In Rev. Proc. 2017-18, the IRS announced that March 31, 2020, is the last day of the remedial amendment period for purposes of Rev. Proc. 2013-22 and Section 403(b) plans. Rev. Proc. 2013-22 set forth the procedures for issuing opinion and advisory letters for Section 403(b) pre-approved plans (i.e., prototype and volume submitter plans), but the IRS did not state in the revenue procedure the last day of the remedial amendment period.
The remedial amendment period allows an eligible employer to retroactively correct defects in the form of its written Section 403(b) plan in order to satisfy the written plan requirements of Section 403(b) by timely adopting a pre-approved plan or by otherwise timely amending its written plan. The first day of the remedial amendment period was the later of Jan. 1, 2010, or the plan’s effective date. A plan that does not satisfy the requirements of Section 403(b) in form on any day during the remedial amendment period will be considered to have satisfied the Section 403(b) requirements if, on or before March 31, 2020, all provisions of the plan necessary to satisfy Section 403(b) have been adopted and made effective in form and operation from the beginning of the remedial amendment period.
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