Insights

403(b) Restatement Deadline Extended


Due to the coronavirus pandemic, the IRS is extending the last day of the initial remedial amendment period for Section 403(b) plans from March 31, 2020, to June 30, 2020. This means that plan sponsors now have until June 30, 2020, to update their pre-approved and individually designed 403(b) plan documents. As background, 403(b) plans were required by law to establish written plan documents by January 1, 2009. However, the IRS didn’t establish the required plan language and terms until 2017. In IRS Revenue Procedure 2017-18, the IRS gave plan sponsors until March 31, 2020 to restate their plan to include the required plan provisions. Employers sponsoring 403(b) plans should work with their adviser to have their plan document restated if they have not already done so.

IRS Extension »