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ARTICLE · 23 NOVEMBER 2022

Individually Designed 403(b) Plans Will Be Eligible For Determination Letters

Miller, Canfield, Paddock and Stone P.L.C.
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Plan sponsors of individually designed 403(b) plans will soon be able to submit determination letter applications to the IRS.

United StatesEmployment and HR
Brian T. Gallagher
Brian T. Gallagher
Samantha A. Kopacz
Samantha A. Kopacz
Samuel L. Parks
Samuel L. Parks

Plan sponsors of individually designed 403(b) plans will soon be able to submit determination letter applications to the IRS. (Individually designed plans are plans using custom documents that have not been preapproved by the IRS through a separate program.) Revenue Procedure 2022-40 implements a new determination letter program for individually designed 403(b) plans which largely mirrors the existing program for qualified plans. Beginning June 1, 2023, individually designed 403(b) plan sponsors will be eligible to submit such applications for determinations in the case of an initial plan determination, plan termination, and other circumstances periodically specified by the IRS.

This change is especially important for 403(b) plan sponsors that were unable to transition their complicated legacy documents to preapproved plan documents because they can now obtain their own determination letter. Favorable determination letters will provide such plan sponsors with some

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