See section 5.13. .23 Related Employers For a plan that is not a Governmental Plan, Related Employers means all employers that are aggregated with the Adopting Employer under 414(b) and (c) (each as modified by 415(h)), (m), and (o) and the regulations thereunder. This revenue procedure modifies section 4.02 of Rev. The likely respondents are banks, insurance companies, other financial institutions, law, actuarial, and consulting firms, employee benefit practitioners and Eligible Employers. Proc. .16 Newly Approved 403(b) Pre-approved Plan See section 4.27(3)(b). .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). If a Mass Submitter repeatedly fails to identify the modifications, the IRS may deny permission to that Mass Submitter to submit additional modifications. As provided in section 11.01 of Rev. 1. (7) Any hardship distribution satisfies the safe harbor standards in the regulations under 401(k). .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. 2014-28 and Rev. When the IRS sends a notification to the applicable Mass Submitter with respect to the Mass Submitters plan indicating that the IRS has determined that the plan appears to be in full compliance with the applicable 403(b) Requirements, the Mass Submitter must submit a copy of the Mass Submitters plan with the modifications highlighted, as well as a statement indicating the location and effect of each change. (4) Under the plan, allocations are determined on the basis of total compensation. 727; and Rev. (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. 2021-3. .13 Investment Arrangement An Investment Arrangement is a funding arrangement under a 403(b) plan. 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. .07 Separate applications required for Single Document Plans A separate plan and application is required for a Single Document Plan. The Mass Submitter must also immediately notify any affected minor modifier adopter, and the minor modifier adopter must notify all Adopting Employers of any of its 403(b) Pre-approved Plans affected by the failure and the notification must explain the effect on the reliance by Adopting Employers on the Opinion Letter. Box 2508 Cincinnati, OH 45201-2508. Providers may apply for an Opinion Letter for Cycle 2 after this On-Cycle Submission Period, but these filings generally will be considered off-cycle. See section 12 regarding IRS review of off-cycle filings. 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. If 4.a. The US military pays its members per diem in accordance with the Joint Travel Regulations. .01 Expiration of the limited extension of the Initial Remedial Amendment Period Provided that an initial amendment is timely made in accordance with section 13.03 of Rev. .03 Procedure for applying for an Opinion Letter The Provider must submit the application for an Opinion Letter with respect to its plan. 2021-4, 2021-1 I.R.B. collaboration. To the extent practicable, pertinent cross references to these subjects are contained in the other Parts and Subparts. Section 4.01(3) of Rev. Proc. 872, as modified by Rev. .12 The amendment deadline for an interim amendment to a 403(b) Pre-approved Plan that is not a Governmental Plan is the end of the second calendar year following the calendar year in which the change in 403(b) Requirements is effective. .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. If the plan provides for contributions other than elective deferrals and the Adopting Employers controlled group includes any employer that is not an Eligible Employer, the Adopting Employer may rely on the Opinion Letter, except with respect to whether contributions other than elective deferrals under the plan satisfy the requirements of 401(a)(4) and 410(b). Proc. Part II.Treaties and Tax Legislation. Significantly, the entire credit was refundable, meaning that it was available to those with no earned income. The IRS expects to have limited personnel available to process public comments that are submitted on paper through mail. .16 Section 11.03 of Rev. These synopses are intended only as aids to the reader in identifying the subject matter covered. (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. 2019-39 provide that the period covered by the Initial Remedial Amendment Period is referred to as Cycle 1 and that Cycle 2 begins after the Initial Remedial Amendment Period expires. Proc. 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. Indicate whether the plan is a (check one): a. 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. accounts, Payment, A Minor Modification must be submitted by the Mass Submitter on behalf of the Provider that will adopt the modified plan. If the Mass Submitter submits a plan with Minor Modifications, it must comply with the requirements of section 11.03(2). Thus, a separate 403(b) Pre-approved Plan is required for a plan that is intended to constitute a Retirement Income Account. 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. As a result of this modification, the interim amendment deadline set forth in section 15.06(1)(a) of Rev. The IRS will not issue an Opinion Letter with respect to amendments made between applicable On-Cycle Submission Periods, and a Mass Submitter should not submit an application for an Opinion Letter with respect to plan amendments. .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. Proc. 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. (3) Categories of 403(b) Pre-approved Plans. Audit & 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. The Provider may be required by the IRS to immediately notify all Adopting Employers of any of its 403(b) Pre-approved Plans affected by the failure if the Adopting Employers reliance on the Opinion Letter is affected or if the failure could result in adverse tax consequences for the Adopting Employer. .12 Interim 403(b) Pre-approved Plan See section 4.27(3)(a). The rate for any CONUS or OCONUS locality of travel for the incidental expenses only deduction is $5 per day. These provisions must be included in the adoption agreement of an Adoption Agreement Plan. The last Bulletin for each month includes a cumulative index for the matters published during the preceding months. .06 Rev. Under 147(f)(2)(B), an issue will be treated as having been approved by any governmental unit if the issue is approved by the applicable elective representative of the governmental unit after a public hearing following reasonable public notice, or by voter referendum of the governmental unit. 2020-40 modifies Rev. 786, to change the portion of the year Sedona, Arizona is a high-cost locality under section 5 of Notice 2020-71. If 9.c. In the continental United States (CONUS), domestic per diem rates are established by the U.S. General Services Administration. 2019-39 provides that every 403(b) Pre-approved Plan will have a recurring Cycle. .02 Nonstandardized Plans An Adopting Employer of a Nonstandardized Plan may rely on the plans Opinion Letter that the form of the Adopting Employers plan satisfies the 403(b) Requirements, provided that the Nonstandardized Plan has a currently valid Opinion Letter, the Adopting Employers plan is identical to the Nonstandardized Plan, and the Adopting Employer has not amended the plan other than by choosing options provided under the plan or by making amendments that are described in section 9.03 relating to employer amendments that will not affect reliance. During the first year of Cycle 3, Employer X makes an amendment described in section 9.05(1), effective as of the first day of the plan year that begins during the first year of Cycle 3. EXPIRATION OF REMEDIAL AMENDMENT PERIOD, SECTION 23. Superseded describes a situation where the new ruling does nothing more than restate the substance and situation of a previously published ruling (or rulings). Proc. Instead, the Mass Submitter should submit a restated plan, including the amendments, during the next Cycle. Accordingly, section 4.02 of Rev. (2) Notwithstanding the other provisions of this section 8, an Opinion Letter issued for a Standardized Plan may not be relied upon with respect to the requirements of 415 if the Adopting Employer or any of its Related Employers maintains another 403(b) plan covering any of the same participants as the Standardized Plan, unless the other plan is also a Standardized Plan. (3) Nonstandardized Plans may permit an Adopting Employer to select 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 to select a safe harbor compensation definition for the formula that satisfies 1.414(s)-1(c). See section 11 for rules relating to Mass Submitter plans. See section 10 for the instructions for Opinion Letter applications. .04 Section 15.06(1)(a) of Rev. or 4.d. .01 Filing of Opinion Letter application constitutes agreement to comply with record keeping requirements By submitting an application for an Opinion Letter under this revenue procedure (or by having an application filed on its behalf by a Mass Submitter), a Provider agrees, as provided in section 4.21, to comply with the requirements imposed on the Provider by this revenue procedure, including the record keeping requirements of this section. FY 2023 Per Diem Highlights. Minor modifier adopter of Mass Submitter plan. 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. Rev. This part includes rulings and decisions based on provisions of the Internal Revenue Code of 1986. (4) An Adopting Employer may not rely on an Opinion Letter if any Investment Arrangement under the plan or any other document that may be incorporated by reference provides that the terms of the Investment Arrangement or other document shall govern in the event of any conflict between the terms of the Investment Arrangement or other document and the terms of the plan. 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. 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. (1) A 403(b) Pre-approved Plan is a 403(b) plan (including a plan covering self-employed individuals) that is made available by a Provider for adoption by Eligible Employers. 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. Rates for foreign countries are set by the State Department. In addition, a single adoption agreement may be drafted to cover multiple types of Eligible Employers. 2020-40, 2020-38 I.R.B. 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. For FY 2021, the standard Continental United States (CONUS) lodging rate will remain unchanged at $96, and 319 locations will receive a maximum lodging allowance higher than the standard allowance. Proc. See section 8.04 for situations in which an Adopting Employer may obtain a determination letter using Form 5307 (as updated). The plan also must state that the nondiscrimination requirements will be applied to any employee other than an employee of a QCCO or Church. .04 An Opinion Letter does not consider Title I issues An Opinion Letter does not express an opinion, and may not be relied upon, with respect to whether any plan is subject to the requirements of Title I of ERISA or whether a plan satisfies any of those requirements. For a full schedule of per diem rates by destination, click on any of the states below. Section 1.403(b)-3(b)(3)(iii). These monthly indexes are cumulated on a semiannual basis, and are published in the last Bulletin of each semiannual period. .17 Section 11.04 of Rev. The application will be subject to a reduced user fee as provided in Appendix A of Rev. Proc. financial reporting, Global trade & A plan may be considered not to be in substantial compliance if, for example, it omits language needed to comply with a 403(b) Requirement or merely incorporates requirements by reference to the applicable Code section. A Flexible Plan, as defined in section 11.03(1), that is offered by a Provider is considered a word-for-word identical plan. Simply register to receive our free email edition of the EBIA Weekly Newsletter and we'll send the latest articles straight to your inbox. (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. The estimated frequency of responses is occasional. .13 Nonidentification of questionable issues may cause delay If the 403(b) Pre-approved Plan submitted as part of an Opinion Letter application includes a provision that gives rise to an issue for which contrary published authorities exist, failure to disclose to the IRS and address any significant contrary authorities may result in requests for additional information, which will delay action on the application. 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. The application must be accompanied by the required user fee that will be provided in the successors to Rev. Generally, a space should be provided in the plan with instructions for the Adopting Employer to add language as necessary to satisfy 415. It is not used where a position in a prior ruling is being changed. For example, if the forms of annuity benefit available under a plan are described in Investment Arrangements under the plan, the terms of the Investment Arrangements must satisfy, if applicable to the plan, the joint and survivor annuity requirements of ERISA 205 and any applicable related rules, such as rules relating to transfers of benefits that are subject to the joint and survivor annuity requirement, and may not have any provisions that are inconsistent with 403(b). Are the following documents included with the application: a. However, the IRS may, in its discretion, determine whether the processing of off-cycle filings may be prioritized and accelerated. For further information regarding this revenue procedure, contact Ms. Som de Cerff or Mr. White on (202) 317-6980 (not a toll-free number). .01 Final regulations under 403(b) were published on July 26, 2007 (T.D. 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. OPINION LETTER APPLICATIONS INSTRUCTIONS TO PROVIDERS AND OTHER RULES FOR APPLICATIONS AND OPINION LETTERS, SECTION 11. 2019-39 establish a system of cyclical 403(b) Pre-approved Plan Remedial Amendment Periods following the expiration of the Initial Remedial Amendment Period (that is, after June 30, 2020). INCLUSION OF 414(e)(3)(B) EMPLOYEES, APPENDIX A Application for Approval of 403(b) Pre-approved Plan. (Compare with amplified and clarified, above). 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. 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. See section 23.01 of this revenue procedure for more details on the expiration of the limited extension of the Initial Remedial Amendment Period. Rev. Proc. There are almost 400 destinations across the United States for which a special per-diem rate has been specified. ADDITIONAL REQUIREMENTS FOR MASS SUBMITTERS, SECTION 13. REVIEW OF OPINION LETTER APPLICATIONS; ISSUANCE OF OPINION LETTERS; EMPLOYER ADOPTION WINDOW, SECTION 15. An Adopting Employer of a Nonstandardized Plan that meets the safe harbor requirements described in 401(m)(11) or 401(m)(12) may rely on the plans Opinion Letter with respect to whether the form of the Adopting Employers plan satisfies the requirements of 401(m), unless the Adopting Employers plan provides for the safe harbor contributions under 401(m)(11) or 401(m)(12) to be made under another plan. 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. Territories and Possessions are set by the Department of Defense. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 3507) under control number 1545-0047. 2016-37 is revised to read as follows: Special deadlines for governmental employers. 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. (3) Notwithstanding the preceding provisions of this section 4.21, any person that has an established place of business in the United States where it is accessible during every business day may be a Provider that offers a plan that is word-for-word identical to a plan of a Mass Submitter (as an identical adopter) or a plan that includes Minor Modifications to a plan of a Mass Submitter (as a minor modifier adopter) regardless of the number of Eligible Employers that are expected to adopt the plan. Proc. A plan will not fail to satisfy the requirements of this section 5.18(2) with respect to contributions other than elective deferrals merely because the plan provides, either as the result of an elective provision or by default in the absence of an election to the contrary, that individuals who become employees, within the meaning of section 5.13, as a result of a transaction described in 410(b)(6)(C) are excluded from eligibility to participate in the plan during the period beginning on the date of the transaction and ending on a date that is not later than the earlier of the last day of the first plan year beginning after the date of the transaction or the date of a significant change in the plan or in the coverage of the plan. SC Comptroller General 1200 Senate Street 305 Wade Hampton Office Building Columbia, SC 29201. Proc. No results could be found for the location you've entered. The application must be typed. See Rev. Error, The Per Diem API is not responding. Since the terms of Investment Arrangements under a 403(b) Pre-approved Plan must be incorporated by reference into the plan and those arrangements may not have any provisions that are inconsistent with 403(b), plan terms that are required in a single plan document or the basic plan document and adoption agreement, as applicable, under this section 5 should not create a conflict with the terms of the Investment Arrangements under a properly drafted 403(b) Pre-approved Plan. Proc. GSA In addition, the adoption agreement must include a cautionary statement to the effect that the failure to properly complete the adoption agreement may result in failure of the form of the plan to meet the 403(b) Requirements. 136, as modified by Rev. This part includes notices of proposed rulemakings, disbarment and suspension lists, and announcements. The Provider must then notify each Adopting Employer of the revocation as soon as possible. (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). While self-employed persons cannot use the high-low method, they may use other per diem rates to compute the amount of their business expense deduction for business meals and incidental expenses (but not lodging), or for incidental expenses alone. L. 116-94, 133 Stat. Background Proc. Proc. This annual notice provides the 2021-2022 special per diem rates for taxpayers to use in substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home, specifically (1) the special transportation industry meal and incidental expenses (M&IE) rates, (2) the rate for the incidental expenses only deduction, and (3) the rates and list of high-cost localities for purposes of the high-low substantiation method. 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). 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. Comments should be submitted in writing and should include a reference to Rev. 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. In addition, the Adopting Employer must complete a new dated adoption agreement or signature page if it modifies any prior elections or makes new elections. firms, CS Professional The End Date of your trip can not occur before the Start Date. 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. Proc. Proc. (2) After satisfying the requirement as to the number of adopting Providers, the Mass Submitter may submit additional applications on behalf of other Providers that wish to adopt a word-for-word identical plan to the Mass Submitter plan (as an identical adopter) or a plan that includes Minor Modifications to the Mass Submitter plan (as a minor modifier adopter). 87-50, 1987-2 C.B. Integrated software Enter the number you have assigned to the adoption agreement for which this application is filed. The estimated total annual reporting and/or recordkeeping burden is 29,149 hours. 647, as modified by Rev. Proc. .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. (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. If the amount of an allowance is deemed substantiated because it does not exceed the applicable limit, any unspent amounts do not have to be taxed or returned. 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. Optional special per diem rates. 2015-22, 2015-11 I.R.B. Proc. For example, an Adopting Employers Adoption Agreement Plan may offer both Investment Arrangements that permit loans and Investment Arrangements that do not permit loans. Proc. 2020-21 is extended. Proc. 2021-37), Room 5203, P.O. A ruling may also be obsoleted because the substance has been included in regulations subsequently adopted. .11 The expiration date of the Remedial Amendment Period for Form Defects first occurring after June 30, 2020, in a 403(b) Pre-approved Plan is provided. This notice, which replacesIRS Notice 2020-71(see our Checkpointarticle), announces rates for use under the optional high-low substantiation method, special rates for transportation industry employers, and the rate for taxpayers taking a deduction only for incidental expenses. 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. 2019-48 may treat the meal portion of a per diem rate or allowance paid or incurred after Dec. 31, 2020, and before Jan. 1, 2023, as being attributable to food or beverages provided by a restaurant. management, Document 2016-37 is deleted. The principal author of this notice is James Liechty of the Office of Associate Chief Counsel (Income Tax & Accounting). Until further notice, any comments submitted on paper will be considered to the extent practicable. Proc. Proc. (1) A plans Initial Remedial Amendment Period is the Remedial Amendment Period provided under Rev. A Single Document Plan consists of a single plan document offered by a Provider without an adoption agreement. Proc. Pursuant to section 9.05(1), beginning on the first day of that plan year, Employer Xs plan is treated as an individually designed plan. (3) Additionally, the Adopting Employer of a Standardized Plan may not rely on the Opinion Letter for the Standardized Plan with respect to: (a) whether the timing of any amendment to the Adopting Employers plan (or series of amendments) satisfies the nondiscrimination requirements of 1.401(a)(4)-5(a), except with respect to plan amendments granting past service that meet the safe harbor described in 1.401(a)(4)-5(a)(3) and are not part of a pattern of amendments that significantly discriminates in favor of highly compensated employees, or (b) whether the Adopting Employers plan satisfies the effective availability requirement of 1.401(a)(4)-4(c) with respect to any benefit, right, or feature. However, if additional adoption agreements are later submitted with respect to a basic plan document, the Provider must submit a copy of the basic plan document with each submission and include a cover letter identifying the original submission (including the date submitted).
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