Document Guidance for Qualified Pre-Approved and 403(b) Plans

The IRS has released Revenue Procedure (Rev. Proc.)  2023-37, which contains new rules for qualified pre-approved plans and 403(b) plans. In addition, this new revenue procedure “combines, conforms, clarifies, and updates” the rules previously established under Rev. Procs. 2016-37, 2017-41, 2018-21, 2019-39, 2020-40, 2021-37, and Notice 2020-35. As described by the IRS, the new rules cover three broad categories:

• remedial amendment periods, the remedial amendment cycle system, and plan amendment deadlines;
• provider application for an opinion letter; and
• adopting employer application for a determination letter.

This revenue procedure generally becomes effective November 21, 2023. However, the rules for a provider application for an opinion letter and adopting employer application for a determination letter are effective with respect to Cycle 4 defined contribution and defined benefit qualified pre-approved plans and Cycle 2 403(b) pre-approved plans.