Treasury and the IRS have announced the expansion of one of their programs for approving retirement plans.
The IRS will now allow 403(b) retirement plans to use the same individually designed retirement plan determination letter programs used by qualified retirement programs. Certain public schools, churches and charities use 403(b) retirement plans.
Revenue Procedure 2022-40 contains notable additions for 403(b) retirement plans, including the expansion of initial plan determination and better defines retirement plan terminations from sponsors.
The amended rules will apply to submissions of all individually designed retirement plans. Read more.