The IRS extended the last day of the initial remedial amendment period for Section 403(b) plans from March 31, 2020, to June 30, 2020.
What you need to know:
The June 30th deadline is the end of the “remedial amendment period” which allows plan sponsors to self-correct plan provisions that violate the Internal Revenue Code 403(b) written plan rules.
To take advantage of this remedial amendment period the plan sponsor must have adopted a written 403(b) plan by December 31, 2009 (or the plan’s effective date, if later). Following the June 30, 2020 deadline 403(b) plans will follow rules similar to those that apply to 401(k) and pension plans.
Plans can be corrected post-deadline through the Employee Plans Compliance Resolution System (EPCRS). This may require a formal submission to the IRS and the payment of a user fee.
Resources:
IRS 403(b) Pre-Approved Plans
IRS Required Amendments List
IRS Operational Compliance List
For assistance with questions, please contact NLG Retirement Services at 866-243-7174.
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TC112670(0220)1
