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Retirement plan amendment deadline extended

RFP
Tax Hot Topics newsletter The IRS issued Rev. Proc. 2020-40 to expand situations in which the plan amendment deadline for discretionary amendments to qualified pre-approved plans and 403(b) pre-approved plans may be extended.

Under the current rules, discretionary amendments generally have to be adopted by the end of the plan year in which the plan amendment was operationally put into effect. Under the new procedures, discretionary amendments can be adopted later than the general deadline if an extended deadline is set forth in a statutory provision or IRS guidance. This change makes the discretionary amendment deadline for pre-approved plans consistent with the deadline for individually designed plans and became effective Sept. 2, 2020.

Contacts:
Jeff Martin
Partner
Washington National Tax Office
T +1 202 521 1526

Keith Mong
Managing Director
Washington National Tax Office
+1 202 521 1554

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