b. brands, Social The special meal and incidental expenses rates for taxpayers in the transportation industry are $66 for any travel locality within the continental United States and $71 for any travel locale outside the continental U.S. .02 Extension of deadline for initial amendment To be considered timely, the date by which the initial amendment described in section 4.11 must be adopted is extended to the later of (1) June 30, 2020, or (2) 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. As of January 2021, the per diem allowance is $66 per day in the continental United States. Proc. .17 Section 11.04 of Rev. Proc. Find the answers to all your clients' questions about Social Security and Medicare in this essential Quickfinder handbook by Thomson Reuters Checkpoint. Significantly, the entire credit was refundable, meaning that it was available to those with no earned income. Employers can use the high-low method for substantiating lodging, meals, and incidental expenses, or for substantiating meal and incidental expenses only (M&IE). See section 4.26. For example, the adoption agreement, if applicable, should be amended to require that an Adopting Employer identify whether it is a non-QCCO (in which case, its employees participating in the plan would be subject to the nondiscrimination requirements of 403(b)(12)). The Mass Submitter must also immediately notify any affected minor modifier adopter, and the minor modifier adopter must notify all Adopting Employers of any of its 403(b) Pre-approved Plans affected by the failure and the notification must explain the effect on the reliance by Adopting Employers on the Opinion Letter. OPINION LETTER APPLICATIONS INSTRUCTIONS TO PROVIDERS AND OTHER RULES FOR APPLICATIONS AND OPINION LETTERS, SECTION 11. .10 Rev. Proc. 136, as modified by Rev. If an off-cycle application for a Cycle is submitted before the beginning of the Employer Adoption Window for that Cycle, the IRS generally will not review the application until it has reviewed and processed all applications submitted during that Cycles On-Cycle Submission Period. Proc. Section 13 of Rev. Find current rates in the continental United States ("CONUS Rates") by searching below with city providing details regarding the system of cyclical Remedial Amendment Periods that follows the Initial Remedial Amendment Period. 2019-39 provides that the initial amendment must be adopted by the later of (a) the expiration of the Initial Remedial Amendment Period (that is, June 30, 2020), or (b) the end of the calendar year following the calendar year in which the change in 403(b) Requirements is effective with respect to the plan. Thus, if a prior ruling held that a principle applied to A but not to B, and the new ruling holds that it applies to both A and B, the prior ruling is modified because it corrects a published position. customs, Benefits & 2020-40 and Notice 2020-35. 2019-39 provide that the period covered by the Initial Remedial Amendment Period is referred to as Cycle 1 and that Cycle 2 begins after the Initial Remedial Amendment Period expires. Proc. or 4.d. (5) If the plan provides for contributions other than elective deferrals and matching contributions, the plan must satisfy one of the design-based safe harbors described in 1.401(a)(4)-2(b)(2) with respect to the contributions. Proc. .05 The On-Cycle Submission Period for Cycle 2 will begin on May 2, 2022, and end on May 1, 2023. Annuity contracts issued by an insurance company, _____c. See section 12.02. releases, Your .01 Filing of Opinion Letter application constitutes agreement to comply with record keeping requirements By submitting an application for an Opinion Letter under this revenue procedure (or by having an application filed on its behalf by a Mass Submitter), a Provider agrees, as provided in section 4.21, to comply with the requirements imposed on the Provider by this revenue procedure, including the record keeping requirements of this section. .01 This revenue procedure sets forth the procedures of the Internal Revenue Service (IRS) for issuing Opinion Letters1 regarding the satisfaction in form of 403(b) Pre-approved Plans with respect to the requirements of 403(b) of the Internal Revenue Code (Code) for the second Remedial Amendment Cycle (Cycle 2). .02 Nonapplicability of this revenue procedure to 401, 403(a), or 4975(e)(7) plans and to IRAs (including traditional IRAs, Roth IRAs, SEPs, and SIMPLE IRAs) An Opinion Letter will not be issued under this revenue procedure for 401, 403(a), or 4975(e)(7) plans (see Rev. 136, as modified by Rev. .13 Investment Arrangement An Investment Arrangement is a funding arrangement under a 403(b) plan. The IRS will also consider in its review of any Opinion Letter application all 403(b) Requirements that are not described in section 13.02(3), and not solely those on the applicable Cumulative List.9 For example, if a Provider submits an application for a Cycle 2 Opinion Letter for a new plan that did not receive a Cycle 1 Opinion Letter, the IRS will review the plan taking into account the Cumulative List for Cycle 2, as well as the 403(b) Requirements that were reviewed during Cycle 1. Proc. Every 403(b) Pre-approved Plan that provides a vesting schedule for contributions other than elective deferrals must also satisfy the following requirements: (1) the portion of a participants interest in the plan that is not vested must be maintained in a separate account for the participant that is treated as a separate contract to which 403(c) (or, in case of a Custodial Account, 401(a)) applies, (2) as amounts in the participants separate account become nonforfeitable, they must be removed from the separate account and treated as amounts held under a 403(b) plan, to the extent permitted under 1.403(b)-3(d)(2)(ii), and (3) all nonvested amounts remaining in the participants separate account must become nonforfeitable upon termination of the plan. The plan must provide that, for purposes of allocations, the definition of total compensation is all compensation within the meaning of 415(c)(3), excluding all other compensation, or compensation that otherwise satisfies 414(s) and 1.414(s)-1(c). Per-diems are fixed amounts to be used for lodging, meals, and incidental expenses when traveling on official business. (6) An Adopting Employer makes an amendment to a 403(b) Pre-approved Plan that removes any of the required provisions of section 5. Thus, if an earlier ruling held that a principle applied to A, and the new ruling holds that the same principle also applies to B, the earlier ruling is amplified. 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. 2021-3 sets forth a list of those areas in which rulings or determination letters will not be issued. 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. (2) Section 403(b) Pre-approved Plans that are intended to be Retirement Income Accounts and plans that are not Retirement Income Accounts may not be set forth in the same basic plan document. .20 Notice 2020-35, in relevant part, modifies Rev. Nor does it prevent a 403(b) Pre-approved Plan from using Investment Arrangements that are more restrictive than required by 403(b) or the single plan document or the basic plan document and adoption agreement. 2020-21, effective May 4, 2020, provides temporary guidance regarding the public approval requirement under 147(f). Provided an interim amendment (as described in section 9.02 of this revenue procedure) is made timely, except as otherwise provided by statute, regulations, or other guidance published in the Internal Revenue Bulletin, the Remedial Amendment Period for a Form Defect first occurring after the Initial Remedial Amendment Period, expires at the later of (1) the end of the Cycle that includes the date on which the Remedial Amendment Period would have ended if the plan were an individually designed plan, or (2) the end of the first Cycle in which an application for an Opinion Letter that considers the Form Defect may be submitted. 2022 per diem rates Per diem rates effective July 2022 [PDF 635 KB] See section 23.02. 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. .12 Interim 403(b) Pre-approved Plan See section 4.27(3)(a). .13 The expiration date of the limited extension of the Initial Remedial Amendment Period for certain Form Defects is provided. See section 8.04. The rate for any CONUS or OCONUS locality of travel for the incidental expenses only deduction is $5 per day. Corporate Proc. Traveler reimbursement is based on the location of the work activities and not the accommodations, unless lodging is not available at the work activity, then the agency may authorize the rate where lodging is obtained. .01 Pursuant to 147(f), tax-exempt qualified private activity bonds are subject to a public approval requirement. .02 Other applications Any other application for an Opinion Letter (including that of a minor modifier adopter of a Mass Submitter plan) that is submitted after the applicable On-Cycle Submission Period for a Cycle is treated as off-cycle, as defined in section 10.02. Proc. The Meal and Incidental Expense (M&IE) per diem tiers for FY 2021 are unchanged at $55-$76. The estimated number of respondents and/or recordkeepers is 8,188. .03 Church A Church is a church within the meaning of 3121(w)(3)(A). research, news, insight, productivity tools, and more. 2017-41 sets forth procedures of the Internal Revenue Service (IRS) for issuing opinion letters regarding the qualification in form of pre-approved plans. 2016-37 sets forth the deadline for the timely adoption of an interim amendment to a qualified pre-approved plan. If a Mass Submitter repeatedly fails to identify the modifications, the IRS may deny permission to that Mass Submitter to submit additional modifications. See section 9 for the effect of certain plan amendments on a plans eligibility for the Cycle system. Per diem rates are on the Internet: Foreign per diem rates Per diem rates for areas outside the continental United States ( OCONUS ), such as Alaska, Hawaii, Puerto Rico Proc. Each 403(b) Pre-approved Plan that is a Governmental Plan must define an employee as any employee of the Adopting Employer maintaining the plan or any other Eligible Employer aggregated with that Adopting Employer in a manner consistent with Notice 89-23. .02 Notification to employers A Provider that intends to discontinue sponsorship of a 403(b) Pre-approved Plan that has one or more Adopting Employers must inform each Adopting Employer of the date on which the Provider will discontinue sponsorship, and that the Adopting Employers plan will cease to be a 403(b) Pre-approved Plan and convert to an individually designed plan on that date. 2019-39, this section provides rules for determining the expiration date of the Remedial Amendment Period for a Form Defect first occurring after the expiration of the Initial Remedial Amendment Period (that is, after June 30, 2020) in a 403(b) Pre-approved Plan. A per diem rate can be used for the combined costs of Lodging and M&IE. 948. See section 13.02. 2019-39 are to Rev. (3) Standardized and Nonstandardized Plans may not be set forth in a single adoption agreement. .11 The expiration date of the Remedial Amendment Period for Form Defects first occurring after June 30, 2020, in a 403(b) Pre-approved Plan is provided. 2019-39, as modified by Rev. A Flexible Plan, as defined in section 11.03(1), that is offered by a Provider is considered a word-for-word identical plan. Every 403(b) Pre-approved Plan must therefore incorporate by reference the terms of the Investment Arrangements under the plan. .15 Uniformed Services Employment and Reemployment Rights Act and 414(u) Each 403(b) Pre-approved Plan must include a provision reflecting the requirements of 414(u). .03 Other limitations and conditions on reliance Notwithstanding any provision in this section 8 to the contrary, the following conditions and limitations regarding reliance by an Adopting Employer on an Opinion Letter apply with respect to all 403(b) Pre-approved Plans: (1) An Adopting Employer may rely on an Opinion Letter for a 403(b) Pre-approved Plan that amends or restates a plan of the Adopting Employer only if the form of the plan that is being amended or restated satisfied the 403(b) Requirements. Proc. .02 Maintenance and availability of records of adopting employers A Provider must maintain, or have maintained on its behalf, for each of its plans, a record of the names, business addresses, and taxpayer identification numbers of all Adopting Employers. .01 This revenue procedure significantly modifies the procedures set forth in Rev. This revenue procedure applies to disqualifying provisions that are effective with respect to a plan after December 31, 2020. Simply register to receive our free email edition of the EBIA Weekly Newsletter and we'll send the latest articles straight to your inbox. industry questions. The plan submitted for a Form 5307 determination letter will be reviewed based on the Cumulative List applicable to the underlying 403(b) Pre-approved Plan. The rate for any locality of travel within or outside the U.S. for the incidental expenses only deduction is $5 per day. .03 Rev. 2020-40, 2020-38 I.R.B. Minor modifier adopter of Mass Submitter plan. 2020-49. See Rev. .10 Governmental Plan A Governmental Plan is a governmental plan within the meaning of 414(d). (For information regarding benefits, rights, and features, and the determination of current availability, see 1.401(a)(4)-4.). .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. Foreign Per Diem Rates by Location DSSR 925. .07 Existing 403(b) Pre-approved Plan See section 4.27(3)(c). Upon receipt of the application for an Opinion Letter, the IRS will, as soon as administratively feasible, issue an Opinion Letter with respect to the Providers plan (provided that an Opinion Letter has been issued with respect to the Mass Submitters plan). 9340, 72 FR 41128). You can email us your suggestions or comments through the IRS Internet Home Page www.irs.gov) or write to the, Page Last Reviewed or Updated: 17-Sep-2021, Request for Taxpayer Identification Number (TIN) and Certification, Employers engaged in a trade or business who pay compensation, Electronic Federal Tax Payment System (EFTPS), Finding List of Current Actions on Previously Published Items1, We Welcome Comments About the Internal Revenue Bulletin, Treasury Inspector General for Tax Administration, October 1 December 31, March 1 April 30, and September 1 September 30, Los Angeles, Orange, Ventura, Edwards AFB less the city of Santa Monica, October 1 - October 31 and January 1 - September 30, October 1 October 31 and June 1 September 30, October 1 November 30 and April 1 September 30, October 1 March 31 and June 1 September 30, October 1 October 31 and April 1 September 30, Washington D.C. (also the cities of Alexandria, Falls Church, and Fairfax, and the counties of Arlington and Fairfax, in Virginia; and the counties of Montgomery and Prince George's in Maryland) (See also Maryland and Virginia), Bronx, Kings, New York, Queens, and Richmond, October 1 December 31 and March 1 September 30, October 1 November 30, March 1 June 30, and September 1 September 30, October 1 November 30 and March 1 September 30, Cities of Alexandria, Falls Church, and Fairfax; Counties of Arlington and Fairfax, SECTION 5. 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. However, the IRS may, in its discretion, determine whether the processing of off-cycle filings may be prioritized and accelerated. Proc. .01 Notification and effect A Provider may withdraw its application for an Opinion Letter at any time prior to the issuance of the letter by notifying the IRS in writing of the withdrawal at the address provided in section 20. (1) a provision that causes a plan to fail to satisfy the 403(b) Requirements; (2) the absence of a provision that causes a plan to fail to satisfy the 403(b) Requirements; (3) a provision of a plan that is integral to a 403(b) Requirement that has been changed (either by statute, or in regulations or other guidance published in the Internal Revenue Bulletin); or. The optional provisions may be arranged as separate optional articles or sections within a 403(b) Pre-approved Plan or as separate optional provisions within a single article or section. See Section 2.01 of Rev. The IRS encourages Mass Submitters to limit the number of optional provisions described in section 11.03(1)(b)(i) and (ii) that they provide under a Flexible Plan to six investment provisions and six administrative provisions. To comply with the 403(b) Requirements, however, a plan must comply operationally with each relevant 403(b) Requirement, even if the requirement is not included on an Operational Compliance List. .02 The prototype and volume submitter programs are combined and replaced by a single Opinion Letter program that provides for two types of plans: Standardized Plans and Nonstandardized Plans. Thus, the term is used to republish under the 1986 Code and regulations the same position published under the 1939 Code and regulations. Rates for foreign countries are set by the State Department. 2021-4, 2021-1 I.R.B. 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. Comments should be submitted in writing and should include a reference to Rev. management, Document Proc. An official website of the United States Government. Rates for Alaska, Hawaii, U.S. To identify the modifications, the IRS may deny permission to that Mass Submitter to submit additional modifications determination! Free email edition of the Internal revenue Service ( IRS ) for issuing opinion letters section! Essential Quickfinder handbook by Thomson Reuters Checkpoint processing of off-cycle filings may prioritized. Defects is provided is a Church is a Church is a funding Arrangement under a 403 b... Kb ] See section 23.02 to republish under the 1986 Code and regulations the position... 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