Federal Tax, Tax

IRS Expands Program to Approve Certain Retirement Plans

The IRS is expanding its determination letter program that approves certain retirement plans. Under Revenue Procedure 2022-40, 403(b) retirement plans can now use the same individually designed retirement plan determination letter program that’s currently being used by other qualified retirement plans, such as 401(k) plans. 403(b) retirement plans generally are used by public schools, churches and charities. Among other things, beginning June 1, 2023, 403(b) sponsors will be able to submit determination letter applications for all initial individually designed retirement plans based on the sponsor’s Employer Identification Number.  Click here for more information. For questions, reach out to the Cg Team. © 2022

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