The IRS recently released Notice 2022-8, providing the 2022 cumulative list of changes in plan qualification requirements for pre-approved Section 403(b) plans. Section 403(b) plans are generally tax-favored plans available to Section 501(c)(3) tax-exempt organizations and certain public education institutions, similar to qualified 401(k) plans.
The cumulative list identifies changes in the Section 403(b) requirements that must be taken into account under pre-approved plan documents submitted by institutional providers to the IRS under “Cycle 2” of the IRS’s opinion letter program for pre-approved Section 403(b) plans.
Following review and approval by the IRS, submitted Section 403(b) plans will be considered approved retroactively to the beginning of Cycle 2 (July 1, 2020), and employers/plan sponsors that would like to adopt such pre-approved plans will be given a period of time to do so.
Section 403(b) plans may be submitted by institutional providers for pre-approval during the Cycle 2 submission period, which began on May 2, 2022, and ends May 1, 2023.
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