutes that are first effective in the year in which the On-Cycle Submission Period begins for which there is no guidance identified on the applicable Cumulative List (regardless of when they are enacted); or. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. They may not be relied upon as authoritative interpretations. 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. However, if, instead, Employer X decides to continue to be an individually designed plan, then, by the end of Cycle 3, Employer Xs plan must be amended to reflect all changes in 403(b) Requirements for which the Remedial Amendment Period applicable to individually designed plans will have expired;8 moreover, after Cycle 3, Employer Xs plan is subject to the Remedial Amendment Period rules for individually designed plans. Comprehensive For information on how to submit comments, see section 28. Every Standardized Plan must include plan language reflecting these rules. governments, Explore our The incidentals portion is calculated as the cost of meals plus 10% of the combined lodging and A Single Document Plan may include alternate paragraphs and options (including blanks to be completed by the Adopting Employer in accordance with specified parameters) that may be selected by an Adopting Employer. 1 A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 202027 through 202052 is in Internal Revenue Bulletin 202052, dated December 27, 2020. (2) The terms of the plan must satisfy the separate accounting, investment performance, and exclusive benefit requirements of 1.403(b)-9(a)(2)(i). The temporary exception allows a 100% deduction for food or beverages from restaurants, as long as the expense is paid or incurred in 2021 or 2022. In the case of an Adoption Agreement Plan, the adoption agreement must state that it is to be used with only one basic plan document and must identify that document. 2017-41 provides for a single Opinion Letter program that combines and replaces the Master & Prototype (M&P) and Volume Submitter (VS) programs, under which M&P sponsors and VS practitioners, respectively, submitted their plans to the IRS for review. The written notification must be sent to the address provided in section 20 and must refer to the file folder number appearing on the latest Opinion Letter issued. Page Last Reviewed or Updated: 29-Sep-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), News Releases for Frequently Asked Questions, businesses seeking coronavirus-related tax relief, Treasury Inspector General for Tax Administration, IRS provides guidance on per diem rates and the temporary 100% deduction for food or beverages from restaurants. .24 Remedial Amendment Cycle A Remedial Amendment Cycle or Cycle means one of a series of recurring Remedial Amendment Periods applicable to 403(b) Pre-approved Plans, during which a Provider submits a proposed 403(b) Pre-approved Plan for review and approval by the IRS, and during which the plan, once approved, is adopted by Eligible Employers. 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. See section 4.26. The application will be subject to a reduced user fee as provided in Appendix A of Rev. An Opinion Letter constitutes a determination that the form of a 403(b) Pre-approved Plan satisfies the 403(b) Requirements, subject to the requirements and limitations of this revenue procedure. Administrative provisions are those provisions that describe the administration of the plan, including the powers, duties, and responsibilities of a plans custodian, administrator, Adopting Employer, and other fiduciaries. An official website of the United States government. .02 The prototype and volume submitter programs are combined and replaced by a single Opinion Letter program that provides for two types of plans: Standardized Plans and Nonstandardized Plans. Further, if more than one governmental unit is required to hold a public hearing, the hearings may be combined as long as the combined hearing affords the residents of all of the participating governmental units a reasonable opportunity to be heard. Rates for Alaska, Hawaii, U.S. The likely respondents are banks, insurance companies, other financial institutions, law, actuarial, and consulting firms, employee benefit practitioners and Eligible Employers. Proc. (6) An Adopting Employer makes an amendment to a 403(b) Pre-approved Plan that removes any of the required provisions of section 5. To pay a fee, a Provider must continue to submit a paper check and a paper Form 8717-A, User Fee for Employee Plan Opinion or Advisory Letter Request. For purposes of determining the applicable tax-filing deadline referenced in section 15.04(1), section 15.06(2) provides the rule used to determine the due date (including extensions) for filing the income tax return for the employers taxable year. We establish the per diem rates for the continental United States (CONUS), which includes the 48 contiguous states and the District of Columbia. 2022 per diem rates Per diem rates effective July 2022 [PDF 635 KB] (6) a plan grandfathered under Rev. .01 In general This revenue procedure is effective on July 1, 2020, the day Cycle 2 began, and, except as otherwise stated, applies to applications for an Opinion Letter submitted solely with respect to Cycle 2 and subsequent Cycles. See section 4.05 of Rev. Significantly, the entire credit was refundable, meaning that it was available to those with no earned income. Rev. 2021-4 (as updated annually), disregarding references therein to 7476. 2014 - 2023 FederalPay.org. 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. .04 Cycle A Cycle is a Remedial Amendment Cycle, as defined in section 4.24. .02 Adoption Agreement Plan See section 4.27(2). 2010-48, 2010-50 I.R.B. .12 Provider telephone numbers Each 403(b) Pre-approved Plan must include the Providers name, address, and telephone number (or a space for the address and telephone number of the Providers authorized representative) for inquiries by Adopting Employers regarding the adoption of the plan, the meaning of plan provisions, or the effect of the Opinion Letter. See section 23.02. 2016-37 is revised to read as follows: Special deadlines for governmental employers. EMPLOYER RELIANCE ON OPINION LETTER, SECTION 10. The application must include a copy of the plan document and any adoption agreement, if applicable. .01 Opinion Letter issued to Mass Submitters. For travel within the continental United States, the optional high-low method designates one per diem rate for all high-cost locations and another for all other locations. The Internal Revenue Service (IRS) separates expenses The IRS will also consider in its review of any Opinion Letter application all 403(b) Requirements that are not described in section 13.02(3), and not solely those on the applicable Cumulative List.9 For example, if a Provider submits an application for a Cycle 2 Opinion Letter for a new plan that did not receive a Cycle 1 Opinion Letter, the IRS will review the plan taking into account the Cumulative List for Cycle 2, as well as the 403(b) Requirements that were reviewed during Cycle 1. Proc. This part includes rulings and decisions based on provisions of the Internal Revenue Code of 1986. Proc. 2020-40, sets forth rules for a regular six-year remedial amendment cycle for 401(a) pre-approved plans and an extension of the remedial amendment period and adoption deadline for plan amendments for 401(a) pre-approved plans. Proc. The application must be accompanied by: (1) the applicable required user fee that will be provided for in the successors to Rev. technology solutions for global tax compliance and decision If the answer to 14 is no, enter the number of the basic plan document or Single Document Plan for which the requirement described in 14 is met: Applicants signature under penalties of perjury (required if 4.a. The Provider must then notify each Adopting Employer of the revocation as soon as possible. 2016-37, 2016-29 I.R.B. Section 10.02 and 10.03 of Rev. Cycle 2 began on July 1, 2020. Self-employment tax rate is 15.3% of net SE earnings, broken down asfollows: Social Security portion: Net SE earnings (up to limit) 12.4% Medicare portion: Net SE earnings 2.9% Additional Medicare tax of 0.9% on earned income over $200,000(Single, HOH, QW), $250,000 (MFJ), or $125,000 (MFS). (6) All benefits, rights, and features under the plan (other than those, if any, that have been prospectively eliminated) are currently available to all employees benefiting under the plan. See section 8.04. If 4.a. Proc. More information for businesses seeking coronavirus-related tax relief can be found at IRS.gov. The high-low M&IE rates increase to $74 (from $71) for travel to high-cost locations and to $64 (from $60) for travel to other locations. The special meal and incidental expenses rates for taxpayers in the transportation industry are $66 for any travel locality within the continental United States and $71 for any travel locale outside the continental U.S. As of January 2021, the per diem allowance is $66 per day in the continental United States. Except for refunding bonds described in 147(f)(2)(D), a bond issue must be approved by the governmental unit issuing the bonds (or on behalf of which such bonds are issued) and by the governmental unit having jurisdiction over the area in which any facility to be financed by the issue is located. .06 Prior to the On-Cycle Submission Period for Cycle 2, the IRS will issue a Cumulative List that identifies changes in the 403(b) Requirements that will be taken into account with respect to a plan document submitted to the IRS for Cycle 2 and that were not taken into account by the IRS in its review during Cycle 1. The IRS has announced the special per diem rates that can be used to substantiate the amount of business expenses incurred for travel away from home on or after October 1, 2021. Pursuant to section 21.02 of Rev. Foreign Per Diem Rates by Location DSSR 925. Retirement income accounts (Note that Retirement Income Account plans must have a separate plan document). 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 4.11 of this revenue procedure for more details regarding the limited extension of the Initial Remedial Amendment Period. Proc. The principal author of this revenue procedure is Angelique Carrington of the Office of Associate Chief Counsel (Employee Benefits, Exempt Organizations, and Employment Taxes). .01 Provisions required in all 403(b) Pre-approved Plans Each 403(b) Pre-approved Plan must comply with the requirements set forth in sections 5.03 through 5.17. 2017-41 sets forth procedures of the Internal Revenue Service (IRS) for issuing opinion letters regarding the qualification in form of pre-approved plans. Proc. A Minor Modification must be submitted by the Mass Submitter on behalf of the Provider that will adopt the modified plan. Rev. providing details regarding the system of cyclical Remedial Amendment Periods that follows the Initial Remedial Amendment Period. If a letter requesting changes to the 403(b) Pre-approved Plan is sent to the Provider or an authorized representative, changes responsive to the letter must be received no later than 30 days from the date of the letter, and the response must include either a copy of the plan with the changes highlighted or, if the changes are not numerous, replacement pages. Specifically, to expedite the review of their plans, Providers are encouraged to use LRM language if appropriate and to identify the location of the LRM language in their 403(b) Pre-approved Plan. Proc. 157 (as updated annually). If there nevertheless is a conflict, the terms of the single plan document or the basic plan document and adoption agreement, as applicable, must control. Rev. The IRS will not review for, and the Opinion Letter will not cover, any provisions included in Investment Arrangements. 2020-10, 2020-2 I.R.B. brands, Social .22 Section 111 of Division O of the Further Consolidated Appropriations Act, 2020, Pub. Corporate A transaction described in 410(b)(6)(C) is an asset or stock acquisition, merger, or other similar transaction involving a change in the employer of the employees of a trade or business. (Also Part I, 4941.). 2021-4 (as updated annually). .06 Rev. .26 Retirement Income Account A Retirement Income Account is a defined contribution program established or maintained by a Church, including an organization described in 414(e)(3)(A), to provide benefits under 403(b) for an employee described in 403(b)(1) (including an employee described in 414(e)(3)(B)) or his or her beneficiaries, as described in 403(b)(9). See section 23.01. 2019-39 provides a limited extension of the Initial Remedial Amendment Period with respect to certain 403(b) Pre-approved Plan Form Defects first occurring during Cycle 1, so that the Initial Remedial Amendment Period will end no earlier than the end of Cycle 2. It is published weekly. To assist Eligible Employers in achieving operational compliance, updates to the Operational Compliance List currently maintained on the IRS website include changes in 403(b) Requirements that are effective during a calendar year. Qualified Church-Controlled Organization, _____c. 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. Indicate whether the plan is a (check one): a. An Opinion Letter issued under this revenue procedure is referred to as a Cycle 2 Opinion Letter. An Opinion Letter found to be in error or not in accord with the current procedures of the IRS or the IRSs current interpretation of applicable law may be revoked. For example, a change that limits the number of participant loans or a change that adds a new choice of plan entry date would be considered a Minor Modification. .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. The IRS anticipates establishing a program that would permit Adopting Employers to apply for a determination letter on Form 5300, Application for Determination for Employee Benefit Plan, under rules and procedures similar to the rules and procedures applicable to 401(a) pre-approved plans (see section 20.03 of Rev. Proc. 985, as modified by Rev. Distinguished describes a situation where a ruling mentions a previously published ruling and points out an essential difference between them. 2013-22, as modified by Rev. corporations, For .01 Notification to the IRS A Provider must notify the IRS in writing if a 403(b) Pre-approved Plan is no longer in use by any Adopting Employer or the Provider intends to discontinue the plan. Proc. In the case of an initial submission of a 403(b) Pre-approved Plan under this revenue procedure, the Mass Submitters application also must be accompanied by applications for an Opinion Letter filed on behalf of the requisite number of Providers that are offering the same plan on a word-for-word basis as provided in section 11.02, unless the Mass Submitter has already satisfied this requirement in connection with a previous application under this revenue procedure involving another 403(b) Pre-approved Plan. .14 The Department of the Treasury (Treasury Department) and the IRS expect to continue to update this Opinion Letter program revenue procedure, in whole or in part, from time to time, including providing further improvements based on comments received. In this case, in order to have reliance, the Adopting Employer would need to re-adopt the 403(b) Pre-approved Plan after the issuance of the Opinion Letter for the plan. Section 1.403(b)-3(b)(3)(i) generally provides that a contract does not satisfy the requirements of 1.403(b)-3(a) (regarding exclusion of contributions from gross income) unless it is maintained pursuant to a plan. See also sections 4.21, 8.03(6), 9.01, 10.10 and 19.01 of this revenue procedure for other circumstances under which an Opinion Letter may be revoked. governments, Business valuation & To comply with the 403(b) Requirements, however, a plan must comply operationally with each relevant 403(b) Requirement, even if the requirement is not included on an Operational Compliance List. To expedite the review of substantially identical plans that are not Mass Submitter plans, the IRS encourages plan drafters and Providers to include with each Opinion Letter application, if appropriate, a cover letter setting forth the following information: (1) the name and file folder number (if available) of the plan that, for review purposes, the plan drafter designates as the lead plan (including the name and EIN of the Provider); (2) a list of all plans written by the plan drafter that are substantially identical to the lead plan (including the information described in paragraph (1) of this section 10.05 for each plan); (3) a description of each location in the plan for which the application is being submitted that is not word-for-word identical to the language of the lead plan, including an explanation of the purpose and effect of each difference; and. (d) a minister described in 414(e)(5)(A). 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. 2014-28 modifies Rev. Thus, the representation must indicate whether a Providers plan may include only one of a certain group of optional provisions, may include only a specific combination of provisions, or may exclude the provisions entirely. However, section 23.02 of this revenue procedure extends the deadline for the initial amendment. The Remedial Amendment Period permits a plan to be amended retroactively to comply with a change in 403(b) Requirements; however, a plan must be operated in compliance with a change in 403(b) Requirements beginning on the effective date of the change. Proc. Provided that Employer X adopts timely interim amendments, Employer Xs plan will remain eligible for the Cycle through the end of Cycle 3. Suite. .18 Provisions applicable to Standardized Plans In addition to the requirements set forth in sections 5.03 through 5.17, each Standardized Plan must either provide that the only contributions that an Adopting Employer may elect to provide under the plan are elective deferrals or meet the following requirements: (1) Under 1.415(f)-1(a)(3), all 403(b) annuity contracts purchased by an employer for a participant are treated as one 403(b) annuity contract for purposes of 415. See section 21. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. Proc. If an application is withdrawn, the case may be referred to IRS Employee Plans Examinations. IR-2021-225, November 16, 2021. 2016-37 provides that, for a tax-exempt employer, the adoption deadline for an interim amendment set forth in section 15.04(1) and 15.05 applies, as modified by section 15.06(2). is checked, do you expect at least 15 Eligible Employers to adopt one of your 403(b) plans? 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