Rev. Proc. 2022-40, page 487.

Rev. Proc. 2022-40 modifies Rev. Proc. 2016-37, 2016-29 IRB 136, which, in part, provides the circumstances under which a plan sponsor may submit a determination letter application to the Internal Revenue Service with respect to a qualified individually designed plan, to permit the submission of determination letter applications for section 403(b) individually designed plans. This revenue procedure also (1) incorporates modifications of Rev. Proc. 2016-37 set forth in Rev. Proc. 2019-20, 2019-20 IRB 1182, relating to the submission of determination letter applications for a determination with respect to qualified merged plans, (2) clarifies and modifies the provisions of Rev. Proc. 2019-39, 2019-42 IRB 945, that relate to the remedial amendment period for section 403(b) individually designed plan form defects first occurring after June 30, 2020, (3) extends the expiration of the remedial amendment period for new qualified individually designed plans, (4) modifies the circumstances under which a plan is considered to have been issued an initial plan determination, and (5) modifies the scope of review of qualified individually designed plans submitted under the determination letter program.