Provider Plan Amendments

Under Revenue Procedure 2023-37, providers are required to amend their pre-approved plans to ensure that the form of their plans continues to satisfy the qualification requirements or those of Internal Revenue Code Section 403(b), as applicable.

Providers must: 

• make reasonable and diligent efforts—as soon as practicable following the adoption of plan amendments—to ensure that adopting employers of the provider’s plan have actually received and are aware of such plan amendments; 
• include the date on which each amendment is adopted by the provider with the amendment provided to adopting employers;
• have a procedure to notify an adopting employer of amendments and restatements of the plan and to inform the adopting employer, when applicable, of the need to timely adopt or amend the plan, including initial adoption and restatement of the plan; and
• notify an adopting employer that failure to timely adopt the plan or restatement, or failure to take into account plan amendments in the operation of the plan, could result in adverse tax consequences. 

If a provider does not comply with these requirements, it may be ineligible to offer pre-approved plans and the revocation of an opinion letter that has been issued to the provider.

Source: Revenue Procedure 2023-37