Pension & Benefits News IRS expands when plan amendment deadline for discretionary amendments made to qualified pre-approved plans and 403(b) pre-approved plans may be extended
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Wednesday, September 30, 2020

IRS expands when plan amendment deadline for discretionary amendments made to qualified pre-approved plans and 403(b) pre-approved plans may be extended

By Pension and Benefits Editorial Staff

The IRS is expanding the situations in which the plan amendment deadline for discretionary amendments made to qualified pre-approved plans and 403(b) pre-approved plans may be extended. The IRS states that these modifications are consistent with the extensions of the plan amendment deadlines for discretionary amendments set forth in section 8.02 of Rev. Proc. 2016-37, with respect to qualified individually designed plans and section 6.02 of Rev. Proc. 2019-39 with respect to Code Sec. 403(b) individually designed plans.

The IRS is modifying section 15.05 of Rev. Proc. 2016-37, and section 12.02 of Rev. Proc. 2019-39. Section 15.05 of Rev. Proc. 2016-37 is revised as follows. Section 15.04 applies unless (1) a statutory provision, or regulations or other guidance published in the Internal Revenue Bulletin, sets forth a deadline to timely adopt a discretionary amendment with respect to a plan year that is either earlier or later than the deadlines under section 15.04, or (2) a statutory provision or guidance provides another specific deadline for the adoption of a particular type of interim amendment that is either earlier or later than the deadlines under section 15.04.

Under revised Section 12.02 of Rev. Proc. 2019-39, Section 12.01 applies unless (1) a statutory provision, or regulations or other guidance published in the Internal Revenue Bulletin, sets forth a deadline to timely adopt a discretionary amendment with respect to a plan year that is either earlier or later than the deadlines under section 12.01, or (2) a statutory provision or guidance provides another specific deadline for the adoption of a particular type of interim amendment that is earlier or later than the deadlines under section 12.01.

Source: Rev. Proc. 2020-40.

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