IRS Extends Deadline for Amendment of Prototype 403(b) Plans and Defined Benefit Plans
- Apr 1, 2020
The IRS, in a March 27 post on its website, has announced that the initial remedial amendment period for 403(b) plans that was due to expire on March 31 has been extended to June 30, 2020, thus providing immediate relief to employers sponsoring 403(b) Plans. The IRS provided, in the same posting, relief to employers adopting pre-approved defined benefits plans by extending the second six-year remedial amendment cycle for pre-approved defined benefit plans from April 30 to July 31, 2020. The IRS has indicated that it will be issuing formal guidance regarding the extended deadlines.
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Peter Alwardt is a Partner and the National Tax Leader of Employee Benefit Plans, specializing in employee benefits, tax and ERISA issues for domestic and international clients. He is a member of the American Institute of Certified Public Accountants and NY State Society of CPAs.
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