The IRS announced in Rev. Proc. 2013-22 that it will start accepting applications for opinion and advisory letters for both prototype and volume submitter Section 403(b) plans on June 28, 2013. Under the program, pre-approved plan sponsors may apply to the IRS for an opinion letter (for prototype plans) or an advisory letter (for volume submitter plans). The revenue procedure explains:
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the requirements that pre-approved Section 403(b) plans must satisfy,
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the responsibilities of pre-approved plan sponsors,
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the procedures for applying for opinion and advisory letters, and
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the conditions under which an eligible employer that adopts a pre-approved Section 403(b) plan can rely on the plan form’s meeting requirements under Section 403(b) and the final Section 403(b) regulations.
Rev. Proc. 2013-22 also describes procedures for the retroactive remedial amendment of plans to satisfy the requirements of Section 403(b). These procedures will permit the retroactive remedial amendment of Section 403(b) plans regardless of whether a plan is a pre-approved plan under the new program.
The IRS has published sample plan language that pre-approved Section 403(b) plan sponsors may use in preparing to submit their plans to the IRS for approval.
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