The US Internal Revenue Service (IRS) recently issued Revenue Procedure 2022-40 to expand the IRS’s determination letter program to include individually designed 403(b) plans..
Continuing a recent trend to more closely align 403(b) plans with tax-qualified 401(k) plans, the Internal Revenue Service (“IRS”) recently issued Revenue Procedure 2022-40 (November 7,.
On November 7, 2022, the IRS issued Revenue Procedure 2022-40, which allows certain tax-exempt employers (such as schools, charities, and churches) to apply for IRS determination.
The IRS has issued guidance that for the first time permits companies to apply for determination letters for individually-designed 403(b) Plans. Under the new guidance, determination.
In the August Monthly Minute, we explore the IRS' recent announcement delaying the deadline to amend retirement plans for SECURE Act and CARES Act changes.