Treasury and IRS expand program for approving certain retirement plans The Treasury Department and Internal Revenue Service today announced the expansion of one of their programs for approving retirement plans. The IRS will now allow 403(b) retirement plans, which are used by certain public schools, churches and charities, to use the same individually designed retirement plan determination letter program currently used by qualified retirement plans. Revenue Procedure 2022-40PDF details this expansion and includes other changes affecting individually designed retirement plans. Highlights of these changes: Revenue Procedure 2022-40 contains the following notable additions for 403(b) retirement plans: Expansion for initial plan determination – Beginning June 1, 2023, 403(b) retirement plan sponsors may submit determination letter applications for all initial individually designed retirement plans based on the sponsor's Employer Identification Numbers. (For further detai
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