The IRS today released an advance version of Rev. Proc. 2020-40 that modifies prior guidance to expand situations when the plan amendment deadline for discretionary amendments made to qualified pre-approved plans and section 403(b) pre-approved plans may be extended.
Rev. Proc. 2020-40 [PDF 39 KB] amends guidance previously provided by Rev. Proc. 2016-37 and Rev. Proc. 2019-39.
Today’s revenue procedure states that these modifications are consistent with the extensions of the plan amendment deadlines for discretionary amendments set forth in Rev. Proc. 2016-37 with respect to qualified individually designed plans and Rev. Proc. 2019-39 with respect to section 403(b) individually designed plans.
The provisions of the prior revenue procedures as revised by Rev. Proc. 2020-40 are as follows—
Provisions of Rev. Proc. 2016-37 that set forth:
Provisions of Rev. Proc. 2019-39 that set forth:
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