Rev. Procs. 2021-37 & Rev. Proc. 2021-38: Pre-Approved Pension Plans

9/1/2021

Revenue Procedure 2021-37 modifies the IRS process for issuing opinion letters for Cycle 2 amendments, aligns the Section 403(b) pre-approved plan process closer with the Section 401(a) pre-approved plan process, and sets rules to determine when interim amendment periods expire for 403(b) pre-approved plans.

Revenue Procedure 2021-38 extends the deadline to adopt an interim amendment for a Section 401(b) pre-approved plan to match the deadline to adopt an interim amendment for a 403(b) pre-approved plan in Rev. Proc. 2021-37. Revenue Procedure 2021-38 says that the interim amendment deadline is no longer determined for Section 401(b), meaning an employer’s tax-filing deadline is not relevant in determining the date when an interim amendment must be adopted.

Revenue Procedure 2021-37 & Revenue Procedure 2021-38 are in IRB: 2021-38 dated 9/20/2021.