IRS UPDATE NOV 7, 2022: APPROVAL PROGRAM EXTENDED FOR 403 (b) RETIREMENT PLANS

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Inside This Article

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.

Highlights of the changes as per Revenue Procedure 2022-40:

Beginning June 1, 2023, 403(b) retirement plan sponsors may submit determination letter applications for all initial individually designed retirement plans based on the sponsor's Employer Identification Numbers.
Beginning June 1, 2023, 403(b) retirement plan sponsors may also request a determination letter upon plan termination on Form 5310, Application for Determination for Terminating Plan, or at any time after that without regard to their EIN.
A determination letter issued to an adopter of a pre-approved retirement plan as a result of filing a Form 5307, Application for Determination for Adopters of Modified Volume Submitter Plans, is no longer considered in determining whether a plan sponsor is eligible to submit that plan for a determination letter for an initial plan determination on a Form 5300, Application for Determination for Employee Benefit Plan.
IRS generally will consider in its review qualification requirements and section 403(b) requirements that are in effect, or that have been included on a Required Amendments List, on or before the last day of the second calendar year preceding the year in which the determination letter application is submitted, subject to any specified modifications on the annual Employee Plans revenue procedure that provides the administrative and procedural rules for submitting determination letter applications, currently Revenue Procedure 2022-4.

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.

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Imtiaz Munshi, CPA

CFO, AZSTEC LLC

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).