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ARTICLE · 07 DECEMBER 2022

IRS Opens Determination Letter Program To Individually Designed 403(b) Plans

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On October 21st, the IRS announced changes to its qualified plan determination letter program. Most notably, the program has been expanded to include section 403(b) tax-sheltered annuity plans ("403(b) plans").

United StatesCorporate/Commercial Law
Seth Safra
Seth Safra
Katrina McCann
Katrina McCann
Jesse T. Foley
Jesse T. Foley
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On October 21st, the IRS announced changes to its qualified plan determination letter program. Most notably, the program has been expanded to include section 403(b) tax-sheltered annuity plans ("403(b) plans"). Although 403(b) plans are similar to tax-qualified defined contribution plans ("401(a) plans"), they are subject to unique rules, and, until now, the IRS has not offered a determination letter program for individually designed 403(b) plans. While not the focus of this blog post, the IRS also harmonized and extended certain "remedial amendment periods" across individually designed 401(a) and 403(b) plans and updated and restructured certain related definitions.

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