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Text of IRS Rev. Proc. 2021-37: Procedures for Issuing Opinion Letters for Section 403(b) Pre-Approved Plans for the Second Remedial Amendment Cycle; Rules for Determining When Remedial Amendment Periods Expire for Section 403(b) Pre-Approved Plans (PDF)
Internal Revenue Service [IRS]Link to more items from this source
[Official Guidance]
Sept. 1, 2021

83 pages. "This revenue procedure modifies the procedures for the Section 403(b) Pre-approved Plan program to be more similar to the procedures applicable under the Section 401(a) pre-approved plan program in several ways, including:

  • simplifying the Section 403(b) Pre-approved Plan program by eliminating the distinction between prototype and volume submitter plans;
  • providing that the IRS will issue a Cumulative List of Changes in the Section 403(b) Requirements (Cumulative List) identifying the Section 403(b) Requirements that the IRS will take into account in reviewing Section 403(b) Pre-approved Plans submitted for Cycle 2;
  • making Section 403(b) Pre-approved Plan program provisions regarding reliance on an Opinion Letter more similar to the provisions applicable under the Section 401(a) pre-approved plan program, including provisions that permit the submission during the Employer Adoption Window of an application for a determination letter using Form 5307, Application for Determination for Adopters of Modified Volume Submitter Plans, by [1] an Adopting Employer of a Nonstandardized Plan that makes amendments to the plan that are not extensive, or [2] an Adopting Employer of any Section 403(b) Pre-approved Plan (whether a Standardized Plan or a Nonstandardized Plan) that adds language to satisfy the requirements of Section 415 due to the required aggregation of plans; and
  • providing details regarding the system of cyclical Remedial Amendment Periods that follows the Initial Remedial Amendment Period."

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