Compliance October 5, 2011
IRS Updates Procedure for Opinion and Advisory Letters
October 5, 2011
(PLANSPONSOR.com) - The Internal Revenue
Service released Revenue Procedure 2011-49, on new requirements for sponsors of
pre-approved plans seeking opinion and advisory letters that the plans' form is
acceptable.
Reported by Nicole Bliman
The procedure affects
master and prototype (M&P) plans and volume submitter plans. It modifies
and supersedes Rev. Proc. 2005-16. For M&P plans, the procedure makes
several changes, such as revising some definitions, clarifying the effect of
employer amendments, and changing areas not covered. For volume submitter
plans, the procedure clarifies language on the 30-employer requirement and
authority to make amendments to the plan.
Revenue Procedure 2011-49 will appear in Internal Revenue Bulletin 2011-44 on Oct. 31, and is available here at http://www.irs.gov/pub/irs-drop/rp-11-49.pdf