Regulatory and Legislative
IRS Announces Cycle 4 Pre-approved Plan Submission Period
The April 20, 2023, publication of Employee Plans News provides details for plan document restatement deadlines. The IRS indicates that the 4th remedial plan amendment cycle for pre-approved defined contribution plans began on February 1, 2023; however, the submission window has not yet opened. The IRS expects an announcement later this year that opens the on-cycle submission window from February 1, 2024, through January 31, 2025.
Plan sponsors of defined benefit plans that use an IRS pre-approved document have until March 31, 2025, to restate their plans with a 3rd cycle document. The submission period for 403(b) pre-approved plan providers to submit applications for a Cycle 2 Opinion Letter ends on May 1, 2023.
