Defined Benefit Plan Sponsors: Plan Restatement Period

 

Plan sponsors of defined benefit plans that use an IRS pre-approved document have until March 31, 2025, to restate their plans with a 3^rd cycle document. During the period April 1, 2023, through March 31, 2025, the IRS will accept applications for an individual determination letter from eligible employers that adopted a 3^rd cycle pre-approved defined benefit plan. 

Pre-approved Plan Providers: Submission Period for 4^th Cycle Defined Contribution (DC) Opinion Letters

The IRS asks pre-approved plan providers and mass submitters to wait to apply for a 4^th remedial amendment cycle (RAC) DC Opinion Letter until the IRS announces the opening of the one-year on-cycle submission window.

The 3^rd pre-approved DC RAC ended on January 31, 2023, which means that the 4^th RAC began on February 1, 2023; however, the submission window has not yet opened. We expect to issue an announcement later this year that opens the on-cycle submission window from February 1, 2024, through January 31, 2025. 

Revenue Procedure 2016-37, section 16.03 provides that the IRS may revise a particular RAC by announcing the revision in future guidance. This flexibility is beneficial to both the IRS and plan providers because it ensures that the proper time and resources are available during each RAC. 

Pre-approved Plan Providers: Submission Period for Cycle 2 403(b) Plan Opinion Letters

The submission period for 403(b) pre-approved plan providers to submit applications for a Cycle 2 Opinion Letter ends on May 1, 2023. See how to apply for the required items and application steps for your submission.

Operational Compliance List

The IRS updated the Operational Compliance List to reflect recent guidance and legislation. Plan sponsors and practitioners can use this list to help identify changes in plan qualification requirements that may affect their plan.

Compliance Programs and Priorities 

Tax Exempt and Government Entities issued their 2023 Program Letter that outlines the year’s compliance programs and priorities. You can also view Compliance Program and Priorities for the latest initiatives and the compliance approach used. These initiatives may involve an examination, a compliance check, or an educational contact.

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