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Retirement Plans Newsletter

September 1, 2021


[Official Guidance]

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)

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."


Internal Revenue Service [IRS]

[Official Guidance]

Text of IRS Rev. Proc. 2021-38: Extension of Deadline for Adopting an Interim Amendment for a Section 401(a) Pre-Approved Plan (PDF)

"This revenue procedure modifies the interim amendment deadline set forth in section 15.04(1) of Rev. Proc. 2016-37 ... as modified by Rev. Proc. 2017-41 ... and Rev. Proc. 2020-40 ... to provide that an interim amendment made to a pre-approved plan qualified under Section 401(a) of the Internal Revenue Code is adopted timely if the amendment is adopted by the end of the second calendar year after the calendar year in which the change in qualification requirements is effective with respect to the plan. Under this modification, the interim amendment deadline is no longer determined with reference to Section 401(b), and, accordingly, an employer's tax-filing deadline is no longer relevant in determining the date by which an interim amendment must be adopted. As a result of this modification, the interim amendment deadline set forth in section 15.06(1)(a) of Rev. Proc. 2016-37, which is applicable to a governmental plan within the meaning of Section 414(d), and which is determined by reference to the interim amendment deadline for a plan that is not a governmental plan, is modified. Also, consistent with this modification, section 15.06(2) of Rev. Proc. 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."  MORE >>

Internal Revenue Service [IRS]

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BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587.

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