948. Proc. 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. The special M&IE rates for taxpayers in the transportation industry are $69 for any locality of travel in the continental United States (CONUS) and $74 for any locality of travel outside the continental United States (OCONUS). (a) Interim 403(b) Pre-approved Plan An Interim 403(b) Pre-approved Plan, which is a plan (other than a Newly Approved 403(b) Pre-approved Plan) that was not in existence in the immediately preceding Cycle and that has been or will be submitted for an Opinion Letter for the Cycle. .19 Provisions applicable to a 403(b) Pre-approved Plan intended to be a Retirement Income Account. 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. The principal author of this notice is James Liechty of the Office of Associate Chief Counsel (Income Tax & Accounting). 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. 2020-21 is extended. Similarly, for example, if an Adopting Employers Single Document Plan offers both Investment Arrangements that permit loans and Investment Arrangements that do not permit loans, then the single plan document must include provisions reflecting the 403(b) Requirements, including 1.403(b)-6, and 1.72(p)-1, and must provide that, to the extent permitted by the terms governing the applicable Investment Arrangement, participant loans are available. The meal portion is based on the average costs of three daily meals at dining establishments typically used by federal employees in that location. The specified period for which Sedona, Arizona is a high cost locality under section 5, paragraph 2 of Notice 2020-71 is modified to be October 1, 2020 - December 31, 2020; March 1, 2021 - April 30, 2021; and September 1, 2021 - September 30, 2021. However, if you deliver goods outside the continental U.S., this rate increases to $71per day. 948, and Rev. 157 (as updated annually). Proc. The IRSs review of a Providers or Mass Submitters application for an Opinion Letter for a 403(b) Pre-approved Plan will consider only the terms of the single plan document or the basic plan document and adoption agreement, as applicable. Revocation may be effected by a notice to the Provider to which the Opinion Letter was originally issued. 96-49, 1996-2 C.B. These synopses are intended only as aids to the reader in identifying the subject matter covered. 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. 8 For an individually designed plan, the Remedial Amendment Period for a Form Defect related to a change in 403(b) Requirements generally ends on the last day of the second calendar year that begins after the issuance of the Required Amendments List in which the change in 403(b) Requirements appears. 2013-22 provides, in general, that the form of a plan will be treated as satisfying the requirements of the 403(b) regulations as of the first day of the plans Initial Remedial Amendment Period if (1) on or before that day, the Eligible Employer adopts a written plan that is intended to satisfy the 403(b) Requirements, and (2) on or before the last day of the Initial Remedial Amendment Period, the employer amends the plan to the extent necessary to correct any Form Defects retroactive to the first day of the Initial Remedial Amendment Period. 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. In particular, the plan language must coordinate the application of the 415 limits to all the Standardized Plans of the Adopting Employer and its Related Employers so that, if the only 403(b) plans maintained by the Adopting Employer and its Related Employers are Standardized Plans, the plans will satisfy 415(c) and 1.415(f)-1(a)(3) without requiring the addition of overriding plan language. This revenue procedure applies to all ruling requests pending in or received by the Service on or after September 3, 2021. FY 2023 Per Diem Highlights. (For information regarding benefits, rights, and features, and the determination of current availability, see 1.401(a)(4)-4.). Proc. Until further notice, any comments submitted on paper will be considered to the extent practicable. .06 Example Employer X adopts a newly approved Standardized Plan during the Cycle 2 Employer Adoption Window. statement, 2019 IRS updates per diem guidance for business travelers and their employers. Thus, the term is used to republish under the 1986 Code and regulations the same position published under the 1939 Code and regulations. .04 Amendments of Mass Submitter plans If a Mass Submitter amends one of its 403(b) Pre-approved Plans, the Mass Submitter must provide copies of the amendment to Providers that have adopted the plan. .09 Any Nonstandardized Plan may provide for either safe harbor or non-safe harbor hardship distributions. 2019-48, 2019-51 I.R.B. Proc. .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. 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. Revenue rulings represent the conclusions of the Service on the application of the law to the pivotal facts stated in the revenue ruling. Changes in high-cost localities. Proc. 2020-21, effective May 4, 2020, provides temporary guidance regarding the public approval requirement under 147(f). industry questions. (Also see 1.415(c)-1(d) and 1.415(f)-1(f) for special rules applicable to 403(b) plans.) Proc. (b) Optional provisions A Flexible Plan may include optional provisions that comply with the requirements set forth in this paragraph. Proc. .08 All 403(b) Pre-approved Plans are required to provide a definition of Employee. Some things to keep in mind include:The per diem amount you receive is intended to cover the lodging, meals, and incidentals expenses.You cannot use per diem rates to claim a deduction for your meal expenses.The per diem amount is not intended to cover the full cost of your travel-related expenses. If you are traveling for personal reasons, you cannot claim a per diem.More items An official website of the United States Government. However, a Provider need not maintain records with respect to employers that, to the best of the Providers knowledge, ceased to maintain its Pre-approved Plan more than three years earlier. 2016-37 (that is, a disqualifying provision that results in the failure of the plan to satisfy the qualification requirements of the Code by reason of a change in those requirements that is effective after December 31, 2001, or that is integral to such disqualifying provision). 7 For purposes of this revenue procedure, references to Rev. .08 Provider amendments Each 403(b) Pre-approved Plan must include a procedure for amendments by the Provider, so that changes in the Code, regulations, or other guidance published in the Internal Revenue Bulletin, and any correction of the plan, may be applied to all Adopting Employers. If the new ruling does more than restate the substance of a prior ruling, a combination of terms is used. The Introduction at the beginning of this issue describes the purpose and content of this publication. 743,5 sets forth the procedures of the IRS for issuing opinion and advisory letters for 403(b) Pre-approved Plans for Cycle 1, which began on the later of January 1, 2010, or the effective date of the plan, and that, ended on June 30, 2020. 2013-22 for issuing an Opinion Letter regarding the satisfaction of the form of a 403(b) Pre-approved Plan with respect to the 403(b) Requirements. 698; Rev. 2017-41 sets forth procedures of the Internal Revenue Service (IRS) for issuing opinion letters regarding the qualification in form of pre-approved plans. .07 Section 21.03 of Rev. The principal author of this revenue procedure is Patrick Gutierrez of the Office of Associate Chief Counsel (Employee Benefits, Exempt Organizations, and Employment Taxes). 2021-4 (updated annually), (2) if an Opinion Letter had been issued for the 403(b) Pre-approved Plan for the preceding Cycle, a signed certification that all necessary amendments required by the IRS for the form of the Providers plan to continue to satisfy the 403(b) Requirements have been made and communicated to all Adopting Employers, and (3) any attachment or other document that the application form (or Appendix A, if used) indicates is required. Understanding Clean Vehicle Credits for Electric Vehicles, Monkeypox On the Rise: Review of Paid Sick PHE Provisions, Legal Expert Discusses Large Social Security Wage Base Increase and Looking Ahead to 2023, For A per diem rate can be used for the combined costs of Lodging and M&IE. We establish the per diem rates for the continental United States (CONUS), which includes the 48 contiguous states and the District of Columbia. (3) An Adopting Employer may not rely on an Opinion Letter if the adoption agreement or other elective provisions in the plan are not completed correctly by the Adopting Employer. A Flexible Plan, as defined in section 11.03(1), that is offered by a Provider is considered a word-for-word identical plan. .04 Cycle A Cycle is a Remedial Amendment Cycle, as defined in section 4.24. 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. (c) The Mass Submitter must initially submit the first page of the application form (or the entire Appendix A) as a placeholder with respect to each Provider that will offer a plan that is a Minor Modification of the Mass Submitters plan during the On-Cycle Submission Period. Prior to issuing Opinion Letters for a Cycle, the IRS will send a notification to the applicable Mass Submitter or Provider, if the IRS determines that the plan appears to be in full compliance with the applicable 403(b) Requirements, based on the submissions and the review as of the date of notification. More information for businesses seeking coronavirus-related tax relief can be found at IRS.gov. (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. 467, Rev. Are the following documents included with the application: a. 2017-18, 2017-5 I.R.B. .14 No Opinion Letter for later plan amendments The IRS will not issue an Opinion Letter with respect to amendments made between applicable On-Cycle Submission Periods, and the Provider should not submit an application for an Opinion Letter with respect to plan amendments. OPINION LETTER APPLICATIONS INSTRUCTIONS TO PROVIDERS AND OTHER RULES FOR APPLICATIONS AND OPINION LETTERS, SECTION 11. 2019-48 (or successor). However, if that person also applies for an Opinion Letter with respect to a 403(b) Pre-approved Plan that is not a Retirement Income Account, the person would need to meet the 15-Eligible-Employer requirement for the plan that is not a Retirement Income Account. (3) The eligibility requirements under the plan are not more favorable for highly compensated employees (as defined in 414(q)) than for other employees. Proc. Proc. 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. REVOCATION OF OPINION LETTER BY THE IRS, SECTION 21. In applying published rulings and procedures, the effect of subsequent legislation, regulations, court decisions, rulings, and procedures must be considered, and Service personnel and others concerned are cautioned against reaching the same conclusions in other cases unless the facts and circumstances are substantially the same. Failure to comply with the requirements imposed on the Provider by this revenue procedure may result in the loss of eligibility to be a Provider and the revocation of Opinion Letters that have been issued to the Provider. 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. See section 8. Proc. 2015-22, 2015-11 I.R.B. The weekly Internal Revenue Bulletins are available at www.irs.gov/irb/. In that case, the plan number given to the basic plan document must remain the same as in the prior submission. Section 403(b) Pre-approved Plan adoption agreement number (Each different adoption agreement associated with a single basic plan document must be assigned a 3-digit number, beginning with 001. This does not preclude the adoption of a 403(b) Pre-approved Plan (including a Standardized Plan) if different Investment Arrangements under a plan have different features or prevent the inclusion of additional provisions in the terms of the Investment Arrangements under the plan or other documents incorporated by reference. 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. Any law firm, accounting firm, consulting firm, or similar organization, will be considered to be affiliated with its partners, members, associates, or similar affiliated persons. Proc. The On-Cycle Submission Period for a Cycle may begin after the start of that Cycle. 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. 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. Section 2.13. All information on the application form (or Appendix A) must be typed. If the Provider is offering a word-for-word identical plan (including a Flexible Plan) a copy of the plan need not be submitted. Section 1.403(b)-3(b)(3)(i) generally provides that a contract does not satisfy the requirements of 1.403(b)-3(a) (regarding exclusion of contributions from gross income) unless it is maintained pursuant to a plan. .09 Material furnished to Adopting Employers A Provider must furnish each Adopting Employer with a copy of the approved 403(b) Pre-approved Plan, copies of any subsequent amendments, and the most recently issued Opinion Letter for the plan from the IRS. See section 11 for rules relating to Mass Submitter plans. For example, modified and superseded describes a situation where the substance of a previously published ruling is being changed in part and is continued without change in part and it is desired to restate the valid portion of the previously published ruling in a new ruling that is self contained. Proc. management, Document research, news, insight, productivity tools, and more. 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