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. Enter the number you have assigned to the adoption agreement for which this application is filed. 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. Notice 2020-71, as modified by this notice, provides the rates and list of high-cost localities for the period October 1, 2020, to September 30, 2021. 2014-28, 2014-16 I.R.B. See section 23.01. See Rev. The Provider must then notify each Adopting Employer of the revocation as soon as possible. WASHINGTON The U.S. General Services Administration (GSA) today released the fiscal year (FY) 2021 travel per diem rates, which will take effect on October 1, 2020. 2016-37, which is applicable to a governmental plan within the meaning of 414(d), and which is determined by reference to the interim amendment deadline for a plan that is not a governmental plan, is modified. 295, and Notice 2020-35, sets forth the procedures of the IRS for issuing opinion letters regarding the qualification in form of 401(a) pre-approved plans. 698; Rev. Proc. Investment arrangement(s) permitted under the Providers plan: _____a. Section 403(b) Pre-approved Plan basic plan document number or Single Document Plan number (Each of the Providers or Mass Submitters basic plan documents or Single Document Plans must be assigned a 2-digit number, starting with 01. .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). 2019-39 provides that a Provider (or Eligible Employer) is considered to have adopted an interim amendment timely if the amendment is adopted by the later of (1) the end of the calendar year following the calendar year in which the change in 403(b) Requirements is effective with respect to the plan, or (2) in the case of a Governmental Plan, the later of (a) the end of the calendar year following the calendar year in which the change in 403(b) Requirements is effective with respect to the plan, or (b) 90 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. Section 10.02 and 10.03 of Rev. There are location-specific per diem rates that fall under the standard method, especially in states with expensive urban areas or tourist destinations. For further information regarding this revenue procedure, contact Employee Plans at (513) 975-6319 (not a toll-free number). (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. See section 8. .01 Identical adopter An application for an Opinion Letter for a 403(b) Pre-approved Plan that is word-for-word identical to a Mass Submitter 403(b) Pre-approved Plan will not be treated as off-cycle, as defined in section 10.02, merely because it is submitted after the end of the applicable On-Cycle Submission Period for the Cycle. 2021-37. .04 The IRS issued Cycle 1 opinion and advisory letters for 403(b) Pre-approved Plans beginning in March 2017. If the Mass Submitter submits a plan with Minor Modifications, it must comply with the requirements of section 11.03(2). The principal author of this revenue procedure is Nathanael DeJonge of the Office of Associate Chief Counsel (Employee Benefits, Exempt Organizations and Employment Taxes). 3. Use the rate for the area where your employee spends the night. The standard meal allowance, which is the federal meals and incidental expense (M&IE) per diem rate. The IRS strongly encourages Providers to take advantage of this electronic submission format. The Treasury Department and the IRS will publish for public availability any comment submitted electronically, and to the extent practicable on paper, to its public docket. Proc. This information will be used to determine whether a plan is entitled to favorable tax treatment. The Bulletin is divided into four parts as follows: Part I.1986 Code. ", Per diem localities with county definitions shall include"all locations within, or entirely surrounded by, the corporate limits of the key city as well as the boundaries of the listed counties, including independent entities located within the boundaries of the key city and the listed counties (unless otherwise listed separately).". The IRS may, in appropriate circumstances, request documentation of the assumption of sponsorship prior to issuing an Opinion Letter to the new entity. 2020-49, 2020-48 I.R.B. As of January 2021, the per diem allowance is $66 per day in the continental United States. The two types of 403(b) Pre-approved Plans are Standardized Plans and Nonstandardized Plans. WASHINGTON The Internal Revenue Service today issued guidance for business Thus, a separate 403(b) Pre-approved Plan is required for a plan that is intended to constitute a Retirement Income Account. 2016-37 is redesignated as section 15.06(2). 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. Suite. (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. The Introduction at the beginning of this issue describes the purpose and content of this publication. is checked, are applications on behalf of at least 15 unaffiliated Providers who are sponsoring the identical basic plan document or Single Document Plan included with this application? Proc. For a full schedule of per diem rates by destination, click on any of the states below. 1. High-cost localities. 2019-39 provides that the initial amendment must be adopted by the later of (a) the expiration of the Initial Remedial Amendment Period (that is, June 30, 2020), or (b) the end of the calendar year following the calendar year in which the change in 403(b) Requirements is effective with respect to the plan. A .gov website belongs to an official government organization in the United States. ERISAEmployee Retirement Income Security Act. Proc. 2016-37 is deleted. Thus, the term is used to republish under the 1986 Code and regulations the same position published under the 1939 Code and regulations. .06 Section 15.06(2) of Rev. .01 Pursuant to 147(f), tax-exempt qualified private activity bonds are subject to a public approval requirement. Find the answers to all your clients' questions about Social Security and Medicare in this essential Quickfinder handbook by Thomson Reuters Checkpoint. 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. 2016-37 to extend the deadline for adopting an interim amendment for a 401(a) pre-approved plan to match the deadline for adopting an interim amendment for a 403(b) pre-approved plan, which is set forth in Rev. To the extent feasible, lead plans and substantially identical plans should be submitted together. See Rev. (1) Beginning of Remedial Amendment Period Under this system, unless otherwise specified in guidance published in the Internal Revenue Bulletin, a Remedial Amendment Period for a Form Defect in a 403(b) individually designed plan first occurring after the Initial Remedial Amendment Period, begins: (a) in the case of a provision of, or absence of a provision from, a new plan, the date the plan is put into effect; (b) in the case of an amendment to an existing plan (other than a Form Defect that is related to a change in 403(b) Requirements, or that is integral to such a change), the date the plan amendment is adopted or put into effect, whichever is earlier; (c) in the case of a provision that fails to satisfy the 403(b) Requirements by reason of a change in those requirements, the date on which the change becomes effective with respect to the plan; or. 9340, 72 FR 41128). 2013-22 are to Rev. This revenue procedure modifies the interim amendment deadline set forth in section 15.04(1) of Rev. If an employer pays per diem allowances that exceed what is deemed substantiated, however, the employer must either treat the excess as taxable wages or require actual substantiation. If it is determined that the changes are not minor, the plan submitted under section 11.03(2)(c) will not be entitled to expedited review and will otherwise be treated as a non-Mass Submitter plan. Pursuant to section 21.02 of Rev. .03 This revenue procedure provides that the On-Cycle Submission Period for Cycle 2 applications will begin on May 2, 2022, and end on May 1, 2023. 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. Proc. Off-cycle applications for a Cycle that are submitted during or after that Cycles Employer Adoption Window will not be accepted. Section 4.01(3) of Rev. technology solutions for global tax compliance and decision consulting, Products & 18 cents per mile driven for medical or moving purposes for qualified active duty members of the Armed Forces, up 4 cents from the rate for 2021. You may use the dropdown box below to select a country. For further information regarding this notice contact James Liechty at (202) 317-7005 (not a toll-free number). .07 No Form 5307 Determination Letter for Pre-approved Plans Treated as Individually Designed If a plan is treated as individually designed as provided in section 9.05 of this revenue procedure, the employer may not file for a determination letter using a Form 5307 (as updated). (See the Form 5305 series, which provides model IRA documents that have been pre-approved by the IRS and for which an opinion letter is not needed. .28 403(b) Requirements The 403(b) Requirements are the requirements of 403(b), including requirements provided in the Code, regulations, and other guidance published in the Internal Revenue Bulletin. Rev. No results could be found for the location you've entered. Proc. Section 13 of Rev. In addition, an Opinion Letter will not be issued under this revenue procedure for prototype plans intended to meet the requirements for individual retirement arrangements under 408. .06 Vesting A 403(b) Pre-approved Plan may provide a vesting schedule for contributions other than elective deferrals, rather than provide for full and immediate vesting of the contributions. Proc. FISCForeign International Sales Company. Superseded describes a situation where the new ruling does nothing more than restate the substance and situation of a previously published ruling (or rulings). .04 Section 15.06(1)(a) of Rev. 2019-39 provides that every 403(b) Pre-approved Plan will have a recurring Cycle. 654. Proc. Phone: (803) 734-2121 2013-22, 2013-18 I.R.B. (1) For each Cycle, the IRS intends to publish a Cumulative List for 403(b) Pre-approved Plans shortly before the start of the Cycles On-Cycle Submission Period. (2) A 403(b) Pre-approved Plan may be structured as an Adoption Agreement Plan or as a Single Document Plan. An Adoption Agreement Plan consists of a basic plan document and an adoption agreement. This revenue procedure modifies Rev. 2013-22 continue to apply to opinion and advisory letter applications for 403(b) Pre-approved Plans submitted for Cycle 1. 2021-4 (updated annually)). 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. (c) either (i) the only contributions under the plan are elective deferrals, or (ii) the plan provides for contributions other than elective deferrals and all of the employers in the Adopting Employers controlled group are Eligible Employers. Notwithstanding the preceding sentence, a person that is otherwise eligible to be a Provider generally may apply for an Opinion Letter for a plan that is intended to be a Retirement Income Account without satisfying the 15-Eligible-Employer requirement with respect to that plan. Proc. The updated LRMs, when available, may be downloaded from the Internet at http://www.irs.gov/Retirement-Plans/Listing-of-Required-Modifications-LRMs. The optional provisions may be arranged as separate optional articles or sections within a 403(b) Pre-approved Plan or as separate optional provisions within a single article or section. .05 Expediting review of substantially identical plans The IRS reserves the right to review applications in any order that will expedite the processing of Opinion Letter applications, subject to section 12 regarding off-cycle filing. (5) An Adopting Employer chooses to discontinue participation in a 403(b) Pre-approved Plan that has been amended by the Provider, without substituting another 403(b) Pre-approved Plan. 2017-41 for administrative procedures for seeking an opinion letter for 401, 403(a), or 4975(e)(7) plans). .03 Reliance The amendment described in section 25.01 will not affect the plans status as a 403(b) Pre-approved Plan or an Adopting Employers reliance on the Cycle 1 Opinion Letter for the 403(b) Pre-approved Plan (except that the Adopting Employer may not rely on the Cycle 1 Opinion Letter with respect to the amendment permitting participation of those employees). This section 16 does not impose a requirement on a Provider to monitor compliance of an Adopting Employers plan with the 403(b) Requirements, but it provides that the Provider has a duty to inform the Adopting Employer if the Provider has knowledge that the Adopting Employers plan may no longer satisfy those requirements. 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