Interested in a printable PDF? See the list of Internal Revenue Bulletins in PDF format.


Recent Interest Rate Notices
Updates for the corporate bond weighted average interest rates; the 24-month average segment rates; the funding transitional segment rates; and the minimum present value transitional rates.

Rev. Proc. 2021-38, 2021-38 I.R.B. 425

Modifies Rev. Proc. 2016-37 to extend the deadline for adopting an interim amendment for a Section 401(a) pre-approved plan to match the deadline for adopting an interim amendment for a Section 403(b) pre-approved plan, which is set forth in Rev. Proc. 2021-37.

Rev. Proc. 2021-37, 2021-38 I.R.B. 385

Sets forth the procedures of the IRS for issuing opinion letters regarding the satisfaction in form of Section 403(b) pre-approved plans with respect to the requirements of IRC Section 403(b) for the second remedial amendment cycle (Cycle 2). This revenue procedure also sets forth the rules for determining when remedial amendment periods expire for Section 403(b) pre-approved plans.

Notice 2021-38, 2021-30 I.R.B. 155
Provides guidance under IRC Section 432(k) to sponsors of multiemployer defined benefit pension plans that are required to reinstate certain previously suspended benefits as a condition of receiving special financial assistance under Section 4262 of ERISA. This notice also provides guidance on whether make-up payments with respect to previously suspended benefits are eligible to be rolled over to another eligible retirement plan under IRC Section 402(c). In addition, this notice provides guidance on how to apply the rule in IRC Section 432(k)(2)(D)(i) under which any special financial assistance received by the plan is not taken into account in determining contributions required under IRC Section 431.

Rev. Proc. 2021-30, 2021-31 I.R.B. 172
Updates the comprehensive system of correction programs for sponsors of retirement plans that are intended to satisfy the requirements of IRC Sections 401(a), 403(a), 403(b), 408(k), or 408(p), but that have not met these requirements for a period of time. This system, the Employee Plans Compliance Resolution System (“EPCRS”), permits Plan Sponsors to correct these failures and thereby continue to provide their employees with retirement benefits on a tax-favored basis. The components of EPCRS are the Self-Correction Program (“SCP”), the Voluntary Correction Program (“VCP”), and the Audit Closing Agreement Program (“Audit CAP”).

Rev. Rul. 2021-3, 2021-05 I.R.B. 674
Provides tables of covered compensation under IRC Section 401(l)(5)(E) effective January 1, 2021.

T.D. 9937, 2021-04 I.R.B. 495
Sets forth final regulations relating to amendments made to IRC Section 402(c) by Section 13613 of the Tax Cuts and Jobs Act, Public Law 115-97 (131 Stat. 2054). Section 13613 provides an extended rollover period for a qualified plan loan offset, which is a type of plan loan offset.

Notice 2021-03, 2021-02 I.R.B. 316
Provides a six-month extension of the relief provided in Notice 2020-42. For the period from January 1, 2021, through June 30, 2021, this notice extends two types of relief from the physical presence requirement in Section 1.401(a)-21(d)(6)(i) for participant elections required to be witnessed by a plan representative or a notary public: (1) temporary relief from the physical presence requirement for any participant election witnessed by a notary public in a state that permits remote notarization (either by law or through an executive order), and (2) temporary relief from the physical presence requirement for any participant election witnessed by a plan representative. This temporary relief is extended in order to further accommodate local shutdowns and social distancing practices in response to the Coronavirus Disease 2019 pandemic (COVID-19 Emergency). This notice also solicits comments on the relief.

Rev. Proc. 2021-4, 2021-01 I.R.B. 157
Updates Rev. Proc. 2020-4, 2020-1 I.R.B. 148, relating to the types of advice the IRS provides to taxpayers on issues under the jurisdiction of the Commissioner, Tax Exempt and Government Entities Division, Employee Plans Rulings and Agreements, and the procedures that apply to requests for determination letters and private letter rulings.

Notice 2020-85, 2020-51 I.R.B. 1645 
Sets forth the updated mortality improvement rates and static mortality tables that are used for purposes of determining minimum funding requirements under Section 430(h)(3) for 2022 and minimum present value under Section 417(e)(3) for distributions with annuity starting dates that occur during stability periods beginning in the 2022 calendar year.

Notice 2020-83, 2020-50 I.R.B. 1597 
Contains the 2020 Required Amendments List for qualified individually designed plans and Section 403(b) individually designed plans.

Notice 2020-82, 2020-49 I.R.B. 1458 
Provides that the IRS will treat a contribution to a single-employer defined benefit pension plan with an extended due date of January 1, 2021 pursuant to Section 3608(a)(1) of the CARES Act, Pub. L. No. 116-136, as timely if it is made no later than January 4, 2021 (which is the first business day after January 1, 2021).

T.D. 9930, 2020-49 I.R.B. 1400 
Sets forth final regulations providing guidance relating to the life expectancy and distribution period tables that are used to calculate required minimum distributions from qualified retirement plans, individual retirement accounts and annuities, and certain other tax-favored employer-provided retirement arrangements. These regulations affect participants, beneficiaries, and plan administrators of these qualified retirement plans and other tax-favored employer-provided retirement arrangements, as well as owners, beneficiaries, trustees and custodians of individual retirement accounts and annuities.

Notice 2020-80, 2020-47 I.R.B. 1060 
Requests comments on the application of the annuity and spousal rights provisions of Section 205 of the Employee Retirement Income Security Act of 1974, in connection with a distribution of an individual custodial account (ICA) in kind from a terminating Section 403(b) plan.

Rev. Rul. 2020-23, 2020-47 I.R.B. 1028 
Under the situations in the revenue ruling, the plan is terminated in accordance with the rules of § 1.403(b)-10(a). Distribution of an individual custodial account (ICA) in kind to a participant or beneficiary is not includible in gross income until amounts are actually paid to the participant or beneficiary out of the ICA, so long as the ICA maintains its status as a Section 403(b)(7) custodial account. Any other amount distributed from a custodial account to a participant or beneficiary to effectuate plan termination is includible in gross income, except to the extent the amount is rolled over to an IRA or other eligible retirement plan by a direct rollover or by a transfer made within 60 days.

Notice 2020-79, 2020-46 I.R.B. 1014 
IRC Section 415 provides for dollar limitations on benefits and contributions under qualified retirement plans. Section 415(d) requires that the Secretary of the Treasury annually adjust these limits for cost of living increases. Other limitations applicable to deferred compensation plans are also affected by these adjustments under Section 415. Under Section 415(d), the adjustments are to be made under adjustment procedures similar to those used to adjust benefit amounts under Section 215(i)(2)(A) of the Social Security Act.

Rev. Proc. 2020-46, 2020-45 I.R.B. 995 
Modifies and updates Rev. Proc. 2016-47, 2016-37 I.R.B. 346, which provides a list of permissible reasons for a taxpayer to self-certify eligibility for a waiver of the 60-day rollover requirement under certain eligible retirement plans. This revenue procedure modifies that list by adding a new reason: a distribution was made to a state unclaimed property fund.

REG-116475-19, 2020-37 I.R.B. 553 
Sets forth proposed regulations relating to amendments made to IRC Section 402(c) by Section 13613 of the Tax Cuts and Jobs Act, Public Law 115-97. Section 13613 provides an extended rollover period for a qualified plan loan offset, which is a type of plan loan offset.

Announcement 2020-14, 2020-36 I.R.B. 549
Provides that user fees relating to certain requests for letter rulings and determination letters submitted to Employee Plans Rulings and Agreements will increase in four categories, effective January 4, 2021.

Notice 2020-62, 2020-35 I.R.B. 476
Modifies the two safe harbor explanations in Notice 2018-74, 2018-40 I.R.B. 529, that may be provided to recipients of eligible rollover distributions to satisfy the notice requirements under Section 402(f). The safe harbor explanations, as modified by this notice, take into consideration certain legislative changes, including changes related to the SECURE Act, and include other clarifying changes.

Notice 2020-52, 2020-29 I.R.B. 79
Clarifies the requirements that apply to a mid-year amendment to a safe harbor Section 401(k) or Section 401(m) plan that reduces only contributions made on behalf of highly compensated employees. This notice also provides temporary relief in connection with the ongoing Coronavirus Disease 2019 (COVID-19) pandemic from certain requirements that would otherwise apply to a mid-year amendment to a safe harbor Section 401(k) or Section 401(m) plan adopted between March 13, 2020, and August 31, 2020, that reduces or suspends safe harbor contributions.

Notice 2020-51, 2020-29 I.R.B. 73
Provides guidance relating to the waiver in 2020 of required minimum distributions (RMDs) from certain retirement plans and IRAs due to the amendment of IRC Section 401(a)(9)  by Section 2203 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136. In particular, this notice provides rollover relief (including an extension of the 60-day rollover period to August 31, 2020) with respect to waived RMDs and certain related payments, permits certain repayments to inherited IRAs, as described in Section 402(c)(11), and sets out Q&A’s to answer anticipated questions regarding the waiver of 2020 RMDs.


Notice 2020-50, 2020-28 I.R.B. 35
Provides guidance relating to the application of Section 2202 of the Coronavirus Aid, Relief, and Economic Security Act, Pub. L. 116-136, 134 Stat. 281 (2020) (CARES Act) for qualified individuals and eligible retirement plans. The CARES Act was enacted on March 27, 2020. Under Section 2202 of the CARES Act, qualified individuals receive favorable tax treatment with respect to distributions from eligible retirement plans that are coronavirus-related distributions. A coronavirus-related distribution is not subject to the 10% additional tax under IRC Section 72(t) (including the 25% additional tax under Section 72(t)(6) for certain distributions from SIMPLE IRAs), generally is includible in income over a 3-year period, and, to the extent the distribution is eligible for tax-free rollover treatment and is contributed to an eligible retirement plan within a 3-year period, will not be includible in income. Section 2202 of the CARES Act also increases the allowable plan loan amount under IRC Section 72(p) and permits a suspension of payments for plan loans outstanding on or after March 27, 2020, that are made to qualified individuals. The guidance in this notice is intended to assist employers and plan administrators, trustees and custodians, and qualified individuals in applying Section 2202 of the CARES Act, including by providing guidance on how plans may report coronavirus-related distributions and how individuals may report these distributions on their individual federal income tax returns.

The Appendix to this notice provides a sample amendment that plans may adopt to provide recipients of distributions that would otherwise be RMDs a choice whether to receive the waived RMDs and certain related payments.

Notice 2020-42, 2020-26 I.R.B. 986
In response to the unprecedented public health emergency caused by the COVID-19 pandemic, and the related social distancing that has been implemented, this notice provides temporary relief from the physical presence requirement in Treasury Regulations Section 1.401(a)-21(d)(6) for participant elections required to be witnessed by a plan representative or a notary public, including a spousal consent required under IRC Section 417. While this temporary relief, which covers the period from January 1, 2020, through December 31, 2020, is intended to facilitate the payment of coronavirus-related distributions and plan loans to qualified individuals, as permitted by Section 2202 of the Coronavirus Aid, Relief, and Economic Security Act, Pub. L. 116-136, 134 Stat. 281 (2020) (CARES Act), the temporary relief applies to any participant election that requires the signature of an individual to be witnessed in the physical presence of a plan representative or notary.

Announcement 2020-7, 2020-25 I.R.B. 959
The IRS intends to issue opinion letters for pre-approved defined contribution plans that were restated for changes in plan qualification requirements listed in Notice 2017-37, 2017-29 I.R.B. 89 (the 2017 Cumulative List) and that were filed with the IRS during the submission period for the third six-year remedial amendment cycle under Rev. Proc. 2016-37, 2016-29 I.R.B. 136 (newly approved plans). The IRS expects to issue the letters on June 30, 2020, or, in some cases, as soon as possible thereafter. An employer adopting a newly approved plan will be required to adopt the plan document by July 31, 2022. Starting August 1, 2020, and ending July 31, 2022, the IRS will accept from any employer eligible to submit a determination letter request an application for an individual determination letter under the third six-year remedial amendment cycle for pre-approved defined contribution plans.

Rev. Proc. 2020-10, 2020-02 I.R.B. 295

Rev. Proc. 2017-41 sets forth procedures for providers of pre-approved plans to obtain opinion letters, once every six years, for qualified pre-approved plans submitted with respect to the third (and subsequent) six-year remedial amendment cycles. Defined benefit and defined contribution pre-approved plans are under different six-year remedial amendment cycles. This revenue procedure provides that the third six-year remedial amendment cycle for pre-approved defined benefit plans begins on May 1, 2020 and ends on January 31, 2025. It also provides that the on-cycle submission period for providers to submit opinion letter applications begins on August 1, 2020 and ends on July 31, 2021.

Rev. Proc. 2020-9, 2020-02 I.R.B. 294
Clarifies which amendments are treated as integral to a plan provision that fails to satisfy the qualification requirements of the Code by reason of a change to those requirements made by the recently published regulations under Sections 401(k) and 401(m) relating to hardship distributions of elective deferrals. This revenue procedure also extends the deadline, applicable to pre-approved plans, for adopting an interim amendment relating to those regulations.

Rev. Proc. 2020-4, 2020-01 I.RB. 148
Contains information on the types of advice provided by the Commissioner, Tax Exempt and Government Entities Division, Employee Plans Rulings and Agreements Office, including procedures for issuing determination letters and letter rulings. Rev. Proc. 2019-4 is superseded.

Notice 2020-14, 2020-13 I.R.B. 555
Sets forth the 2020 Cumulative List of Changes in Plan Qualification Requirements for Pre-Approved Defined Benefit Plans (2020 Cumulative List). The 2020 Cumulative List sets forth specific matters the IRS has identified for review in determining whether a defined benefit plan document that has been filed for an opinion letter has been properly updated. The provisions in the 2020 Cumulative List include statutory and regulatory provisions that were issued between October 1, 2012 and December 1, 2019.

Notice 2020-6, 2020-07 I.R.B. 411
Provides that if a RMD statement is provided for 2020 to an IRA owner who will attain age 70½ in 2020, the IRS will not consider such statement to be incorrect, provided that the financial institution notifies the IRA owner no later than April 15, 2020, that no RMD is due for 2020.

Rev. Rul. 2020-02, 2020-02 I.R.B. 298
Provides tables of covered compensation under IRC Section 401(l)(5)(E) and the Income Tax Regulations thereunder, effective January 1, 2020.