The standard meal allowance, which is the federal meals and incidental expense (M&IE) per diem rate. Changes in high-cost localities. Meals and incidentals allowances are $20 for breakfast, $15 for lunch, $35 for dinner, and $10 for incidentals. (5) An Adopting Employer chooses to discontinue participation in a 403(b) Pre-approved Plan that has been amended by the Provider, without substituting another 403(b) Pre-approved Plan. Rul. .03 Plans for which an Opinion Letter will not be issued An Opinion Letter will not be issued for: (1) a plan under which the 415 limitations are incorporated by reference; (2) a plan under which the actual contribution percentage (ACP) test under 401(m)(2) is incorporated by reference; (3) a Nonstandardized Plan that provides for hardship distributions under circumstances not described in the safe harbor standards in the regulations under 401(k), unless the availability of these distributions is subject to nondiscriminatory and objective criteria included in the plan; (4) a plan that includes blanks or fill-in provisions for the Adopting Employer to complete, unless the provisions have parameters that preclude the Adopting Employer from completing the provisions in a manner that could violate the 403(b) Requirements; (5) a TEFRA church defined benefit plan (see 1.403(b)-10(f)(2)); or. For information as to where to access per diem rates for various types of Government travel, please consult the table in 301-11.6. .13 Investment Arrangement An Investment Arrangement is a funding arrangement under a 403(b) plan. (6) All benefits, rights, and features under the plan (other than those, if any, that have been prospectively eliminated) are currently available to all employees benefiting under the plan. .04 Employer Adoption Window When the review of 403(b) Pre-approved Plan documents for a specific Cycle is close to being completed, the IRS will announce the Employer Adoption Window with respect to that Cycle, which will be an approximately two-year period during which Adopting Employers may adopt Newly Approved 403(b) Pre-approved Plans. .08 Provider amendments Each 403(b) Pre-approved Plan must include a procedure for amendments by the Provider, so that changes in the Code, regulations, or other guidance published in the Internal Revenue Bulletin, and any correction of the plan, may be applied to all Adopting Employers. Proc. Proc. Pursuant to section 11.03 of Rev. 786, to correct the portion of the year Sedona, Arizona is a high-cost locality under section 5 of Notice 2020-71. Per diem (Latin for "per day" or "for each day") or daily allowance is a specific amount of money that an organization gives an individual, typically an employee, per day to cover living No options (including blanks to be completed) may be provided in the basic plan document portion of the Adoption Agreement Plan (except as provided in section 11.03(1) regarding Flexible Plans). 2014-28 modifies Rev. See section 8.04. (2) An Adopting Employer of a Nonstandardized Plan may rely on the plans Opinion Letter with respect to the requirements of 410(b), if applicable, if all nonexcludable employees benefit under the Adopting Employers plan. 2013-22 establishes an Initial Remedial Amendment Period, which permits an Eligible Employer to retroactively correct defects in the form of its written 403(b) plan in order to satisfy the written plan requirement in the 403(b) regulations by timely adopting a 403(b) Pre-approved Plan or by otherwise timely amending its plan. Proc. This notification is for the convenience of the applicable Mass Submitter or Provider concerning the status of its application and does not constitute an official Opinion Letter on which the Mass Submitter or Provider may rely. 136, as modified by Rev. Every Standardized Plan must include plan language reflecting these rules. See EPCRS, Rev. If a letter requesting changes to the 403(b) Pre-approved Plan is sent to the Provider or an authorized representative, changes responsive to the letter must be received no later than 30 days from the date of the letter, and the response must include either a copy of the plan with the changes highlighted or, if the changes are not numerous, replacement pages. Proc. If the answer to 14 is no, enter the number of the basic plan document or Single Document Plan for which the requirement described in 14 is met: Applicants signature under penalties of perjury (required if 4.a. (6) Pursuant to section 10.10, a Providers failure to disclose a material fact, misrepresentation of a material fact, or failure to accurately provide any of the information called for on any form required by this revenue procedure (or in Appendix A, if used) may result in the inability of Adopting Employers to rely on an Opinion Letter (for example, if there is a failure to disclose a material fact, the IRS may revoke the Opinion Letter due to the failure). Note that lower rates apply for the If the form is not available when the application is being submitted, the Provider may use Appendix A of this revenue procedure in lieu of the application form. The Provider must 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 in the case of both initial adoption and restatement of the plan. For a 403(b) Pre-approved Plan that is a Governmental Plan, an Opinion Letter does not express an opinion, and may not be relied upon, with respect to whether the plan meets any requirements that apply due to a plans coverage of multiple employers that are not aggregated in a single controlled group in a manner consistent with Notice 89-23. Looking for U.S. government information and services? If, after the 30-day period, neither action has been taken, the IRS may treat the application as having been withdrawn. In addition, the Adopting Employer must complete a new dated adoption agreement or signature page if it modifies any prior elections or makes new elections. This revenue procedure extends the time period until March 31, 2022. 2020-21 provides that for the period beginning May 4, 2020, and ending on December 31, 2020, hearings held by teleconference that are accessible to the residents of the approving governmental unit by calling a toll-free telephone number will be treated as held in a location that, based on the facts and circumstances, is convenient for residents of the approving governmental unit for purposes of 1.147(f)-1(d)(2). industry questions. The new Opinion Letter will recognize the change in sponsorship and will not modify the scope of or change the reliance on the original Opinion Letter. 2016-37 sets forth a system of recurring remedial amendment cycles for qualified pre-approved plans, and sets forth plan amendment deadlines for interim and discretionary amendments made to these plans. An Opinion Letter issued to a Provider is not transferable. Elective deferrals (other than Roth), _____e. Rev. By contrast, a change by a Provider of a plan meant to be adopted by a public school, as defined in section 5.17(1)(a), to remove any nondiscrimination provisions that do not apply to a public school from a Mass Submitters 403(b) Pre-approved Plan that was designed for a tax-exempt organization would not be considered a Minor Modification. Proc. Proc. Proc. See section 5.13. .09 Rev. FICAFederal Insurance Contributions Act. .04 Additional submission requirements for interim amendments If the 403(b) Pre-approved Plan has received an Opinion Letter for the preceding Cycle, in addition to the application described in section 10.03, the Provider must submit a certification that all interim amendments (and initial amendments, as described in section 4.11, if applicable) on the applicable Cumulative List have been made, and a cover letter summarizing how the provisions of the plan are affected by each amendment. The IRS anticipates establishing a program that would permit Adopting Employers to apply for a determination letter on Form 5300, Application for Determination for Employee Benefit Plan, under rules and procedures similar to the rules and procedures applicable to 401(a) pre-approved plans (see section 20.03 of Rev. See section 10.11. Proc. In 2021, the credit was temporarily increased to $3,000 for children ages six through 17 (17 year olds were included) and $3,600 for children under six. 2020-40 modifies Rev. Revoked describes situations where the position in the previously published ruling is not correct and the correct position is being stated in a new ruling. 18 cents per mile driven for medical or moving purposes for qualified active duty members of the Armed Forces, up 4 cents from the rate for 2021. In addition, the deadline for the initial amendment related to that extension for certain Form Defects is delayed until the later of June 30, 2020, or the end of the second calendar year following the calendar year in which the change in 403(b) Requirements is effective with respect to a plan. 2017-18, as modified by Notice 2020-35, expired on June 30, 2020. SC Comptroller General 1200 Senate Street 305 Wade Hampton Office Building Columbia, SC 29201. 2019-39, as part of the correction of a Form Defect within the Remedial Amendment Period for the Form Defect, an Adopting Employer must conform the operation of the 403(b) Pre-approved Plan to match the correction of the Form Defect retroactive to the beginning of the Remedial Amendment Period for the Form Defect. (1) A Provider is any person (including, if applicable, a Mass Submitter) that: (a) has an established place of business in the United States where it is accessible during every business day, and (b) represents to the IRS in its application for an Opinion Letter that it reasonably expects at least 15 Eligible Employers to adopt one of the 403(b) Pre-approved Plans of the Provider. Proc. .01 Final regulations under 403(b) were published on July 26, 2007 (T.D. The remedial amendment period begins on the date on which a change in qualification requirements becomes effective with respect to a plan or, in the case of a provision that is integral to a qualification requirement that has been changed, the first day on which the plan is operated in accordance with the provision as amended. Proc. If an employer pays per diem allowances that exceed what is deemed substantiated, however, the employer must either treat the excess as taxable wages or require actual substantiation. 1. For travel within the continental United States, the optional high-low method designates one per diem rate for all high-cost locations and another for all other locations. 2021-4, 2021-1 I.R.B. Off-cycle applications for a Cycle that are submitted during or after that Cycles Employer Adoption Window will not be accepted. See section 8.03(7) regarding limitations on reliance. (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. The amount deemed substantiated will be the lesser of the allowance actually paid or the applicable per diem rate for the same set of expenses. Unless otherwise specified, the per diem locality is defined as "all locations within, or entirely surrounded by, the corporate limits of the key city, including independent entities located within those boundaries. .01 Provider plan amendments generally Providers are required to amend their 403(b) Pre-approved Plans to ensure that the form of their plans continues to satisfy the 403(b) Requirements. The Introduction at the beginning of this issue describes the purpose and content of this publication. 82-102, 1982-1 C.B. 92, and Rev. Further, it sets forth a system of recurring Remedial Amendment Periods for correcting Form Defects in 403(b) Pre-approved Plans first occurring after the Initial Remedial Amendment Period (that is, after June 30, 2020), and provides a limited extension of the Initial Remedial Amendment Period for certain Form Defects. A Mass Submitter is treated as a Mass Submitter with respect to all of its plans, provided the 15 unaffiliated Provider requirement is met with respect to at least one plan. 2016-37 (that is, a disqualifying provision that results in the failure of the plan to satisfy the qualification requirements of the Code by reason of a change in those requirements that is effective after December 31, 2001, or that is integral to such disqualifying provision). ADDITIONAL REQUIREMENTS FOR MASS SUBMITTERS, SECTION 13. REVIEW OF OPINION LETTER APPLICATIONS; ISSUANCE OF OPINION LETTERS; EMPLOYER ADOPTION WINDOW, SECTION 15. 172 (or its successor). These synopses are intended only as aids to the reader in identifying the subject matter covered. Accordingly, the provisions described in sections 5.03 through 5.17 (and sections 5.18 and 5.19, if applicable) must be included in the single plan document or the basic plan document or adoption agreement, as appropriate, of every 403(b) Pre-approved Plan, regardless of the terms of any Investment Arrangements under the plan or any other documents that may be incorporated by reference. See section 5.02 of Rev. Similarly, a later deadline is provided for a 403(b) Pre-approved Plan that is a Governmental Plan. Proc. (d) a minister described in 414(e)(5)(A). Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. This revenue procedure modifies section 4.02 of Rev. .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. The specified period for which Sedona, Arizona is a high cost locality under section 5, paragraph 2 of Notice 2020-71 is modified to be October 1, 2020 - December 31, 2020; March 1, 2021 - April 30, 2021; and September 1, 2021 - September 30, 2021. In this case, the Adopting Employer will be treated as never having had any reliance on the Opinion Letter and will be treated as never having been eligible for the Cycle system. Depending upon the length of the IRS review process, Eligible Employers will have approximately a two-year period to adopt the updated plan (Employer Adoption Window). 2016-37, which provides a special rule for determining the tax-filing deadline applicable to a tax-exempt employer that is no longer relevant in light of the modified interim amendment deadline, is deleted. This part includes notices of proposed rulemakings, disbarment and suspension lists, and announcements. Proc. .01 In general This revenue procedure is effective on July 1, 2020, the day Cycle 2 began, and, except as otherwise stated, applies to applications for an Opinion Letter submitted solely with respect to Cycle 2 and subsequent Cycles. This revenue procedure amplifies Rev. View sitemap, FederalPay is a free public resource site and is not affiliated with the United States government or any Government agency. Optional administrative provisions that a Provider may include in or delete from its version of the plan include the resignation or replacement of fiduciaries, the claims procedures under the plan, and the record-keeping requirements. The Treasury Department and the IRS will publish for public availability any comment submitted electronically, and to the extent practicable on paper, to its public docket.
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