The IRS recently issued Rev. Proc. 2021-37
, which provides new procedures, programs, and details on issuing opinion letters for Section 403(b) pre-approved plans.
In addition to setting the remedial amendment periods for Section 403(b) pre-approved plans, the new procedures set the submission period for providers and mass submitters to submit on-cycle applications for second remedial amendment cycle opinion letters starting on May 2, 2022, and ending on May 1, 2023.
The revenue procedure improves and enhances the current Section 403(b) pre-approved program by providing greater detail and guidance on several aspects of Section 403(b) plan compliance and remediation. For example, the guidance generally extends the deadline to adopt interim amendments for a change in Section 403(b) requirements for most Section 403(b) plans, granting them until the end of the second calendar year following the calendar year in which the change is effective.
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