What is the latest required restatement?

[Tom]

We file one 5500 for a 403(b) plan.  It is long frozen.  I asked for their IRS Opinion letter.  They provided me one with an approval date of 8/7/2017.  This does not seem current.  Does anyone know?  I requested this from the plan sponsor.  But I believe I need to tell them to contact TIAA to make sure this is the most recent.

Thank you,

Tom

[Belgarath]

That's current. I'm assuming, of course, that it is an IRS pre-approved document. The new restatement cycle is fast approaching -  without double-checking, I believe it opens in January.

[Peter Gulia]

ERISA § 404(a)(1)(D) commands a plan’s administrator to administer the plan according to the written plan. And Internal Revenue Code § 401(a) or § 403(b) too in concept calls one to administer such a plan according to its written plan.

Yet, tax law’s so-called remedial-amendment regimes tell a plan administrator not to rely on the written plan but rather to follow one’s assumptions about a to-be-written plan the plan sponsor might not make until December 31, 2026.

The document “with an approval date of 8/7/2017” one imagines has text that states provisions no later than those of 2016.

For about ten years, a plan’s administrator must discern which provisions of the written plan remain applicable and which provisions one presumes will be retroactively changed or added, discerning these differences with nothing in the text of the written plan say which is which.

What purpose does “the” plan document serve?

[John Feldt ERPA CPC QPA]

I think the latest required restatement will be in 2076.

[Liz Hallam]

Tom - the 2017 date is correct.  That first time of IRS approval on 403(b) documents.  Cycle 2 plan documents are undergoing IRS review currently. IRS has indicated that all documents should have the approvals by 11/30/24 with anticipated restatement start period to commence 1/1/25.  The Cycle 2 period will be two years (don't look for extension). If your client is using a TIAA document, that is the latest letter.

[Paul I]

@Tom here are some resources if you want to document that the you have the current opinion letter.

You can learn about the 403(b) pre-approved plan document cycles here:

https://www.irs.gov/retirement-plans/403b-pre-approved-plans

You can find the current opinion letter numbers here (and the TIAA documents are on page 23, some with 8/7/2017 dates):

https://www.irs.gov/pub/irs-tege/preapproved-403b-plans-list.pdf

You can see that the next cylce's documents have not yet been issued here:

https://www.irs.gov/pub/irs-tege/403b-preapproved-plans-list-2.pdf

[Liz Hallam]

@Paul I - the dates I put in there were based on conversations with IRS folks - nothing in writing.  Obviously the date will be based on when most of the mass submitter have received the e-mail telling them they are OK.