In announcing Rev. Proc. 2022-40, the IRS also said to expect more changes to the general determination letter program procedures in 2023. Proskauer Prospective ...

The US Internal Revenue Service (IRS) recently issued Revenue Procedure 2022-40 to expand the IRS’s determination letter program to include individually designed 403(b) plans.

Rather, the IRS permitted sponsors of only individually-designed 401(a) retirement plans (including 401(k) plans) to apply for favorable determination letters; individually-designed 403(b) plans ...

On November 7, 2022, the IRS issued Revenue Procedure 2022-40, which allows certain tax-exempt employers (such as schools, charities, and churches) to apply for IRS determination letters on their ...

The IRS has long permitted sponsors of individually designed pension and 401(k) retirement plans qualified under Section 401(a) of the Code to obtain a favorable determination letter on the status ...

Continuing a recent trend to more closely align 403(b) plans with tax-qualified 401(k) plans, the Internal Revenue Service (“IRS”) recently issued Revenue Procedure 2022-40 (November 7, 2022 ...

Determination letters upon a 403(b) plan's termination can be obtained beginning June 1, 2023, regardless of the employer's EIN. This program is certainly a welcome development for sponsors of ...

The IRS rollout of this qualified plan determination letter program for 403(b) plans began in June 2023 plans sponsored by employers with EINs that end in 1, 2, or 3 and will continue in June 2025 ...

Starting in June 2023, the IRS will permit sponsors of individually designed 403(b) plans to request a determination letter for a new plan or for terminating a plan using the same program currently ...

To accommodate the expanded determination letter program and unique characteristics of 403(b) plans, the IRS recently issued updated determination letter application Forms 5300 and 5310.

Last Digit of Plan Sponsor EIN: Determination Letter Application may be Submitted Starting: 1, 2, or 3. June 1, 2023. 4, 5, 6, or 7. June 1, 2024. 8, 9, or 0 ...

If the EIN of the Plan Sponsor ends in: A determination letter application may be submitted beginning on: 1, 2, or 3. June 1, 2023. 4, 5, or 6. June 1, 2024 ...