On April 18, 2022, the IRS published an information package. This guidance includes sample language for 403(b) plan document drafters with respect to the IRS’s Cycle 2 plan document restatement. Drafters of those restatements must submit their new 403(b) plan documents to the IRS for approval during the period beginning on May 2, 2022, and ending on May 1, 2023.
Those documents must include changes reflected in the 2022 Cumulative List of Changes in Section 403(b) Requirements for Section 403(b) Pre-Approved Plans (the “2022 Cumulative List”), which was set forth in IRS Notice 2022-8. Thus, plans submitted by providers of 403(b) pre-approved plans applying to the IRS for Opinion Letters for Cycle 2 under the IRS’s 403(b) pre-approved plan program must comply with changes on the 2022 Cumulative List.
After the May 1, 2023 deadline, the IRS will review and approve plan document drafters’ plan documents. After that approval, clients of those document drafters will be able to adopt a new document for their 403(b) plan, based on the applicable IRS-approved document.
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