Rev. Proc. 2023-37: Rules for qualified pre-approved plans and 403(b) pre-approved plans
The rules for pre-approved plans fall into three broad categories
The rules for pre-approved plans fall into three broad categories
The IRS today released an advance version of Rev. Proc 2023-37 [PDF 370 KB] which provides the rules regarding qualified pre-approved plans and section 403(b) pre-approved plans, and combines, conforms, clarifies, and updates rules for such plans previously set forth in prior revenue procedures.
The rules for pre-approved plans fall into three broad categories:
- Remedial amendment periods, the remedial amendment cycle system, and plan amendment deadlines
- Provider application for an opinion letter
- Adopting employer application for a determination letter
Pursuant to Rev. Proc. 2023-37, the submission period for a provider of a defined contribution qualified pre-approved plan to submit an application for a cycle 4 opinion letter begins on February 1, 2024, and ends on January 31, 2025, although applications may be submitted at other times.
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