Treasury 2023-2024 Plan Includes 403(b)s, Matters Affecting Education Sector

The priority guidance plan that the Treasury and IRS have issued for 2023-24 includes plans for action that will affect retirement benefit matters relevant to the education sector. They unveiled the plan on Sept. 29. 

The 2023-2024 Priority Guidance Plan contains projects that will be the focus of guidance and regulatory efforts by the Treasury and IRS during the 12-month period from July 1, 2023, through June 30, 2024. The plan contains 237 projects.

The appendix to the 2023-2024 plan lists routine guidance that is generally published each year.

Following are the retirement-related matters relevant to the education sector on which the Treasury and IRS plan to issue guidance during this period. 

Guidance to Be Issued

• Guidance relating to certain IRS, tax exempt and government entities, and employee plans programs, including the pre-approved plan program, the determination letter program, and the Employee Plans Compliance Resolution System (EPCRS).
• Guidance on student loan payments and qualified retirement plans and 403(b) plans. 
• Guidance on missing participants, including guidance on uncashed checks.
• Guidance updating electronic filing requirements for employee benefit plans to reflect changes made by the Taxpayer First Act.

Regulations to Be Issued 

• Regulations under Internal Revenue Code (IRC) Section 72(t) relating to the 10% additional tax on early distributions. 
• Regulations on the definition of governmental plan under IRC Section 414(d). An ANPRM was published on Nov. 8, 2011. 
• Regulations on the definition of church plan under IRC Section 414(e).
• Regulations relating to the reporting requirements under IRC Section 6057. Proposed regulations were published on June 21, 2012.

Final Regulations to Be Issued 

• Final regulations on the application of the normal retirement age regulations under IRC Section 401(a) to governmental plans. Proposed regulations were published on Jan. 27, 2016. 
• Final regulations relating to the timing of the use or allocation of forfeitures in qualified retirement plans. Proposed regulations were published on Feb. 27, 2023. 
• Final regulations updating electronic delivery rules and other guidance for providing applicable notices and making participant elections. Proposed regulations were published on Dec. 30, 2022.

Finding out More 

The 2023-2024 Priority Guidance Plan, as well as plans for earlier years, can be obtained from the IRS website at http://www.irs.gov/uac/Priority-Guidance-Plan.