The IRS has announced its intention to issue opinion letters for pre-approved defined contribution (DC) plans that were restated for changes in plan qualification requirements in the 2017 Cumulative List and that were filed during the third six-year remedial amendment cycle.
The IRS says it expects to issue the letters on June 30, or in some cases, as soon as possible thereafter.
An employer adopting a newly approved plan document will be required to do so by July 31, 2022. Starting August 1, 2020, and ending July 31, 2022, the IRS will accept from any employer eligible to submit a determination letter request an application for an individual determination letter under the third six-year remedial amendment cycle for pre-approved DC plans.In 2016, in Revenue Procedure 2016-37, the agency closed the determination letter program except for initial plan qualification and for qualification upon plan termination. Three years later, the IRS issued Revenue Procedure 2019-4 to provide an “other circumstances” category for which determination letters can be requested. Though the category was added, the agency did not specify what “other circumstances” for which it applies.
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