The treasury department and IRS announced expanded approvals on the 403 (b) retirement plans. The IRS will now allow 403(b) retirement plans used by certain public schools, churches, and charities to use the same individually designed retirement plan determination letter program currently used by qualified retirement plans. Details of this expansion can be found in Revenue Procedure 2022-40, which includes other changes affecting individually designed retirement plans.
The IRS is currently working on Rev. Proc. 2023-4, which will be released in the coming months, and will contain additional changes to procedural requirements for plan submissions, the IRS noted in a November 8 information release. Accordingly, Forms 5300 and 5310 will also be updated to reflect these changes.
Source IRS Website - Visit
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The author Imtiaz Munshi is a Certified Public Accountant and CFO at Azstec, LLC. He is Business Strategist, Tax Planner, Entrepreneur and Advisor to "HNEs" (High Net Worth Entrepreneurs).