N-20-68 & RP-20-40: Retirement plans

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September 2, 2020

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Issue Number: N-20-68 & RP-20-40

Inside This Issue

Notice 2020-68 provides further information regarding certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019, and the Bipartisan American Miners Act of 2019.

Revenue Procedure 2020-40 amends section 15.05 of Rev. Proc. 2016-37 and section 12.02 of Rev. Proc. 2019-39 to provide that a discretionary amendment made to a qualified pre-approved plan or 403(b) pre-approved plan is timely adopted if it is adopted by the deadline set forth in a statutory provision or guidance that is earlier or later than the general deadline applicable to discretionary amendments.

Both items of guidance will be published in Internal Revenue Bulletin 2020-38 on Sept. 14, 2020

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