The IRS has issued a reminder that the submission period for 403(b) pre-approved plan providers to submit applications for a Cycle 2 Opinion Letter ends on May 1, 2023.
The IRS in 2022 revised the required modifications and information that contains samples of plan provisions that have been found to satisfy certain requirements of Internal Revenue Code Section 403(b) and its implementing regulations, for purposes of complying with Revenue Procedure (Rev. Proc.) 2021-37.
The IRS in Rev. Proc. 2021-37 noted that the on-cycle submission period for Cycle 2 applications will begin on May 2, 2022, and end on May 1, 2023. Additionally, for most plans, the revenue procedure extends the plan amendment deadline for making interim amendments regarding a change in Section 403(b) requirements until the end of the second calendar year following the calendar year in which the change is effective with respect to the plan.
Finding out More
Information from the IRS on pre-approved plan providers is available here: