2020-40, 2020-38 I.R.B. For information on how to submit comments, see section 28. Proc. Mileage Reimbursement $990.85 $743.00 $198.00 * .58 cents per mile * Mileage reimbursement is effective January 10, 2022 per LA R.S. If 4.b. NOTIFICATION OF ADOPTING EMPLOYER REGARDING FAILURE OF THE FORM OF THE PLAN TO SATISFY 403(b) REQUIREMENTS, SECTION 18. They may not be relied upon as authoritative interpretations. 2021-4, 2021-1 I.R.B. .02 Adoption Agreement Plan See section 4.27(2). 6103. Rates for Alaska, Hawaii, U.S. c. The following locality has been removed from the list of high-cost localities: Gulf Breeze, Florida. .02 Nonapplicability of this revenue procedure to 401, 403(a), or 4975(e)(7) plans and to IRAs (including traditional IRAs, Roth IRAs, SEPs, and SIMPLE IRAs) An Opinion Letter will not be issued under this revenue procedure for 401, 403(a), or 4975(e)(7) plans (see Rev. See section 5.02 of Rev. Section 10.02 and 10.03 of Rev. Proc. If the Adopting Employer selects an allocation formula for contributions other than elective deferrals that satisfies one of the design-based safe harbors in 1.401(a)(4)-2(b)(2), and, if the allocation formula is based on compensation, selects a safe harbor compensation definition that satisfies 1.414(s)-1(c), then the Adopting Employer may rely on an Opinion Letter with respect to the nondiscriminatory amounts requirement under 401(a)(4), if applicable. Proc. Additionally, the IRS requests that applications be submitted by thumb or flash drive instead of being submitted as paper files, and that the documents be saved in Microsoft Word or Adobe Acrobat PDF format. 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. Find the answers to all your clients' questions about Social Security and Medicare in this essential Quickfinder handbook by Thomson Reuters Checkpoint. 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. 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 .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. .12 Rev. .01 Section 15.04(1) of Rev. .22 Section 111 of Division O of the Further Consolidated Appropriations Act, 2020, Pub. The incidentals portion is calculated as the cost of meals plus 10% of the combined lodging and 2013-22 provides that an employer that adopts a volume submitter plan and amends the terms of the approved specimen plan loses reliance on the advisory letter only to the extent of the amendment (as long as, after the amendment, the plan remains substantially similar to the terms of the approved specimen plan), but that the employer has no option to obtain a determination letter on the amended portions of the plan. (Employees must still substantiate the time, place, and business purpose of their travel expenses.) The basic plan document includes all of the nonelective provisions applicable to all Adopting Employers, and the adoption agreement includes the options that may be selected by each Adopting Employer. Every 403(b) Pre-approved Plan must therefore incorporate by reference the terms of the Investment Arrangements under the plan. Thus, a separate 403(b) Pre-approved Plan is required for a plan that is intended to constitute a Retirement Income Account. Specific eligibility requirements and submission procedures applicable to filing a Form 5307 determination letter application will be provided in a future update of Rev. Modified is used where the substance of a previously published position is being changed. 2016-37 provides that, for a governmental plan within the meaning of 414(d), the adoption deadline for an interim amendment is: the later of (1) the deadline that would apply under the rules of section 15.04(1), or (2) 90 days after the close of the third regular legislative session of the legislative body with authority to amend the plan that begins on or after the date the amendment becomes effective. .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). and accounting software suite that offers real-time 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. 3. 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. The IRS will regard the information and certification described in paragraphs (3) and (4) of this section 10.05 as a representation of a material fact for purposes of issuing an Opinion Letter. Proc. checked): Under penalties of perjury, I declare that the Provider identified in line 2 of this application has adopted a Pre-approved Plan that is identical to the Mass Submitter plan identified in line 8, or is a minor modifier adopter of the Mass Submitter plan identified in line 8. 2016-37 defines an interim amendment as an amendment with respect to a disqualifying provision described in section 5.03 of Rev. Elective deferrals (other than Roth), _____e. .14 Crediting of service taking into account 414(b), (c), (m), and (o) Each 403(b) Pre-approved Plan that is not a Governmental Plan must credit all service with any employer aggregated with the Adopting Employer under 414(b), (c), (m), or (o) and the regulations thereunder, as service with the Adopting Employer maintaining the plan. 2020-21 is modified as follows: .02 Time period. 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. 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. 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. Type(s) of contributions permitted under the Providers plan: _____a. Proc. (a) In general A Flexible Plan is a plan submitted by a Mass Submitter that includes optional provisions, as described in the immediately subsequent paragraph (b) of this section 11.03. 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. Proc. 26 CFR 601.201: Rulings and determination letters. .17 Identifying category of Eligible Employer and plan The adoption agreement or single plan document of every 403(b) Pre-approved Plan must satisfy the following requirements: (1) Although a single adoption agreement may be made available to different categories of Eligible Employers, the adoption agreement must require the Adopting Employer to show its status as an Eligible Employer by indicating whether the Adopting Employer is: (a) a government-sponsored educational organization described in 170(b)(1)(A)(ii) (a public school); (b) a tax-exempt organization described in 501(c)(3) that is exempt from tax under 501(a); (c) an employer of a minister described in 414(e)(5)(A); or. (2) An Adopting Employer of a Nonstandardized Plan may rely on the plans Opinion Letter with respect to the requirements of 410(b), if applicable, if all nonexcludable employees benefit under the Adopting Employers plan. Find current rates in the continental United States ("CONUS Rates") by searching below with city Comprehensive 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. Part IV.Items of General Interest. WASHINGTON The Pursuant to section 5.07, every 403(b) Pre-approved Plan must provide for an appendix to identify the parties responsible for the various administrative functions under the plan. Looking for U.S. government information and services? The estimated annual burden per respondent/recordkeeper varies from 1/2 to 2,000 hours, depending on individual circumstances, with an estimated average of 3.56 hours. Providers that adopt the Flexible Plan may include or delete any optional provision that is designated as an optional provision in the Mass Submitters plan, provided the inclusion or deletion of specific optional provisions conforms to the Mass Submitters written representation to the IRS concerning the choices available to Providers and the coordination of optional provisions. Similarly, a later deadline is provided for a 403(b) Pre-approved Plan that is a Governmental Plan. An Investment Arrangement may be an annuity contract under 1.403(b)-2(b)(2), a custodial account under 403(b)(7), or a Retirement Income Account. 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. In the interest of sound tax administration, the Service answers inquiries from individuals and organizations regarding their status for tax purposes and the tax effects of their acts or transactions. Per-diems are fixed amounts to be used for lodging, meals, and incidental expenses when traveling on official Proc. .03 A 403(b) Pre-approved Plan may utilize either of two formats: a single plan document or a basic plan document with an adoption agreement. Newsroom, Presidential & Congressional Commissions, Boards or Small Agencies, Diversity, Equity, Inclusion and Accessibility, FY2021 Per Diem Rates for Federal Travelers Released. Proc. Providers and Mass Submitters signatures under penalties of perjury (required if 4.c. 2017-18. The remedial amendment period begins on the date on which a change in qualification requirements becomes effective with respect to a plan or, in the case of a provision that is integral to a qualification requirement that has been changed, the first day on which the plan is operated in accordance with the provision as amended. 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 application must be accompanied by: (1) the applicable required user fee that will be provided for in the successors to Rev. 2017-18 and Rev. This revenue procedure extends the time period until March 31, 2022. Per diem (Latin for "per day" or "for each day") or daily allowance is a specific amount of money that an organization gives an individual, typically an employee, per day to cover living Proc. The location of any combined hearing is presumed convenient for residents of each participating governmental unit if it is no farther than 100 miles from the seat of government of each participating governmental unit beyond whose geographic jurisdiction the hearing is conducted. Annuity contracts issued by an insurance company, _____c. .03 Section 15.04(1) of Rev. .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. There are, however, areas in which the Service will not issue letter rulings or determination letters. (3) Section 13.03 of Rev. 2014-28, 2014-16 I.R.B. 2016-37 sets forth the deadline for the timely adoption of an interim amendment to a qualified pre-approved plan. Section 21.02 of Rev. For more information, see EBIAs Fringe Benefits manual at SectionXXI.G(Travel Expense Reimbursements: Substantiation). No results could be found for the location you've entered. Proc. Investment provisions are those provisions that describe the plans methods of investing assets, including provisions such as the availability of loans and self-directed investments. The application form (or Appendix A) must be typed. (1) The IRS will, upon the application by a Mass Submitter, issue an Opinion Letter as to the satisfaction of the form of the Mass Submitters plan with the 403(b) Requirements. .03 Procedure for applying for an Opinion Letter The Provider must submit the application for an Opinion Letter with respect to its plan. Unless otherwise specified, the per diem locality is defined as "all locations within, or entirely surrounded by, the corporate limits of the key city, including independent entities located within those boundaries. providing details regarding the system of cyclical Remedial Amendment Periods that follows the Initial Remedial Amendment Period. .18 Section 12 of Rev. Can an ERISA Plan Limit the Time a Claimant Has to File a Lawsuit for Plan Benefits? 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. 157 (as updated annually), sets forth the general procedures of the IRS regarding the issuance of Employee Plans determination letters, including determination letters for 401(a) pre-approved plans. In the case of a plan maintained by more than one employer, the remedial amendment period ends on the last day of the tenth month following the last day of the plan year in which the remedial amendment period begins. (Employees can no longer deduct their unreimbursed expenses due to the suspension of miscellaneous itemized deductions by the Tax Cuts and Jobs Act, so these other rates are effectively unavailable to them.) Rev. Proc. 2017-41, as modified by Rev. However, the plan may deny an allocation to an employee who is eligible to participate if the employee terminates service during the plan year with not more than 500 hours of service and is not an active employee on the last day of the plan year. 136 (as modified by Rev. Proc. Proc. (b) The IRS reserves the right to determine if the changes described in paragraph (a) of this section 11.03(2) are minor (for example, if the changes are not numerous and do not require an in-depth technical review). 2013-22 noted that the IRS was not establishing a determination letter program for 403(b) plans at that time, so that an employer adopting a 403(b) Pre-approved Plan would not be able to apply for an individual determination letter for the plan. Notice 2021-63 therefore provides a special rule: Solely for purposes of Sec. .05 This revenue procedure sets forth the date on which the limited extension of the Initial Remedial Amendment Period described in section 4.113 expires and extends the deadline for adopting an initial amendment (if applicable) that is required under certain circumstances in order for the limited extension of the Initial Remedial Amendment Period to apply. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. You may use the dropdown box below to select a country. Proc. .02 Section 1.147(f)-1(d)(1) of the Income Tax Regulations provides that public hearing means a forum providing a reasonable opportunity for interested individuals to express their views, orally or in writing, on the proposed issue of bonds and the location and nature of the proposed project to be financed. 2016-37, which provides a special rule for determining the tax-filing deadline applicable to a tax-exempt employer that is no longer relevant in light of the modified interim amendment deadline, is deleted. .01 Opinion Letter issued to Mass Submitters. Proc. Proc. b. Procedures relating solely to matters of internal management are not published; however, statements of internal practices and procedures that affect the rights and duties of taxpayers are published. The standard meal allowance, which is the federal meals and incidental expense (M&IE) per diem rate. is selected, check all of the following types of employers that may utilize the Retirement Income Account plan: _____b. .10 Provisions regarding reliance Each 403(b) Pre-approved Plan must include, in close proximity to the signature line, a statement that describes the limitations on employer reliance on an Opinion Letter. The GSA website lists these rates by location. .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. accounting firms, For Rul. .21 Rev. It is not used where a position in a prior ruling is being changed. 467, Rev. Rev. The preceding sentence applies to an Eligible Employer that adopts a 403(b) Pre-approved Plan that amends or restates a plan maintained by the Eligible Employer, as long as the form of the plan that is being amended or restated satisfies the 403(b) Requirements at the time of the adoption of the 403(b) Pre-approved Plan. This information is required to enable the Commissioner, Tax Exempt and Government Entities Division of the Internal Revenue Service, to make determinations in connection with compliance with the 403(b) Requirements. Proc. Similarly, if the inclusion (or deletion) of a specific optional provision in a Providers plan will automatically result in the inclusion (or deletion) of any other optional provision, this must be set forth in the Mass Submitters representation. Adoption agreement (if the application is for a 403(b) Pre-approved Plan that uses an adoption agreement)? (For information regarding benefits, rights, and features, and the determination of current availability, see 1.401(a)(4)-4.). .01 Scope of review The IRS will review the plans that have been submitted during the On-Cycle Submission Period for a Cycle (as well as later identical adopter applications and applications that are off-cycle that the IRS will review in accordance with section 12) taking into account the applicable Cumulative List for the Cycle. (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. 2019-39 provides a limited extension of the Initial Remedial Amendment Period, so that the Initial Remedial Amendment Period will end no earlier than the end of Cycle 2. 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. Proc. Specifically, in light of the continuing Coronavirus Disease 2019 (COVID-19) pandemic, this revenue procedure extends until March 31, 2022, the time period described in section 4.02 of Rev. A Provider may include or delete optional provisions of a Mass Submitter plan, but once the Provider has decided to include an optional provision, it must offer that provision to all Adopting Employers. 2013-22, a defect in the form of a plan is a provision, or the absence of a required provision, that causes the plan to fail to satisfy the 403(b) Requirements. 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. 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. Accordingly, section 4.02 of Rev. A basic plan document and all associated adoption agreements should be submitted simultaneously. 2016-37 is revised to read as follows: Special deadlines for governmental employers. .01 Final regulations under 403(b) were published on July 26, 2007 (T.D. (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. management, Document (c) Change in 403(b) Requirements In the case of a provision that is related to, or integral to, a change in 403(b) Requirements, on the later of (i) the last day of the second calendar year that begins after the issuance of the Required Amendments List (described in section 8 of Rev. Connect with other professionals in a trusted, secure, Proc. healthcare, More for This notice also modifies Notice 2020-71, 2020-40 I.R.B. (d) 403(b) Requirements (either statutory or regulatory) that become effective for the plan in a calendar year following the calendar year in which the On-Cycle Submission Period begins, regardless of when the 403(b) Requirements are enacted or issued (for example, 403(b) Requirements first effective in 2023, for applications submitted during the On-Cycle Submission Period beginning in 2022).
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