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. Section 16.01 of Rev. Under this Initial Remedial Amendment Period, an Eligible Employer must amend its plan to the extent necessary to correct any Form Defects retroactive to the first day of the plans Initial Remedial Amendment Period. For purposes of determining whether 15 unaffiliated Providers offer, on a word-for-word basis, the same 403(b) Pre-approved Plan, a Mass Submitter that is also a Provider is treated as an unaffiliated Provider. (2) The terms of the plan must satisfy the separate accounting, investment performance, and exclusive benefit requirements of 1.403(b)-9(a)(2)(i). Box 7604, Ben Franklin Station, Washington, D.C. 20044. Proc. 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. 2021-37, this Bulletin. Proc. 2019-48 (or successor). WASHINGTON The Internal Revenue Service today issued guidance for business 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. If a Mass Submitter fails to identify a significant modification, the failure will be considered a material misrepresentation, and an Adopting Employer may not rely on the Opinion Letter that may be issued with respect to the plan for the modification or any other provision of the plan that may be affected by the modification. Proc. .05 Eligible Employer An Eligible Employer is an employer described in 403(b)(1)(A). The notification to each Adopting Employer must explain how the revocation affects any reliance an Adopting Employer has on the applicable Opinion Letter and on any determination letter issued. A Nonstandardized Plan that is designed to be used for a plan that is not subject to the minimum vesting requirements of ERISA 203 (for example, a Governmental Plan) is not required to provide that contributions other than elective deferrals will vest at least as rapidly as would be required to satisfy 411(a)(2)(B). Proc. .02 Rev. Usage is subject to our Terms and Privacy Policy. (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. A Provider may apply for Opinion Letters for any number of 403(b) Pre-approved Plans. Cycle 2 began on July 1, 2020. .04 Cycle A Cycle is a Remedial Amendment Cycle, as defined in section 4.24. The plan also must state that the nondiscrimination requirements will be applied to any employee other than an employee of a QCCO or Church. (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). (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. In this case, the Adopting Employer generally will lose reliance on the Opinion Letter as of the effective date of the amendments 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. Proc. (4) The IRS, in its sole discretion, determines that a Nonstandardized Plan is an individually designed plan due to amendments to the plan that are extensive (that is, the plan of the Adopting Employer as amended is no longer substantially similar to the Nonstandardized Plan of the Provider). 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. and accounting software suite that offers real-time (4) The terms of the plan must set forth the nondiscrimination requirements of 403(b)(12). Employer X decides to no longer be an individually designed plan and adopts a Newly Approved 403(b) Pre-approved Plan during the Cycle 3 Employer Adoption Window. 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. In those based on positions taken in rulings to taxpayers or technical advice to Service field offices, identifying details and information of a confidential nature are deleted to prevent unwarranted invasions of privacy and to comply with statutory requirements. Proc. Proc. .02 Section 403(b) plan that is a Governmental Plan For a Governmental Plan, a Provider (or the Adopting Employer, if applicable) is considered to have adopted an interim amendment described in section 9.02 timely if the plan amendment is adopted by the later of (1) 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, or (2) ninety 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. A Single Document Plan may include alternate paragraphs and options (including blanks to be completed by the Adopting Employer in accordance with specified parameters) that may be selected by an Adopting Employer. ): 7. b. 6 See section 2.20 of this revenue procedure for the extension of the expiration date of March 31, 2020, to June 30, 2020, by Notice 2020-35, 2020-25 I.R.B. EXPIRATION OF REMEDIAL AMENDMENT PERIOD, SECTION 23. Tax Notes Research CONTACT US AMERICAS: 400 S. Maple Avenue, Suite 400 Falls Church, VA 22046 United States INTERNATIONAL: Nieuwezijds Voorburgwal 104/108 1012 SG Amsterdam The Netherlands PHONE: 800-955-2444 CONNECT: Tax Analysts is a tax publisher and does not provide tax advice or preparation services. No additional user fee will be charged if an inadequate submission is amended to be in substantial compliance and is resubmitted to the IRS within 30 days following the date the Provider is notified of the inadequacy. For purposes of this revenue procedure, an opinion letter for a prototype plan or an advisory letter for a volume submitter plan issued pursuant to Rev. (Also: 147, 1.147(f)-1). This information will be used to determine whether a plan is entitled to favorable tax treatment. Section 4.01(3) of Rev. See section 5.13. 2019-48 (or successor) for transition rules for the last 3 months of calendar year 2021. Section 1.147(f)-1(d)(2) provides that the public hearing must be held in a location that, based on the facts and circumstances, is convenient for residents of the approving governmental unit. The special rate for the incidental expenses deduction is unchanged at $5 per day. They may not be relied upon as authoritative interpretations. An Opinion Letter issued to a Provider is not transferable. is checked, do you expect at least 15 Eligible Employers to adopt one of your 403(b) plans? Applications for a plan that is word-for-word identical to a Mass Submitters 403(b) Pre-approved Plan for a Cycle may be submitted until the IRS informs the Mass Submitter that word-for-word identical applications will no longer be accepted, which is expected to be shortly before the issuance of Opinion Letters for the next Cycle. Proc. Revenue rulings represent the conclusions of the Service on the application of the law to the pivotal facts stated in the revenue ruling. To the extent practicable, pertinent cross references to these subjects are contained in the other Parts and Subparts. In this case, the Adopting Employer will be treated as never having had any reliance on the Opinion Letter and will be treated as never having been eligible for the Cycle system. 2016-37 and Rev. Modified is used where the substance of a previously published position is being changed. 2015-22, and clarified by Rev. The limited extension of the Initial Remedial Amendment Period applies to a Form Defect that: (a) either (i) results in the failure of the plan to satisfy the 403(b) Requirements by reason of a change in those requirements, or (ii) is integral to the 403(b) Requirement that has been changed, and (b) first occurs on or after January 1, 2018. 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. Proc. The application form (or Appendix A) must be typed. There are, however, areas in which the Service will not issue letter rulings or determination letters. Any plan submitted by a Mass Submitter must include language designating the Mass Submitter as agent for the Provider for purposes of making plan amendments. Proc. Any Provider that does not wish to make the amendments made by a Mass Submitter may switch to another Mass Submitter or may submit an application for an Opinion Letter on its own behalf during the next applicable On-Cycle Submission Period for 403(b) Pre-approved Plans. (4) By submitting an application for an Opinion Letter for a 403(b) Pre-approved Plan under this revenue procedure (or by having an application filed on its behalf by a Mass Submitter), a person represents to the IRS that it is a Provider, and that it agrees to comply with any requirements imposed on Providers by this revenue procedure. Enter the number you have assigned to the basic plan document associated with the adoption agreement, or for the Single Document Plan if applicable, for which this application is filed. 2016-37 is revised to read as follows: In the case of an interim amendment, an employer (or an M&P sponsor or VS practitioner, if applicable) is considered to have timely adopted the amendment if the plan amendment is adopted by the end of the second calendar year following the calendar year in which the change in qualification requirements is effective with respect to the plan. For more information on FY 2021 travel per diem rates, please visit www.gsa.gov/perdiem. Under this modification, the interim amendment deadline is no longer determined with reference to 401(b), and, accordingly, an employers tax-filing deadline is no longer relevant in determining the date by which an interim amendment must be adopted. 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. Rulings and procedures reported in the Bulletin do not have the force and effect of Treasury Department Regulations, but they may be used as precedents. A Flexible Plan, as defined in section 11.03(1), that is offered by a Provider is considered a word-for-word identical plan. WASHINGTON The Internal Revenue Service today issued Notice 2021-63PDF to make clear how the temporary 100% business deduction for food or beverages from restaurants applies to taxpayers properly applying the rules of Revenue Procedure 2019-48PDF for using per diem rates. Changes to the information in the required appendix will not affect the Adopting Employers ability to rely on an Opinion Letter. Part IV.Items of General Interest. discount pricing. Suspended is used in rare situations to show that the previous published rulings will not be applied pending some future action such as the issuance of new or amended regulations, the outcome of cases in litigation, or the outcome of a Service study. See section 23 of Rev. 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. 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. Proc. The collections of information in this revenue procedure are in sections 5.11, 9.01, 9.02, 10.03, 11, and 19. environment open to Thomson Reuters customers only. Proc. Such an application may be filed at the time of the assumption of plan sponsorship by the new Provider, and the filing is not limited to the applicable On-Cycle Submission Period. See section 11 for rules relating to Mass Submitter plans. Proc. Dollars DSSR 925 All Locations Publication Date: 01/01/2023 .03 Employer amendments that will not affect reliance As provided in section 8, an Adopting Employer may continue to rely on an Opinion Letter for a 403(b) Pre-approved Plan if it makes amendments to the plan that are described in paragraphs (1) through (8) of this section 9.03. 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