.05 Rev. Rul. 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. 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. While the IRSs review of an application for an Opinion Letter is limited to the terms of the single plan document or the basic plan document and adoption agreement, as applicable, the terms of Investment Arrangements and other documents that are incorporated by reference in the plan must satisfy applicable law and may not have any provisions that are inconsistent with 403(b). 2013-22 continue to apply to opinion and advisory letter applications for 403(b) Pre-approved Plans submitted for Cycle 1. In addition, an Adopting Employer of any 403(b) Pre-approved Plan (whether a Standardized Plan or a Nonstandardized Plan) that adds language to satisfy the requirements of 415 due to the required aggregation of plans may obtain reliance with regard to 415 by applying for a determination letter using Form 5307 (as updated), under procedures similar to the procedures applicable to 401(a) pre-approved plans. 2016-37 is revised to read as follows: Special deadlines for governmental employers. Proc. See section 8.03(7) regarding limitations on reliance. 2019-39. A ruling may also be obsoleted because the substance has been included in regulations subsequently adopted. For this purpose, a plan is a written defined contribution plan that, in both form and operation, satisfies the requirements of the final regulations under 403(b).4. .02 Interim amendment requirement A 403(b) Pre-approved Plan must be operated in accordance with its written plan document. Other nonelective employer contributions. See section 22 of this revenue procedure regarding the deadline by which interim amendments must be adopted. Failure to comply with these requirements may result in the loss of eligibility to offer 403(b) Pre-approved Plans and the revocation of Opinion Letters that have been issued to the Provider. The following localities have a federal per diem rate of $249 or more, and are high-cost localities for the specified portion of the calendar year. Proc. governments, Business valuation & Superseded describes a situation where the new ruling does nothing more than restate the substance and situation of a previously published ruling (or rulings). The term is also used when it is desired to republish in a single ruling a series of situations, names, etc., that were previously published over a period of time in separate rulings. 2013-22, employees of a Qualified Church-Controlled Organization (QCCO) or a non-QCCO may not participate in a 403(b) Pre-approved Plan that is intended to be a Retirement Income Account. releases, Your The collection of information included in this revenue procedure has been reviewed and approved by the Office of Management and Budget in accordance with the Paperwork Reduction Act (44 U.S.C. The amendment must be made in good faith with the intent of complying with the 403(b) Requirements. Your online resource to get answers to your product and 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. Proc. A Single Document Plan may accommodate usage by more than one type of Eligible Employer; however, a Retirement Income Account plan must always be filed as a separate Single Document Plan. .04 This revenue procedure extends the plan amendment deadline for making interim amendments with respect to a change in 403(b) Requirements, for most plans, until 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. .18 Section 12 of Rev. (1) A Provider is any person (including, if applicable, a Mass Submitter) that: (a) has an established place of business in the United States where it is accessible during every business day, and (b) represents to the IRS in its application for an Opinion Letter that it reasonably expects at least 15 Eligible Employers to adopt one of the 403(b) Pre-approved Plans of the Provider. .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. The plan also must state that the nondiscrimination requirements will be applied to any employee other than an employee of a QCCO or Church. For further information regarding this revenue procedure, contact Mr. DeJonge at (202) 317-4551 (not a toll-free number). Except as provided in section 6 of this notice, this notice is effective for per diem allowances for lodging, meal and incidental expenses, or for meal and incidental expenses only, that are paid to any employee on or after October 1, 2021, for travel away from home on or after October 1, 2021. We establish the per diem rates for the continental United States (CONUS), which includes the 48 contiguous states and the District of Columbia. 828, for administrative procedures for seeking an opinion letter for individual retirement arrangements under 408.). 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. 2016-37, 2016-29 I.R.B. EXPIRATION OF REMEDIAL AMENDMENT PERIOD, SECTION 23. ADDITIONAL REQUIREMENTS FOR MASS SUBMITTERS, SECTION 13. REVIEW OF OPINION LETTER APPLICATIONS; ISSUANCE OF OPINION LETTERS; EMPLOYER ADOPTION WINDOW, SECTION 15. In this case, the previously published ruling is first modified and then, as modified, is superseded. This part includes rulings and decisions based on provisions of the Internal Revenue Code of 1986. Looking for U.S. government information and services? Examples of a change in entity include, but are not limited to, the acquisition of a Provider by another entity, the sale or transfer of the stock or assets of the Provider to another entity, and any other circumstance that results in a change in a Providers employer identification number. (4) a certification made under penalties of perjury by the plan drafter that the information described in paragraph (3) of this section 10.05 is true and complete. These monthly indexes are cumulated on a semiannual basis, and are published in the last Bulletin of each semiannual period. Rev. 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. Part II.Treaties and Tax Legislation. (1) Every 403(b) Pre-approved Plan that is intended to be a Retirement Income Account must state the intent to be a Retirement Income Account in accordance with 1.403(b)-9(a)(2)(ii). 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 See section 4.04 of Rev. .01 This revenue procedure sets forth the procedures of the Internal Revenue Service (IRS) for issuing Opinion Letters1 regarding the satisfaction in form of 403(b) Pre-approved Plans with respect to the requirements of 403(b) of the Internal Revenue Code (Code) for the second Remedial Amendment Cycle (Cycle 2). 786, to change the portion of the year Sedona, Arizona is a high-cost locality under section 5 of Notice 2020-71. 2020-21 and modifies and supersedes Rev. 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. In that case, the plan number given to the basic plan document must remain the same as in the prior submission. .06 Example Employer X adopts a newly approved Standardized Plan during the Cycle 2 Employer Adoption Window. 2016-37 sets forth a system of recurring remedial amendment cycles for qualified pre-approved plans, and sets forth plan amendment deadlines for interim and discretionary amendments made to these plans. 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 Provider must have a procedure to notify an Adopting Employer of amendments and restatements of the plan and to inform the Adopting Employer, when applicable, of the need to timely adopt or amend the plan, including in the case of both initial adoption and restatement of the plan. Proc. Proc. By law, GSA sets these rates annually. The following types of amendments will not cause an Adopting Employer to lose reliance on an Opinion Letter: (1) amendments to the plan to add or change a provision (including choosing among options in the plan) or to specify or change the effective date of a provision, provided the Adopting Employer is permitted to make the modification or amendment under the terms of the 403(b) Pre-approved Plan, as well as under 403(b), and, in the case of a Standardized Plan, the provision is identical to a provision in the 403(b) Pre-approved Plan, except for the effective date; (2) sample or model amendments published by the IRS that specifically provide that their adoption will not cause a plan to fail to be identical to the 403(b) Pre-approved Plan; (3) amendments that adjust the limitations under 415, 402(g), 401(a)(17), and 414(q)(1)(B) to reflect annual cost-of-living increases; (4) plan language completed by the Adopting Employer if the overriding language is necessary to satisfy 415 because of the required aggregation of multiple plans under that section, in accordance with section 5.09; (5) interim amendments or discretionary amendments, as described in sections 11 and 12 of Rev. 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. Proc. The application will be subject to a reduced user fee as provided in Appendix A of Rev. 2019-39 is modified. 2021-4, 2021-1 I.R.B. corporations. 2020-49, 2020-48 I.R.B. For a taxpayer properly applying the rules of Revenue Procedure 2019-48,Notice 2021-63 provides a special rule that allows the taxpayer to treat the full meal portion of a per diem rate or allowance as being attributable to food or beverages from a restaurant beginning January 1, 2021, through December 31, 2022. Use the rate for the area where your employee spends the night. 2020-40 modifies Rev. .17 Section 11.04 of Rev. Box 2508 Cincinnati, OH 45201-2508. (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. For these purposes, a custodial account and a Retirement Income Account are treated as a 403(b) annuity contract. Providers and Mass Submitters must submit applications for an Opinion Letter during the one-year submission period (referred to as the On-Cycle Submission Period) that relates to an applicable Cycle. .03 In light of the COVID-19 pandemic, state and local governmental units sought alternatives to in-person hearings held to meet the public approval requirement. and accounting software suite that offers real-time If 4.b. Can an ERISA Plan Limit the Time a Claimant Has to File a Lawsuit for Plan Benefits? 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. .11 Rev. 1 In general, capitalized terms are defined in section 4 of this revenue procedure. 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. Proc. Proc. Per diem payments are not part of an employees standard wage, so technically, theyre not taxable. However, under certain conditions, it can be considered taxable income. Youll still need to include a per diem for business travel on an income tax return. For the most part, these arent included in the employees tax amount owed. accounts, Payment, 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. 2019-39 also states that a Provider must submit an application for an Opinion Letter during the On-Cycle Submission Period that relates to an applicable Cycle. 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. (3) Categories of 403(b) Pre-approved Plans. Revenue rulings and revenue procedures (hereinafter referred to as rulings) that have an effect on previous rulings use the following defined terms to describe the effect: Amplified describes a situation where no change is being made in a prior published position, but the prior position is being extended to apply to a variation of the fact situation set forth therein. 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. DISCDomestic International Sales Corporation. 2021-37), Room 5203, P.O. .03 Procedure for applying for an Opinion Letter The Provider must submit the application for an Opinion Letter with respect to its plan. The IRS will not issue letter rulings on whether certain transactions are self-dealing within the meaning of section 4941(d) of the Code. 2019-39 establishes a system of recurring Remedial Amendment Periods for 403(b) individually designed plan Form Defects first occurring after the Initial Remedial Amendment Period expires (that is, after June 30, 2020). An official website of the United States Government. The principal author of this revenue procedure is Patrick Gutierrez of the Office of Associate Chief Counsel (Employee Benefits, Exempt Organizations, and Employment Taxes). Traveler reimbursement is based on the location of the work activities and not the accommodations, unless lodging is not available at the work activity, then the agency may authorize the rate where lodging is obtained. 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. See section 9 for the effect of certain plan amendments on a plans eligibility for the Cycle system. 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 This revenue procedure significantly modifies the procedures set forth in Rev. See section 4.26. .13 Definition of employee Each 403(b) Pre-approved Plan that is not a Governmental Plan must define an employee as any employee of the Adopting Employer maintaining the plan or any other Eligible Employer aggregated with that Adopting Employer under 414(b), (c), (m), or (o) and the regulations thereunder. 274 (n) (2) (D), a taxpayer that properly applies the rules of Rev. (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. 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. Proc. See section 23.01. These modifications generally make the 403(b) Pre-approved Plan program more similar to the 401(a) pre-approved plan program. Qualified Church-Controlled Organization, _____c. .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). Taxpayers should refer to section 6.05 of Revenue Procedure 2019-48 to determine the meal portion of a per diem rate or allowance paid or incurred. The IRS may, in appropriate circumstances, request documentation of the assumption of sponsorship prior to issuing an Opinion Letter to the new entity. A Minor Modification must be submitted by the Mass Submitter on behalf of the Provider that will adopt the modified plan. Proc. (6) a plan grandfathered under Rev. A per diem rate can be used for the combined costs of Lodging and M&IE. 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. Mileage Reimbursement $990.85 $743.00 $198.00 * .58 cents per mile * Mileage reimbursement is effective January 10, 2022 per LA R.S. 2019-39 provides that an Eligible Employer adopting a 403(b) Pre-approved Plan generally must adopt an interim amendment with respect to a change in 403(b) Requirements. More for For example, a Flexible Plan could include as an optional provision a provision permitting participant loans, provided that the provision satisfies the 403(b) Requirements and the plan is drafted so that the exclusion of the provision does not cause the plan to fail to satisfy the 403(b) Requirements. 985, as modified by Rev. .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. Pursuant to section 11.03 of Rev. 157 (as updated annually). 26 CFR 601.201: Rulings and determination letters. You may use the dropdown box below to select a country. Proc. 2019-48 (or successor). .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. Proc. One location has been added to the list of high-cost locations, one has been removed, and one that remains on the list is now considered high-cost for a different portion of the calendar year. 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. This revenue procedure sets forth the procedures of the IRS for issuing opinion letters regarding the satisfaction in form of 403(b) pre-approved plans with respect to the requirements of 403(b) of the Internal Revenue Code for the second remedial amendment cycle (Cycle 2). Instead, the Mass Submitter should submit a restated plan, including the amendments, during the next Cycle. The following abbreviations in current use and formerly used will appear in material published in the Bulletin. Available athttps://www.irs.gov/pub/irs-drop/n-21-52.pdf. (Compare with amplified and clarified, above). Per Diem Rates Rates are set by fiscal year, effective October 1 each year. As provided in those letters, the IRS considered changes set forth in the final regulations under 403(b) and the applicable requirements of the 2012 Cumulative List of Changes in Plan Qualification Requirements set forth in Notice 2012-76, 2012-52 I.R.B. 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. (5) In the case of multiple employers that are not part of the same controlled group (as determined under 414(b), (c), (m), or (o)) participating in the plan, each Adopting Employer must identify whether it is a Church, QCCO, non-QCCO, or minister. 775. (b) Optional provisions A Flexible Plan may include optional provisions that comply with the requirements set forth in this paragraph. .01 Notification and effect A Provider may withdraw its application for an Opinion Letter at any time prior to the issuance of the letter by notifying the IRS in writing of the withdrawal at the address provided in section 20. 2019-39 provides that an initial amendment that is intended in good faith to correct a Form Defect must be timely adopted by the Provider (or the Adopting Employer, if applicable) for the limited extension of the Initial Remedial Amendment Period to apply.
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