EMPLOYEE PLANS

NOTICE 2020-1, page 290. This notice sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for December 2019 used under § 417(e)(3)(D), the 24-month average segment rates applicable for December 2019, and the 30-year Treasury rates, as reflected by the application of § 430(h)(2)(C)(iv).

REV. PROC. 2020-9, page 294. This revenue procedure clarifies which amendments are treated as integral to a plan provision that fails to satisfy the qualification requirements of the Internal Revenue Code by reason of a change to those requirements made by the recently published regulations under §§ 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. 2020-10, page 295. Rev. Proc. 2017-41, 2017-29 I.R.B 92, 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)

Finding Lists begin on page ii.

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.