Regulatory Updates
Regulatory Updates provide quick access to employee benefit regulations, rulings and other guidance released by governmental agencies in the U.S. and Canada.
New updates to this page may be included in Today’s Headlines which is emailed to International Foundation members each business day. Inquiries regarding these updates should be directed to the Benefits Knowledge Center at the International Foundation at (888) 334-3327, option 5 or [email protected].
Search Regulatory Updates
IRS Issues Guidance on Qualified Pre-approved Plans and Section 403(b) Pre-approved Plans; Comments Requested
Nov 22, 2023, 06:00
by
Ashley Schmidt
The Internal Revenue Service (IRS) issued Revenue Procedure 2023-37 setting forth the rules regarding Qualified Pre-approved Plans and Section 403(b) Pre-approved Plans, and combining, conforming, clarifying, and updating rules for Qualified Pre-approved Plans and Section 403(b) Pre-approved Plans previously set forth in prior revenue procedures.
Combining prior revenue procedures allows for the rules for the different types of Pre-approved Plans to be more easily conformed to each other, to the extent practicable. The rules for Pre-approved Plans fall into three broad categories:
- Remedial Amendment Periods, the Remedial Amendment Cycle system, and plan amendment deadlines. This revenue procedure sets forth the rules regarding Remedial Amendment Periods, the Remedial Amendment Cycle system, and plan amendment deadlines for Qualified Pre-approved Plans and for Section 403(b) Pre-approved Plans. The rules regarding Remedial Amendment Periods, the Remedial Amendment Cycle system, and plan amendment deadlines are effective on November 21, 2023.
- Provider application for an opinion letter. This revenue procedure also sets forth the procedures for a Provider to apply for an Opinion Letter confirming that the form of the Provider’s plan satisfies the Qualification Requirements or Section 403(b) Requirements.
- Adopting employer application for a determination letter. This revenue procedure also sets forth the procedures for an Adopting Employer of a Qualified Pre-approved Plan or a Section 403(b) Pre-approved Plan to apply for a determination letter regarding the Adopting Employer’s plan.
Pursuant to this revenue procedure, the Submission Period for a Provider of a defined contribution Qualified Pre-approved Plan to submit an application for a Cycle 4 Opinion Letter begins on February 1, 2024, and ends on January 31, 2025. A Provider may apply for a Cycle 4 Opinion Letter at other times.
The Department of the Treasury and IRS invite comments on the revenue procedure.