The Internal Revenue Service (IRS) intends to issue opinion and advisory letters for pre-approved master and prototype (M&P) and volume submitter (VS) defined benefit (DB) plans that were restated for changes in plan qualification requirements per the 2012 Cumulative List, and that were filed with the IRS during the submission period for the second six-year remedial amendment cycle on March 30, 2018, or, in some cases, as soon as possible thereafter.
An employer using these pre-approved plan documents to restate a plan for the plan qualification requirements included on the 2012 Cumulative List will be required to adopt the plan document by April 30, 2020—an extension of the previous January 31, 2019 deadline.
An adopting employer whose DB plan is eligible for the six-year remedial amendment cycle system under section 19 of Rev. Proc. 2016-37, and who adopts, by April 30, 2020, an M&P or VS defined benefit plan that was approved based on the 2012 Cumulative List, will be considered to have adopted the plan within the second six-year remedial amendment cycle.
Section 16.01 of Rev. Proc. 2016-37 provides that the third six-year remedial amendment cycle for DB pre-approved plans begins on February 1, 2019. The IRS says it will announce in future guidance a later starting date for this third six-year remedial amendment cycle.