IRS officials said in Announcement 2007-90 they were taking the step to better prepare to receive such applications from all master and prototype and volume submitter plans during a two-year period, which the tax agency said it would likely announce early next year.
The pre-approved plans are required to be restated to comply with the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) and submitted to the IRS for determination letters on Form 5307. As provided in Rev. Proc. 2007-44, when the review of the pre-approved defined contribution plans is near completion, the IRS will publish an announcement providing the date by which adopting employers must adopt the newly approved plans.
Officials said they would keep processing determination letter applications for defined contribution plans filed on Form 5307 before December 18, 2007, provided the plan has a favorable GUST opinion or advisory letter. GUST refers to a number of Acts that include qualified retirement plan rules.
Any determination letter application for a defined contribution plan filed on Form 5307 on or after December 18, 2007 and before the opening of the approximately two-year period for adopting EGTRRA-restated pre-approved defined contribution plans will be returned to the applicant, the IRS said.
The text of Announcement 2007-90 is here .